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Personal financial management, V2
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khchong81
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 Jan 4 2011, 05:53 PM
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I need advice from all the financial expert here to help me re-plan my personal financial management as i want to clear all my debts in 3 years. Below is my situation:-
Income: RM9,000
Car Loan: RM1,340/month
House Loan: RM1, 234/month
Credit Card+Personal Loan: Total balance around 70K
Other Income: RM1,000 if i hit my incentive & Bonus around 10K/year.
Other scenario:-
1. All my petrol, toll & phone bill is paid by company.
2. I want to start saving for the raining days.
3. Do i need AKPK help?
Is it possible for me to settle all debts within 3 years timeframe with some saving as i'm planning to cut my expenses & start investing in blue chip share for retirement. Thanks.
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khchong81
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Jan 5 2011, 02:39 PM
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Great advice Cynthursc...currently i am reducing all the non relevant expenses which include:-
1. Stop cloth shopping since June 2010.
2. No gadget upgrade
3. Only eat at food court. Glad that i stay at Setapak which got a lot food stall. Just me & my wife stay together so no point cooking when we can have our meal for RM10 for 2 persons.
4. Since my internet package is paid by company so i still can maintain it.
5. No oversea vacation in this 3 years.
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khchong81
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Jan 5 2011, 11:32 PM
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QUOTE(cynthusc @ Jan 5 2011, 04:15 PM) Thanks...hope it was of some help. As for the food, it is still RM840 per month on food if you keep within the RM10 for two persons per meal. That's a large amount to spend on food. Nowadays even hawker food will cost close to RM20 for two persons and is full of salt and MSG. If you buy a chicken...about RM10 from hypermarkets (can even be lesser during sales), and some vegetables RM5, you have enough for three meals and even more if you are a small eater and that is RM15 per day which comes up to RM450 per month. Usually I make simple soups with all sorts of root vegetables which is packed with nutrition. I also make homemade spaghetti sauce (with beef that I grind myself and fresh tomatoes) and freeze them for quick meals. I usually freeze six meals at a time. Anyway I wish you all the best and keep at it! I got another option to reduce my debts fast as currently my EPF account 2 have 27K balance. Is it advisable i withdraw this as monthly installment scheme for my housing loan & use the amount for housing loan repayment to pay my credit card debts? |
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