wanna ask, what is the recommended income per month in order to get married and have a first child? living in Puchong with mom... better if specify the average amount for wedding and child care etc... I am just a fresh grad trying to plan for my future...

My rough financial statement is as below:
Monthly income:
1. Salary + allowance : RM 2937

Monthly expenses:
1. Medical card : RM 200
2. Gym + sports : RM 175
3. Food : RM 500 (yes, i eat alot)
4. Transport : RM 550
5. Mom : RM 800
6. Debts + loans : RM 200
7. Others : RM 250
total : RM 2675

I have around RM250 to save only... and past few months many unexpected expenses came slapping on my face... mostly car maintenance for my 10y.o car... others like acne problem and going for chiropractic... so can say my saving sometimes is close to none...

so what is the ideal/minimum income or combined income to have a family in KL? 8k? 10k?

its funny that you categorize kids and pets as one expenses...

anyway... ya i agree it varies... just hoping that any newly weds or young couples living in KL areas could share their numbers...
im contented with sufficient... so i would say spends moderately... like once a month for fancy restaurant and fun... travelling not in near future... wait till my career is stable enough i would say...

btw mortgage 1k per months means paying very high down payment right? i dunno about house loan calculation... but according to online calculator, down payment 10% will make it 2k per month for installment... anyone can show me the formula? its different than car loan right? as i seen from some website pics, the installment for bumi eventho 7% can make a huge difference...

@jeff_ckf:
There is this screenshot people has been posting around about Bumi vs non-bumi installment plan... dunno its real or fake but i really dont think its that much of a difference... SOURCE
i was asking the question, 2 things, ideally and minimum income to support a family... there are family with income below the poverty line but still managed to raise more than 3 kids... but is that advisable or ideal?

@map:
I have a different opinion as you.. i prefer to budget lower.. so that when coming up with a budget, i can squeeze every single cent out that are unnecessary.. even if exceed so wont be exceeding much rather than giving higher budget and have a mentality that its ok to spend since within the budgeted target.. but thats just me..

ya im planning financially with my significant other as well.. she's a bumiputera and im not.. seeing her benefits such as ASB and loans makes me feel so discriminated by the gov..

@wongmunkeong:
agree that marriage is about building a life together.. but since marriage is once in a life thing, so its one of those time you can spend for your other half.. coz i have a perception that every girl has fantasized about their ideal wedding before.. i know it wont be perfect, but at least i want it to be memorable..

and thank you so much for sharing the info.. thats what i am looking for actually.. best is you compile a list out of it..
sometimes small stuff/expenses that we ignores, adds up to be a huge amount..

@SilverfoX:
I am currently 23.. plan to save enough for emergency fund, necessity like house and bills before i start thinking of investment.. the investment plans offered by those insurance companies and banks seems so unprofitable, when taking inflation and other things in mind.. i prefer when i am stable to go for high risk high returns investment.. i really do think should have saving before investing..

Dear all, need some advice...

Is it feasible if i get a housing loan of 300k - 350k on a shared loan? I started work just over a year... It is for own stay as planning to get married in the future, so i would live in it around 10-15 years at least... it is also a partial investment as it is a new launch unit and will be located to less than 2km near to a future LRT station... Since its a new launch, within these 3 years im just paying slight interest before the vp... below are the breakdown of my current income and expenses...

INCOME (Self):
1. Salary : RM 3000
2. Fixed Allowance : RM 300
3. Variable Allowance : RM 1300 ~ 1650

INCOME (Partner):
1. Salary : RM 2500
2. Variable Allowance : RM 200 ~ 300

FIXED EXPENSES (Self + Partner):
1. Insurance : RM 260 + RM 160
2. Gym membership : RM 175
3. Telephone bil : RM 150
4. Car noan repayment : RM 550
5. ASB savings loan : RM 631
6. PTPTN loan repayment : RM 300

VARIABLE EXPENSES (Self + Partner):
1. Food : RM 800 ~ RM 1000
2. Transportation : RM 500 ~ RM 600
3. Others : RM 500 ~ RM 600

The rest will be to our savings... So our income after EPF and tax deduction will be Min/Max -> RM 6497/6897... Minus expenses Min/Max -> RM 4026/4426... so monthly we have around RM 2471 to spare... last year my partner have 7 months bonus while i have only 2 months... so that is extra RM 1700 monthly if divided... but not taking that into account as its a bonus...

For RM 2471 to spare, taking a loan of 350k for 35 years would be RM 1613 per month... Since we're still early in our working years, commitment is lower now... but at the same time, in 3 years time when its completed, our income will increase... so is it advisable to take on such huge loan at this stage? im 25 this year btw...

This post has been edited by mango27: Apr 25 2012, 09:37 AM

---

Added on April 26, 2012, 10:34 amNow staying with my mom.. No rental cost.. Hehe.. Others is for entertainment etc..

I have enough to pay off home loan.. But is it wise to do so? A 35 years loan interest would cost around 300k.. Even if pay of early to 25 years still would cost around 200k.. Not so good of an investment I would say.. its a condo so appreciation won't be much. So would investing in asb better?

Also now my expenses is low cause still young. Driving a 9yo paid off car. So it would last me for another few year then new commitment comes. Then other thing like marriage and etc need big amount of money. Thus the dilemma now.

This post has been edited by mango27: Apr 26 2012, 10:36 AM

1. Ya i know that.. Was thinking that im still not married and not much commitments yet, so this is the only time i can afford to spend.. but once all the commitment comes in, it will be reduced... heck i dont even have a credit card yet... i still prefer to spend what i have... a home loan totally change that...
2. Its more on savings rather than investment... i havent even saved enough for the emergency funds of 6 months salary yet...
3. I cant find the "2nd part of opinion/feedback" you mentioned
4. I guess this cant be helped due to the crazy property price nowadays... 10 years back i wouldnt imagine i would buy a house >200k...
5. Hopefully... if Msia economy doesnt crash...
64% is a significant difference by the end of the 40 years loan tenure, i'll be so much "richer" if i dont own a house... and according to your simulation, its like you're suggesting ASB is the best investment option... I feel it to, but is it ok to put all eggs in one basket? a golden basket...
I have been following the property thread for quite some time now.. There are 2 type of extreme there, one so convince that bubble will burst anytime now and another is "if dont buy now, in future fresh grad would not able to buy anymore" type of ppl.. thus, creating a sense that as if if i buy a house now, im rushing to it.. So after your analysis, i give me great relief.. btw, im not in dire need to buy a house since i wouldnt mind staying in the house i am at now after marriage due to that my mom is a widow, so its good also if i stay to accompany her.. so its still a win-win situation if i get or dont get a house.. but like you said, its better to have a place of my own.. and it could yield some rentals if im not staying...

btw, you been of great help... taking time helping a stranger to plan for life... you should get a award for that