Hi guys, need some advice here. I started working last january and married. Both of us are gov teachers. This is our financial details:

My Salary: RM2222 
My Wife:    RM2222
My Allwnce: RM 700
My Wife:    RM700
Total: RM5844

This is my monthly spending:

EPF (both) : RM 642.84 (suppose to end by 2015, after confirm)
House Rent: RM500
Car: RM450 (ends July 2018)
HP Bill: RM100
TNB: RM45
Astro: RM80
TM: RM77
Loan1: RM457 (ends december 2014)
Loan2: RM1000 (ends september 2014)
Gas: RM200
Food: RM400
Other: RM400
Fmly: RM500
Insurance: RM200

Total: RM5051.84

Balance: RM792.16

Can anyone advice me on my financial planning? what should i do with the balance? Usually i just dump it in either asb or tabung haji. What should i change in my financial planning?

Majority of people would spend first, save later. Very little realised that by practising saving prior to spending enables one to have a better control over their expenditure and at the same time, having sufficient money to grow over time, which enables them to achieved their objective by the end of the day.

One must know whether what they can or can't afford based on their take home pay. I would recommend you to purchase the following book to read, prior to starting off your investment.

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Remember, gathering and growing of wealth is just a "strategy" to achieving an "objective" over a pre-determined "time horizon". By having both "objective" and "time horizon" will enables you to determine the kind of risk returned investment vehicles that you should get involved with and the exact amount of investment you should allocate over time.

OT a bit.

Mr.WB has been just diagnosed with cancer.

What a sad news in fact.

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!

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

Dear all Gurus and sifus of Financial management,

Wish to ask any other option other than below suggested by my sister:
The story goes this way..Yes, my sister lately going to get exam for Insurance agent under Hong Leong. She asking us (Myself, Herself and another sister) to save the money we pay to our parent to buy the "Saving Plan", calculation as wat i can recall is something around RM15k per year, paying 6 years, then following year will get RM 3K+ each year. In addition of tat, got those other coverage la..those with 6 digits figure wan la..

So my question is this a better way rather than giving the money to my mum? main point is my mum can hardly save if we pay cash to her.

Looking forward on your experience sharing...

Thanks in advance,
Aliluya.

Need your opinion on my current dilemma:

Took a personal loan years ago and now the balance is RM 17,+++ with 4 more years to go. Have funds saved around RM 20,+++. Should I use the funds and make an early settlement of the loan which would entitle me around RM 1,300 discount or should I just leave the fund in ASB and continue servicing the loan until finished?