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Hi BabySteps, since no one responded (except a "potential" sales reply) after two days, I will give it a try.
i) Overall - you are doing Well. Saving 26% of your net income is certainly a good start. Why don't you slowly bump up the % savings to 30+% more consistently? (since you have some spare change after your expenditure, "forced savings" + feel good spend).
Sure will keep increasing the savings till I have gam gam enough to spend.ii) A couple of your expenditure items are on the low side...you indicated transport expense of RM50/mthly (it is for weekend use? what about insurance/maintenance expenses?) - why I bring this up is that expenses are commonly understated in financial planning.
Transport are actually claimable so it's quite low. Then insurance vice, i've a ing card from company and a hospitalization coverage sponsored by parents. iii) Your asset allocation is skewed towards "safety"/ comfort zone. I normally hesitate to give a recommended asset allocation because it has to be tailored to each person's personality (e.g. risk-return profile), time horizon, needs, etc. Since you have a decent amount of $$$ in your FD (above "emergency fund") , you may want to consider investing in equity unit trust/shares. BUT WAIT, please go and
educate/learn more on investing before putting your hard-earned money to work. Start small so that the 'tuition fees' will be less...
Just started with the bond fund. Still in the process of reading n learning b4 I start putting more money into it.iv) As for your plan to buy a house in 2 years' time - it depends on your forward earnings ability and mortgage rate/policy in 2 years' time. From your current position and normal trajectory forecast,
you should be able to afford 300k house (assumption: 80%, 30 years loan with i/r of 4.5% p.a.)...400k will be a stretch (sorry, no calculations or spreadsheet like Mr Wong - my numbers are primitive back of envelope calculation but it should be okay). That is assuming that you have no other major commitments like CAR loan. BTW, banks are currently assessing bank loans on a net income basis (who knows what will be the loan approval conditions/policies in 2 years' time). I wanted to write more on cars and car loan - a significant financial planning/management problem in M'sia...maybe another time/day to prevent another long posting.
Currently i'm quite worried for this plan as the property price is shooting up like a rocket. Just worry that I could not get a home by 28.