i would sell the car..

Been a long follower of this awesome thread, started working 8 months ago.

Not married, living with my parents, while the house is taken care of by my dad, i'm just paying for the bills and any loose payments. Parents said do not require me to give money to them yet as they are still capable of taking care of themself.

No properties, no stocks , only RM8000 in the bank.

Salary :RM6200 nett

Fixed Expenses:
Car: RM650 (2nd hand Persona for 5 years, 4 half years to go)
Study Loan: RM1710 (250k study loan)
Electric Bill : ~RM220
Astro: RM164
Water: RM20 (living in an apartment, water is regulated by the apt )
Streamyx : RM135
Insurance : RM550 (Life Insurance 500k) Medical Card (RM120)
Ipad Installment : RM161 (5 Months to go)
Petrol : RM350 ( to get to my workplace, 100km to and fro)
Toll: RM100

Total ~RM4250


Left RM1950 for food/entertainment/date.

Will be my first month next month paying for the life insurance RM550. Have managed to save at least RM1000 per month before that , now the goal is to try to save RM1000 minimum even after paying the RM550.

Been binging a lot on food , as me and my gf are both food enthusiasts we tend to spend a lot on food, when we go out. Trying to reduce it to a minimum!

Gameplan:
1) Reduce expenses, esp misc expenses like eating out, cutting down the snowflake/chatime/starbucks.
2) Save RM20000 and put it in FD. Once i have that will start thinking of investing.

Should i let my 8k just sit here and accumulate for emergency funds or do you guys have better advice for that small chuck of money.

Trying hard to save at least 30% per month. My study loan is a big killer, but what to do haih!

This post has been edited by db07mufan: Apr 20 2012, 12:01 AM

I agree! Thanks!

Think from beginning of next month, i'll take my pay take RM1500 put it in the emer fund account first thing and then the remaining to another account where all my transactions are.

I agree, been spending a lot going to fancy restaurants. Need to frequent coffeeshops more often and cut out on the binge eating. No more exp supper or just pure eating from greed.

Mortgage fund is it like a flexi loan kinda thing? I've read about it but have not understand it fully yet. You put a certain amount of $$ into your loan to reduce your principal, but when u need it you can just take it out.

Thanks, any sugggestion on where i can learn those. Been trying to read up on the stickies in this subforum

The insurance I kind of deliberated for a long time before plunging in.

The nature of my job requires me to be in tip top health, and half of my salary comes from how much I work. Meaning to say if I do not work that month I'll lose half of my pay.

The insurance I have pays for the days I'm not working. Let's say for health reason I may not be able to work for a month, they will be paying me a amount which is equivalent to what I earn that month working. The sole reason I took is because of that, I may not be able to cover my high fixed expenses if let's say touch wood I break my hand and am not able to work for that month.

I look forward to inputs regarding life insurance and how to not overvalue etc if you guys are willing to contribute.

The rm120 has been bought by my mum since last time I'm just taking over payment.

Life insurance covers 36 crit Illness Tpd all the full nine yards.

The big one for me is if I lose the ability to work in my job scope , first year they give me 50k if 2nd year still no, they give me another 50k. Third year still not able to work in the job scope the remaining 400k and policy ends.

Along the way mc allowance per week rm900 and 200rm per day hospital allowance

The insurance is just 10% of my pay so I think it's fair enough. At least I can have a peace of mind knowing if I do not work for one month my bills are paid for.

Anyhow I'm open to debate , appreciate you guys opinion in this issue

This post has been edited by db07mufan: Apr 20 2012, 12:48 PM

I would love to say 0% man but I'm not the one who is deciding hehe

one must not challenge the one above hehe

So would you think 10% for life insurance is a fair enough?

loan for?

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