I'm 26 years old married aiming for
1. Financial independence
2. Education for kids


We both are still studying and have been living frugally thanks to my dad advices and reddit /r/frugal. I'll be starting working life early next year. No car, home or credit card yet. If you guys have some time, please advice us for financial planning.

We are studying overseas on gov's allowance. Below is the February expenses

Income combined:
about RM4400

Expenditure
Electricity: RM60
Internet: RM66
Groceries: RM508 (This is actually a lot - fish, chicken, crab, squid etc). Although living standard is cheap in bangalore, we cook everyday since it is healthier.
Petrol & Bike service: RM30
House rent: RM421
Phone: negligible, since I hardly use them. Communicate through internet only.

Net = RM4400 - 1085 = RM3315
- I'm proud that I am able to save better than when I was single when I can save about 50%
- I've been pouring excess cash into ASB when I go home to Malaysia.

Cash: RM10.8k in bank
My ASB account is around RM125k - should max out in 2015 if I consistently save RM2k every month when I start working.
Debt: RM125k to be paid when I'll start working next year.
Emergency fund: None yet
Insurance: Father's insurance counts or not?

Below is the projected budget for next year when I will start working
Budget

Salary
Me & wife: RM8000 (as housemen)

Expenditure
Car Loan: none
Food :
Rent :
Phone:
Life Insurance + Medical Card : No idea
Broadband :
Credit card:

Parking :
Petrol :

My concerns:
A) House
Seeing houses in klang valley scares me because they are so expensive. A good neighbourhood and school is a must. But does the rule of annual salary x 2.5 holds? That would be 240k only.

B) Car
Looking for a second hand car. Safety is top priority so I'm not inclined on local cars. No Idea how big the budget should I allocate for this.

C) Kids
We are planning to have a kid by next year. Also, no idea how much belanja is for the first 5 years. I heard raising a child can take up to 1 million. 3 kids, 3 million?

D) Investment
This is where I have little clue on doing it. I think I should start slowly so shall I max out ASB and then start with FD? Or maybe invest in FD first for a year before starting working? I may gravitate towards share market investment later because I have my father for advice. Not so keen on property.

So back to my aim,
1. How do you achieve financial independence?
2. Raising kids & education. 3 million for them, 1 million for us. Achievable?

Perhaps I'll buy a property in my third year since if we were posted in rural areas, we can stay in the quarters. If I'm posted in KL, we can stay with my parents.

Coming back to investment options, shall I max out ASB first? I have a quick break this April and I was thinking of starting with FD first or maybe jump straight to share market investment.