dont forget insurance and road tax, toll, and regular car service

I wonder how others survive with lower income and yet still able own a car...

Personal loans, perhaps

they can..but with little or no savings at all

I bought my car few years back when my pay was RM1600. totally a mistake i admit. But i was quick to moved to higher paying jobs, perform well and get bigger raise. I also have side income. But luckily now the loan is over.

really is little or no savings lo. Plus I was studying part-time degree at that time.

help me about my financial ,
going to work in June. fresh grad with 2.5k. after minus epf left 2225

assume
Parents 300
Petrol and toll 264
Food 500
Rental 165
Phone bill 80
Etc 100
PTPTN RM50(can pay RM50 everymonth ah? better than not paying anything)
Insurance i duno how much..lets say about RM150 per month ?

Total 1609 ...

So 2225-1609lleft 616.

Is this even possible ? how can i save up to 1k per month ? OT ? usually ppl 1 week OT how many days?

This post has been edited by sheahann: Apr 7 2011, 11:56 PM

what type of transport u using? no installment payment?

just wanna ask you guys, ideally how much % should I be saving? about to start work soon in the later half of the year.

net income after EPF : 4450
deductions
Parents : 1000
Food : 600
Car Loan, Petrol & Misc : 1300
Phone : 100 (2 phones)
--
Balance : 1450 // ~30%
of which : 500 to build emergency fund

--
net savings : 950. ~20%

am i doing it right? Im not sure what allowances I can claim from the company and i havent account for insurance.

note:
-staying with parents.
-got some further side income from equities, but i try not to use that.

This post has been edited by teehk_tee: Apr 8 2011, 07:56 AM

wow, pretty good pay for a freshie.
Being able to save 30% is pretty good. Make sure you stick to your budget, track your expenses carefully and start to size up your investment portfolio gradually (equities, properties etc).

kudos to you for honouring your parents by giving them ~25 % of your pay.
Not many youngsters are willing to do that nowadays.
Keep it up.

Good planning everything is well planning. But i will suggest you to get anu insurance which the premium maybe just about RM 150 - RM 200 per month which focusing on coverage purpose. This is because in case emergency happen who going to pay for you?

Regards
Eric Poo

Use family car. Sometime atos sometime elantra. Plan to buy car after 2 years.
Wanted to save 20k as downpayment for car. How

thanks for your comments. i sincerely appreciate it very much!
yeah, i'll feed the rest of the cash back into the equities, .. not planning to get into the property ladder within the next 3-4 years. insurance.. i dont know im quite skeptical about insurance (like the likelihood, touch wood, of something happening). anyway i'll look into the plans.

thanks again. take care.

quite pointless to save for a loan. Save to invest that would be better.

---

Added on April 13, 2011, 8:52 amYou sure you get paid OT? I know loads of office you work after 6pm they dont pay you a single penny. Endure for the 1st and 2nd year then move on for a better pay check later on. Rm616 maybe try dumping rm100 or rm200 monthly to Etiqa Permier Saver, that was the 1st thing i did when i came out as a freshie. It's been 4 years.

This post has been edited by kidmad: Apr 13 2011, 08:52 AM

Ya ot 3 and half hour got rm40. 2 and half get rm15.
Etiqa wan meh

Hi guys, I will start my work as a houseman in govt hospital soon....if I'm not mistaken my pay should be about RM4k including on-calls and etc. I just got myself a car in which I'll be paying RM765 on a 5 year loan.

Currently I'm holidaying but am worried of my financial management once I start working. Studying medicine has made me totally ignorant on these financial management.

I have yet to get myself a property

Your food costs is very high. If you consider eating packed lunch twice a week, you can probably reduce that to RM400 per month. If you live with your parents and really control your spending, you can easily save 50% of your salary. With that 50% which is RM2225, you can first build an emergency fund of about RM10K++(in 5 months) and subsequently save the rest in an interest bearing account. In one year you will have approximately RM15K. With that money you can then invest in various investments like property, shares and even a business.

As for insurance, I would suggest not buying life insurance unless you have dependents but you should get a medical card (unless your company already insures you for that). It doesnt cost much...about RM500-RM700 per year depending on the type of room package and coverage you are looking at.

Well, what are your other expenses? Are you renting or are you living with you family?
1st plan your monthly budget wisely, try to save at least 30% of you total income (you should be able to save alot more, as you wont have much time to spend your moneym unless you have a gf/wife brr...)

2nd invest in yourself. Do more reading on investment, financial planning, real estate, shares etc.

3rd invest in your career. Do you know what you want to do when you grow up? General practice/ surg/ internal med etc. Find out more about the exams/ courses etc, plan ahead, start saving early. Remember these exams will cost you a bomb. But in a long run, you'll earn the money back easily. The most important thing is your interest and passion.

4th start a portfolio of equities/ real estate with your extra. Start small, go slow. Don't rush yourself, I would suggest you take this step after you have completed you housemanship. As you can do some locum jobs to increase you income steadily.

All the best, doc.

Hi, I received SMS that someone was assigned to be my RM? assisting on my wealth and finance for Preferred Banking customer.

What is RM? Relationship something?

What's their roles? anyone can shed light?

RM stands for Relationship Manager i suppose. Basically its your contact person with a particular bank, allowing you to have a more personalized service. If you want to have more information about a particular investment product or loan etc., you contact your RM.

Just remember that they usually have sales targets and objectives designed to promote new products, so you'll have to take their advice with a pinch of salt.

15K for property investment?
that's quite difficult isn't it.

i've got some ready savings to dig into for business purposes. and thanks for the advice on insurance. rarely get sick though..