Get rid of debt before you think of savings. You save in ASB you get 8% dividend, yet you are paying much more interest rate. Is it worth it?

1. With your 9k, first settle your credit card debt (item 2). This is the highest interest so it make sense to do so 1st.
2. If possible withdraw your ASB to settle the rest of your CC debt (item 2) and balance conversion debt (item 3).
3. With your remaining monthly extra money settle item 2 & 3 until complete.
4. Then tackle the PL debt. The reason is not to pay off the PL, is because the interest is already calculated upfront, so settling it will not result in interest savings.
5. Once all debt are cleared, you may resume putting back money in ASB.

what is balance conversion debt? is it balance transfer?

1st of all clear your credit card debt.. all rm11k.. use the rm9k from special fund and add rm2k from your asb

secondly check if you can get significant savings if you settle your personal loan / balance conversion debt early.. if no significant savings then just follow the installment plan.. do not pay extra.. if there is significant savings for early settlement, then consider using your asb savings to clear these debt

next.. personal loan / balance conversion monthly repayment comes first then only go to savings/asb if there's balance

what is balance conversion debt? is it balance transfer?

Hi cn help me on my monthly expenses

salary : rm 4499.20
kwsp and tax : rm 545
personal loan : 597 + 1410
house rent : rm750
credit card : total rm11000 (rm 700/month)
hp bill : rm100
tm bill : rm130
car loan : rm 240
fuel : rm 250
maid : rm 200
TOTAL LEFT : - rm 422.80

other income : rm 2750

so i have only rm2327.20.. How can i fully utilize my balance which does not include food..

tq in advance

i'm not with any banks, so the below answer could be incorrect...

First, you need to understand how the interest is calculated.

Secondly, you need to check whether there is any penalty on early settlement on the 'balance conversion'. There is usually a 'product disclosure sheet' explaining all the terms and conditions of the 'balance conversion' and how the fees and charges are calculated.

As for credit card balance, my monthly statement has all the details on charges and fees listed on the reverse side of it; which I believed is standard for all banks in Malaysia.

The interest is calculated on daily rest basis; ie. number of days the amount is outstanding / number of days in a year X the interest rate.

Since each line of transaction is calculated separately, am not really sure how the payment will be apportioned to each debt. Most likely, a fix (monthly) amount will be deducted first for the 'balance conversion', and the balance of the payment goes to the credit card debt.

In view of the interest calculation on a daily rest basis, it would be better to pay more each month than putting the extra money aside for a full final payment.

You could make it simpler like holding onto the RM1k first and pay it together with your usual payment the following month (before the 5th.)

Cheers.

PS. I paid my credit card the full amount every month. On the reverse side of my statement, it is stated "The interest free period of 20 days is only for retail transactions and only granted if you have paid the previous month's outstanding amount in full". In other words, a credit card to me is 'free' credit/money to use first, not an auto personal loan...

Incidentally, someone from the bank called me last week, to offer me a special low rate on cash withdrawal... no paperwork, no document, no need signature... just say yes over the phone, and she will deposit 12k into my current account. It will be debited monthly into my card over 24 months... less than rm600/mth... 

would need some advise.
My case:
Current age: 24
Income: 3800 (not deduct EPF yet)
Transportation allowance: RM50
Season parking to work: 100% pay by company

Credit card: only Maybank2 Card currently. seeking for OCBC Titanium for cash rebate on petrol.
I'm using card for petrol every week which are costing me RM40-50 weekly and some of groceries which is not exceed RM200 a month.

Leisure & Entertainment: Seldom. just maybe 2 movies in months.

Food: RM400++ around there.

Study Loan: RM620 monthly (RM500 for Kojadi [owe RM45000, interest at 6.8% Per Annum On Monthly Rest Basis] + RM120 for PTPTN [owe RM14000])

No holding any property or car loan.

Phone Bill: RM220 (including my gf's)

I'm currently staying with my father and my gf.
after deduction it could have: RM1500 to save monthly

just assume I have a clean start with 0 saving because I'd acquire some necessary stuff/gadget that would use often.
Now, should I pay more on my current loan to clear them first or save for invest on my first property?
Thanks in advanced!

hi guys, i'm asking on behalf of my dad.

currently he has just withdrawed his EPF saving around RM200k+. Let's say i asked my dad to put 100k aside for those home loan, car loan, car fix, school expenses, home expenses, I would like to know is there's other suggestion to put his another 100k money?
my current family situation:

1. no permanent home (right now only rented house), he intend to buy a house via on loan (most probably under my name)
   
2. 1 old 2002 proton waja that needs dire servicing, repainting and replacing wear and tear
   
3. 1 proton saga LMST that my mom insisted me or my dad to change it to a Proton Exora due to safety reason
   
4. 1 small bro, still schooling form 4
   
5. 1 small sis, still schooling form 2
   
6. and me, the eldest earning around RM3k per month
   
7. my dad and i is in a hotel consultant company (he's the MD and i'm the worker), since the company is relatively new, so the income is negative (-ve) for now.
   

my intention:

1. take a RM200k ASB loan under my name and use some of his money as the 1st year buffer (RM1165*12months=RM13980) and 2nd year onwards let it auto drive for long term investment (eat its own dividend for monthly payment)
   
2. take insurance for the whole family
   
3. RM50k put into mutual fund (Public Mutual/Kenanga/MAAKL etc.) for medium-to-long term investment
   
4. RM30k to put into FD
   

am i doing it right?

all in ASB eh. i see.    thank you 

Hi guys.

I am currently renting for RM250 and my landlord had asked me to move out next month. Instead of continue renting elsewhere and paying the landlord RM300-500 for rental, don't you think I should just buy a unit instead?

I am thinking of acquiring a unit for personal staying around below RM140K. My pay now is RM2500 but will be RM3500 once confirmed. I have no commitments.

Please advise whether this is financially sound.

Thanks.

hi guys...suggestion pls...

monthly income  rm5k
FD rm50k
car loan monthly installment rm700
housing loan monthly installment rm2300
expenses for parents monthly rm1000
non bumiputera

stress....hw to manage my financial?

Think along the lines of NEED.

Like my case, I'm the only child, living with my dad (mum passed away). I don't NEED a house, thus I won't buy. Yes, houses will be getting more and more expensive, but why buy something that I don't NEED?

Hi experts,

Just wanna ask opinions.. I have the following :-
1. Personal Loan debt around RM13k @ 13% pa
2. Credit Card debt around RM11k @ 15% pa **
3. Balance Conversion debt around RM7k @ 12.9% pa **

To overcome this debt, I've setup a special fund. At the moment I've RM9K (monthly savings of RM1k) and plan to settle my Personal Loan which I pay around RM550 monthly.

Once I settle this loan, I can save up to RM1.5k monthly and plan to settle item 2 and item 3 within year 2014.

My vehicle is being paid off recently and RM550 of it goes to my ASB savings which accumulate to RM14k to date. I plan not to touch this money as this is my savings and investment.

My other debt is my house which I believe is good debt since the price now is around RM400k from RM151k. RM100k to go.

Your suggestion and advice in this matters is highly appreciated.

Thank you.

**under same bank.

what is it?