Welcome Guest ( Log In | Register )


86 Pages  1 2 3 > » Bottom
Bump Topic Add Reply RSS Feed New Topic New Poll

Outline · [ Standard ] · Linear+

> Personal Financial Management V3, It's all about managing your $$$

views
     
TS zenwell
post Oct 23 2013, 04:04 PM, updated 2y ago

Regular
******
Group: Senior Member
Posts: 1,690

Joined: Oct 2007
Discussion continues from here.
TS zenwell
post Oct 29 2013, 04:01 PM

Regular
******
Group: Senior Member
Posts: 1,690

Joined: Oct 2007
the last post on V2:

QUOTE(paraben @ Oct 17 2013, 01:25 AM)
Just a question to ponder,

Car loan 65k with annum interest rate 1.68% repayment periods 7 years
which made up of rm864 monthly instalment,

Is it advisable to change it to 5 years repayment just for the sake of avoiding interest? or continue with 7 years as the interest is so slow and invest the extra money into FD which guarantee at least 3% per annum?

Stucked at this question :/
*
yklooi
post Oct 29 2013, 04:16 PM

Look at all my stars!!
*******
Group: Senior Member
Posts: 5,207

Joined: Apr 2013


QUOTE(zenwell @ Oct 29 2013, 04:01 PM)
the last post on V2:
*
hmm.gif how much per month for a 5 yr loan?
same interest rate?

if you convert to a 5yr loan any additional charges?
can you buy a "cheaper" insurance when without loan?

This post has been edited by yklooi: Oct 29 2013, 04:19 PM
Kidicarus
post Oct 29 2013, 04:42 PM

On my way
Group Icon
Group: VIP
Posts: 665

Joined: Nov 2006


Actually, if you do the math on the repayment amounts, the interest rate on that car loan is more like 3.18%
jonniedebt
post Nov 6 2013, 08:45 PM

New Member
*
Group: Newbie
Posts: 2

Joined: Nov 2013


Hi all, may I ask for advice on how to settle finance problem that my family facing?

My father is pensioner so for now my mother is the sole breadwinner in my family. Her gross income around RM8.1K. The deduction around RM2.4K. So the net income is RM5.8K. The problem is the massive amount of debt that bear by my family. The debt breakdown is below:

RM76X.XX until 2017- Personal loan 1
RM1XX.XX until 7/2015-Computer loan from gov
RM735 until 2018- Personal loan 2

All of the above are portion of the RM2.4K deduction. There is more.

RM9 8XX.XX-Min payment is RM48X.XX (Credit Card 1)
RM13 3XX.XX-Min payment is RM7XX.XX (Credit Card 2)

Car loan-RM1016 until I don't know lol.

For the credit card debt let's just say it is because of unfortunate circumstances e.g: car breakdown etc since our family doesn't have emergency fund.

So how can we settle the debt so that in the of the month my family still have room to breath because now live is very tough for my family.

Additional infos:
I and 2 other sisters study in IPTA and all got PTPTN (loan again sweat.gif ) and maybe only need additional RM200 each per month.
My elder brother already works but still live with us.
3 younger brother still in primary and secondary school.
Utilities bill below RM500 and
3 cars doh.gif

I have been thinking to settle the computer loan first and then balance transfer the credit card 1 debt and so on.
Another lazy way is consolidate all the debt into one giant personal loan which I don't want it to happen.

Any advice?

Thanks in advance smile.gif

This post has been edited by jonniedebt: Nov 6 2013, 08:46 PM
bearbear
post Nov 7 2013, 02:35 PM

You'll Never Walk Alone!~!~
*******
Group: Senior Member
Posts: 9,906

Joined: Dec 2004
From: Sheffield


5.8k - 1k (car loan) = 4.8k available

CC Debt 23k

What is the monthly commitment for living expenses?

Suggest you to look at balance transfer, few banks offer 6 months (Bank B will pay on your behalf to Bank A, you then pay your debt in equal within 6 months WITHOUT interest to Bank B). However this means that your mum have to commit 4k monthly for this and if you miss the deadline, all sort of charges which normally incur for CC will come.

For 12 months there will be fee or interest involved. (Example for public bank its 2% i.e. RM460 but it more much more affordable for you mum spreading the debt across 12 months / commit 2k per month only.

To be eligible you would need to hold a credit card from the bank (Bank B) and the outstanding / debt amount (23k) cannot be from the same bank. Another issue would be normally bank only allow you to perform Balance Transfer up to 80% of your CC approved credit limit.

For more info check out Balance Transfer thread.

https://forum.lowyat.net/topic/2275275

*EDIT: other more interesting offers;

Bank Islam - 12 months 1% fee only
RHB Islamic - 9 months 1% fee only

Please handle this with care, if your family is discipline enough you guys would get out of this just nice in a year time or less. If you are not and continue accumulating more debt - good luck.

This post has been edited by bearbear: Nov 7 2013, 02:41 PM
jonniedebt
post Nov 7 2013, 07:07 PM

New Member
*
Group: Newbie
Posts: 2

Joined: Nov 2013


» Click to show Spoiler - click again to hide... «


Thanks for the advice bearbear.

I'm interested with Bank Islam offer. Since the CC debt from AmBank and Maybank my mother can opt for Bank Islam. So she needs to apply Bank Islam CC first right? And then perform the balance transfer.

I'm bit confused about the limit of balance transfer. According to the Balance Transfer thread the limit is up to 80% of AVAILABLE credit limit i.e CC limit RM20K. Outstanding balance RM15K. Available credit RM5K and 80% of it is RM4K. So can balance transfer RM4K only. OR is it 80% of the RM20K so can balance transfer up to RM18K?

Another question is the fee is upfront payment or add to the outstanding balance?

Thanks in advance. smile.gif
bearbear
post Nov 7 2013, 07:52 PM

You'll Never Walk Alone!~!~
*******
Group: Senior Member
Posts: 9,906

Joined: Dec 2004
From: Sheffield


QUOTE(jonniedebt @ Nov 7 2013, 07:07 PM)
» Click to show Spoiler - click again to hide... «


Thanks for the advice bearbear.

I'm interested with Bank Islam offer. Since the CC debt from AmBank and Maybank my mother can opt for Bank Islam. So she needs to apply Bank Islam CC first right? And then perform the balance transfer.

I'm bit confused about the limit of balance transfer. According to the Balance Transfer thread the limit is up to 80% of AVAILABLE credit limit i.e CC limit RM20K. Outstanding balance RM15K. Available credit RM5K and 80% of it is RM4K. So can balance transfer RM4K only. OR is it 80% of the RM20K so can balance transfer up to RM18K?

Another question is the fee is upfront payment or add to the outstanding balance?

Thanks in advance.  smile.gif
*
Hi,

If you apply for Bank Islam card and they approve 20k CL, you can BT up to 16k with them.

When they say available CL, it mean your card CL - any outstanding balance with this cc = available CL.

Example if i hv 20k CL, i already swipe 2k so available CL is only 18k. Thus i can only BT maximum 14.4k.

If you apply a new card by right your CL should be 100% per what is approved.

If you have issue with the credit limit then try with more banks to spread out the debt. But please be warned that you do not accumulate more as the debt will roll to become a even bigger ball with all the interest and finance changes coming in. Know what is the monthly commitment and make sure you pay them on time!

There is no fee up front based on my experience with AEON which offer 0% for 6 months, for Bank Islam please check with them but I suspect they will lump in the 1% fee into your monthly repayment.

This post has been edited by bearbear: Nov 7 2013, 08:01 PM
TS zenwell
post Nov 14 2013, 01:57 PM

Regular
******
Group: Senior Member
Posts: 1,690

Joined: Oct 2007
can we get this thread pinned up for the benefit of everyone?
ahtan123
post Nov 16 2013, 04:52 AM

New Member
*
Group: Junior Member
Posts: 12

Joined: Jun 2012
to anyone can help,

my current income basic 2200 (paid by several company)+ rm300-600 (allowance)

is there anyway i can get a loan around or below 10k within 2 years. now current have hp loan around 900.
Petro-Canada
post Nov 16 2013, 06:19 PM

Getting Started
**
Group: Junior Member
Posts: 149

Joined: Aug 2011
QUOTE(ahtan123 @ Nov 16 2013, 04:52 AM)
to anyone can help,

my current income basic 2200 (paid by several company)+ rm300-600 (allowance)

is there anyway i can get a loan around or below 10k within 2 years. now current have hp loan around 900.
*
hp loan itself is already high appetite... rclxub.gif

now you now another loan? what is the purpose?? need or necessary??? hmm.gif
Petro-Canada
post Nov 16 2013, 06:26 PM

Getting Started
**
Group: Junior Member
Posts: 149

Joined: Aug 2011
QUOTE(jonniedebt @ Nov 6 2013, 08:45 PM)
Hi all, may I ask for advice on how to settle finance problem that my family facing?

My father is pensioner so for now my mother is the sole breadwinner in my family. Her gross income around RM8.1K. The deduction around RM2.4K. So the net income is RM5.8K. The problem is the massive amount of debt that bear by my family. The debt breakdown is below:

RM76X.XX until 2017- Personal loan 1
RM1XX.XX until 7/2015-Computer loan from gov
RM735 until 2018- Personal loan 2

All of the above are portion of the RM2.4K deduction. There is more.

RM9 8XX.XX-Min payment is RM48X.XX (Credit Card 1)
RM13 3XX.XX-Min payment is RM7XX.XX (Credit Card 2)

Car loan-RM1016 until I don't know lol.

For the credit card debt let's just say it is because of unfortunate circumstances e.g: car breakdown etc since our family doesn't have emergency fund.

So how can we settle the debt so that in the of the month my family still have room to breath because now live is very tough for my family.

Additional infos:
I and 2 other sisters study in IPTA and all got PTPTN (loan again  sweat.gif ) and maybe only need additional RM200 each per month.
My elder brother already works but still live with us.
3 younger brother still in primary and secondary school.
Utilities bill below RM500 and
3 cars  doh.gif

I have been thinking to settle the computer loan first and then balance transfer the credit card 1 debt and so on.
Another lazy way is consolidate all the debt into one giant personal loan which I don't want it to happen.

Any advice?

Thanks in advance  smile.gif
*
jonniedebt indeed! thumbup.gif

the only wise solution is consolidate the CC debts into lower interest PL or better if can do BT* (save lotsa money here)

*do this if monthly expenses will not be affected
kinwing
post Feb 14 2014, 09:19 AM

On my way
****
Group: Senior Member
Posts: 559

Joined: Mar 2010
From: Ipoh/Kuala Lumpur


A good article on personal financial management

How to retire early — 35 years early How to retire early — 35 years early
http://www.marketwatch.com/story/how-to-re...17?pagenumber=1

This post has been edited by kinwing: Feb 14 2014, 09:20 AM
TS zenwell
post Feb 14 2014, 06:07 PM

Regular
******
Group: Senior Member
Posts: 1,690

Joined: Oct 2007
QUOTE(kinwing @ Feb 14 2014, 09:19 AM)
A good article on personal financial management

How to retire early — 35 years early How to retire early — 35 years early
http://www.marketwatch.com/story/how-to-re...17?pagenumber=1
*
I've read his story before. How much do you think is sufficient for a family of 3 to retire comfortably in Malaysia? hmm.gif
sonicbull
post Feb 15 2014, 05:54 PM

Getting Started
**
Group: Junior Member
Posts: 219

Joined: Dec 2011
QUOTE(zenwell @ Feb 14 2014, 06:07 PM)
I've read his story before. How much do you think is sufficient for a family of 3 to retire comfortably in Malaysia?  hmm.gif
*
Well, if take into account for the currency rate exchange alone.

600,000 X 3 = RM1,800,000

At least RM1.8mil needed to retire at age 30?

BTW, You can download the e-books for free from AKPK website to learn more on Personal Finance Management. Perhaps someone can pin all the PFM related articles for easy review.

http://www.akpk.org.my/learning/downloads

Other notable sites:
imoney
savemoney
money.msn

Cheerios~
kinwing
post Feb 17 2014, 09:41 AM

On my way
****
Group: Senior Member
Posts: 559

Joined: Mar 2010
From: Ipoh/Kuala Lumpur


QUOTE(zenwell @ Feb 14 2014, 06:07 PM)
I've read his story before. How much do you think is sufficient for a family of 3 to retire comfortably in Malaysia?  hmm.gif
*
In my opinion, the amount of retirement fund should be formulated as follows:
= Yearly Expenses / Expected Annual Return Rate (%)

Giving an example by assuming yearly expenses for a family of 3 (parents and a new born kid) to retire comfortably in Kuala Lumpur to be RM100,000 (approximate RM8,300 monthly) which include repayment of housing and car loans, and also the most prudent annual return rate of the fund for the family depends on fixed-deposit rate of 3%, then the family should accumulate a retirement fund of RM3.33 million, which is about 33 times of their yearly expenses (1/3%).

From the formulated I quoted above, should you be able either reducing yearly expenses or increasing expected annual return rate, then you would only need a smaller fund for retirement. Remember, the smaller the retirement fund, then the easier to achieve and retire earlier.
torres09
post Feb 17 2014, 11:06 AM

Casual
***
Group: Junior Member
Posts: 382

Joined: Apr 2011


Hi sifus, need advise.
If I have a sum of money say 50k, do I dump it into my housing loan or settle my car loan?
Car loan outstanding about 45k, interest is at 2.68%, 5 years to go. If settle now can save around 5k in interest. All calculated by autoworld.com.my loan settlement calculator.

Housing loan outstanding 165k, based on latest statement from bank. Interested at 4.85%. 20 years to go.

I guess settle car loan is better cos HP is simple interest? And use the monthly installment saved from the car to put into house loan each month to reduce principal? (Semi flexi loan)

Pls advise!

This post has been edited by torres09: Feb 17 2014, 11:07 AM
kaiserwulf
post Feb 17 2014, 04:02 PM

Regular
******
Group: Senior Member
Posts: 1,110

Joined: Oct 2008


Lets play a game. Say you have RM 7000/mth to invest.

How would you allocate your investment(s) and in what frequency?

Other info: You have house loan at BLR-2.4% and car loan at 2% p.a. Your family is well provided and don't ask you for anything else.

Lets see how you grow this cash! Begin!


shankar_dass93
post Feb 17 2014, 04:09 PM

Look at all my stars!!
*******
Group: Senior Member
Posts: 2,718

Joined: Sep 2009


QUOTE(kaiserwulf @ Feb 17 2014, 04:02 PM)
Lets play a game. Say you have RM 7000/mth to invest.

How would you allocate your investment(s) and in what frequency?

Other info: You have house loan at BLR-2.4% and car loan at 2% p.a. Your family is well provided and don't ask you for anything else.

Lets see how you grow this cash! Begin!
*
FD would be the only choice I guess. You could choose for something like OCBCs smart savers account. By depositing
RM 700 a month you would be getting around 2.75%p.a.

felixmask
post Feb 17 2014, 05:05 PM

Look at all my stars!!
*******
Group: Senior Member
Posts: 6,304

Joined: Aug 2008
QUOTE(torres09 @ Feb 17 2014, 11:06 AM)
Hi sifus, need advise.
If I have a sum of money say 50k, do I dump it into my housing loan or settle my car loan?
Car loan outstanding about 45k, interest is at 2.68%, 5 years to go. If settle now can save around 5k in interest. All calculated by autoworld.com.my loan settlement calculator.

Housing loan outstanding 165k, based on latest statement from bank. Interested at 4.85%. 20 years to go.

I guess settle car loan is better cos HP is simple interest? And use the monthly installment saved from the car to put into house loan each month to reduce principal? (Semi flexi loan)

Pls advise!
*
Car interest is fixed rate.
While housing loan interest is varying when BNM change interest rate or OPR, further more the interest is calculated daily basic.

Best reduce the higher interest and volatile interest rate.

86 Pages  1 2 3 > » Top


Bump Topic Add ReplyOptions New Topic
 

Switch to:
| Lo-Fi Version
0.0899sec    3.20    6 queries    GZIP Disabled
Time is now: 26th April 2019 - 07:53 PM