My financial management a bit messy lo , that is why I give salary I earn working for company..
others i just roughly know how much I have lo..RM150K + more.. EPF account those all untouch yet..
To keep my mom and dad have a safe heart to sleep at night...
I put RM50K for my mom to buy senior citizen FD hong leong bank at higher rate intrest..she keeps the money for me..I seldom ask how much interest I got
Same i put RM50K for my father..You know la...old ppl when know their son got lots of money savings in their hand they also feel secure I am doing well , no need worry me so much
then I still got RM50K under Sukuk 1 Malaysia under my name, this is the 3rd year last year already...Ah...this I know coz I go get the interest 5% to pay my holidays and sometimes extra for maintainance fees..
got others RM10K in Bank Rakyat FD if not mistaken, another RM11K in BSN senior citizen under father and mother joint account, not remember how much $ in Wawasan 2020 and others...
I rarely count the money in my savings one la...When money not enough I work harder do some part time or OT. Money not at my hand make me more discipline saver...I see I no money I no buy..
I no money I eat bread drink water, or cook porridge eat few days..
I stay discipline by withdrawing max from atm machine RM200 a week..Money finish that is it...if electric bill come RM70, I go pay RM70 so I left with the balance RM130 for the week..If the streamyx bill come RM88 I go pay too ..so I left RM42 in pocket... Breakfast I skip, lunch eat at company got RM50 to swipe for 1 month..and night time I cook maggi mee or make sandwich eat..
If inflations go up too high, I work harder..I do not declare my partime income as not consistent..sometime got do get extra dollar so I can make it through that week..If not I just stay at home and minimize activity of spending money in the weekend.
From the situation on top u know la,,ignore others detail
ManAtWorkIncome - Spending = Savings
RM2800 - RM800 = RM2000
Mom and dad tell me no need worry about those inflations thing coz later going to inherited property from them. should be able to cover inflations rate.
Dad tell me not to worry about taxes too, if I get tax a lot by govt I must be earning a lot more...Should be happy.
So basically I just worry now is can I save 1 million or 2 million in 10 years time and retire earlier.
Hi appreciate you sharing all your personal finance management. one of the things i notice is saving up vs health and life. i mean sometimes life is not just about saving up for the future. We should save up but not into the other extreme that we need to skip breakfast (this is not good for your health because breakfast is the most important meal and in long term this can cause gastric too) and eating unhealthy food due to need to save up. We can control our eating lifestyle but not into skipping meals regularly. And in long term when our health is in bad shape, the money to spend to 'fix' our health can be very large amount. This is also mean some money need to be allocated for supplement/vitamins too.
Sometimes it is good to reward ourselves with nice tasty food too.
And what about entertainment or vacation expenses? This is also related to our social life too. If life is just about work hard and save hard all the time, i think it is not too 'balance' already.
Lastly, what about insurance, like life insurance, medical insurance, car insurance, pa, car maintenance?