+Jun 15 2017, 01:22 PM-->Are you single or married? In my opinion, your savings rate is quite low.
Maybe you can at least reduce your food expenses to increase your savings rate.
Do you currently have any savings? Like emergency savings? If something happens to your house rental income (e.g. your tenant suddenly stops paying or run away), you need some savings to temporarily cover for the lack of rental income.

Gross income : RM 5,000
Net income : RM 4200

Monthly spending below:-

Medical Insurance : Company sponsor Me & Wife
House Rental : RM 800
Mobile : RM 41
Parents + Wife : RM 600
Car / Motor : RM 431
Petrol : RM 100
EPP Phone : RM 164
House installment : -
Food : RM 400
PTPTN : RM 100
Entertainment & Travel : RM 190

TOTAL
Total Spending = RM 2826
Total Savings = RM 1374

Is this healthy?

What i can do more?

This post has been edited by ajin999: Jun 15 2017, 11:08 PM

If you are actually saving RM1374 every month, then it's actually quite good, as it's quite a lot compared to your income.
You may want to consider getting a life insurance if your wife is dependant on you.

This post has been edited by imnotabot: Jun 16 2017, 06:13 AM

I'm single, yea it's very low.. parents side they retired without proper financial planning that's why I am paying more. Why my food expenses is high is because I factor in weekend eat outs that I got to pay as well.

I only kept about 7K in FD, 8K in stocks. So far tenant is quite okay... and I track all the water and electricity bills monthly..

Next thing I'm looking out is for a new job offer to give me 15-20% of my current pay.. that will ease my burden..

Housing loan is RM2500 monthly - rental EM1300 haha

+Jun 17 2017, 09:55 AM-->I understand that. I'm going through the same issue because my parents-in-law retired without proper financial planning, so we have to subsidise some of their expenses (e.g. we help pay their Unifi bill). The good thing is that they now acknowledge that they are financially screwed, and they are now making an effort to get a side income to ease their own burden, instead of relying 100% on their children.

+Jun 17 2017, 09:55 AM-->Good to hear you have some savings. If anything unexpected were to happen, you can withdraw that 7k from FD to cover it.

+Jun 17 2017, 09:55 AM-->It's good to increase your income, but you have to be careful of lifestyle inflation, especially if you're not very good with budgeting. Because higher income sometimes tends to result in higher spending. If you need more savings, it's usually easier to cut down on your expense than to increase your income. One way to do it is to save your money when you first get your salary, so that you are forced to spend less, especially on food.

Sometimes. peer pressure is the culprit - our colleagues and people out there who 'push' us to spend. It's not that we don't wish to save,... but those characters out there exerting the pressure onto us.

When we work, this is the hard part,... we are earning an income, but there are also people with whom we work with who push us to spend, otherwise, we can't get along well with others at the workplace !

Net income : SGD 2050

Monthly spending below:-

House Rental : SGD 600
Mobile : SGD 20
Transportation (Bus+MRT) : SGD130
Parents : SGD 100
Food : SGD 400
Entertainment & Travel : SGD 200

Savings : SGD 300

Balance : SGD 400

I have cc outstanding and other debts:

1) CC : RM5500 (SGD1850)
2) Friend : SGD 450

Can you guys please advise on what should I do and the funds allocation for debts repayment?

First, you need to separate the essentials from the discretionaries in your monthly expenses. For example, the 1st 5 items in your list of expenses would be your basic essentials that must be catered for every month.

These items totaled to $1250. So there is a monthly balance of $800 from your net income of $2050.

1. I would try to pay back the loan from the friend as soon as possible; if cannot in 1 payment, then pay back in 2 payments.

2. As for credit card(s), I would try not to pay the minimal, as it will incur more interest and a longer time to fully clear. I would add some extra amount, as much as I could do so.

3. If possible, I would also try to slowly built up some savings for both unexpected and foreseeable expenses in the near future. So that there won't be any more (embarrassing) borrowings from friends to meet my expenses.

Hi, can you tell us what did you use your credit card for? Did you use it for any daily expenses that is not listed in your monthly spending? Example groceries. If yes then your calculation is not accurate anymore.

IMO, should settle your debts first before you have savings. You put 300 into savings but yet you owe 1850 CC debts. Even if your savings generate interest, I highly doubt it could beat your CC interest.

Plan to buy education plan for my 2 daughter. Hope it's not too late

9 and 2.5 years old.

Any recommendation?

Just a share on EPF and how much a "typical" employee may accumulate.
Assumptions used:
Starts working: 23
Retires: 60
Starting Gross Salary: $2,500 pm

Increment pa: 5%
Increment month: Jan
Bonus pa: 2 months' gross salary
Bonus month: Dec

End result: $2M+

Imagine if spouse +self, if managed properly...
Goal of this share:
a. Even if so-so earnings, not bad leh IF manage expenses well
b. Tool for own projections / visualization

Just a thought - no absolute right/wrong.
Note - U can copy/download the google sheet and play with the variables in YELLOW CELLS to project / visualize your own data at your own privacy.

https://docs.google.com/spreadsheets/d/1XN5...dit?usp=sharing

Bro,... how to get 5% increment CONSISTENTLY YEAR AFTER YEAR FOR SO MANY YEARS ??

AssUme-d ma, for projections.

usual folks jump here there, get more than 5% pay increase pa.
usual folks that stays around get 3% to 10%+ (no new post vs new post)
thus, since it's a projection, take near inflation rate lor

IF my gross salary's long term increment < general inflation (don't lar pick atas punye inflation) for several years, i'd look for better offerings right?
OR do i just sit there and accept "fate"?

Also, one can take the spreadsheet and monkey around with the variables to fit one's specific situation to "see see", right?

This post has been edited by wongmunkeong: Jul 26 2017, 03:32 PM

OK,... tq bro,... hmm,... what I keep hearing nowadays is hard to find jobs, hard to land good jobs,...... everything just gives me the idea of thinking that being able to get a consistent 5% increment job out there is next to impossible,....

ya - nowadays...
nowadays = past 2-3 years?
vs
30+ years of slogging/work ma - thus, averaging out, still pessimistically optimistic lor that 5%pa increment.

again, it's just an assumption by me, pessimistically optimistic
if one is dreaming (heheh jibe at dreamer) pessimistically only, then can adjust the % and see the downside
OR do like what dreamer did, went to where it pays more and not wait for fate

This post has been edited by wongmunkeong: Jul 26 2017, 05:20 PM

I'm not too concerned abt the past,... we have made our money,... but I believe this time, the past is really not indicative of the future anymore,... It will be more difficult for our younger generations,....

If we look back,... yeah,.. that 5% could be achieveable with adjustments here and there,... but looking fwd ?? I am not confident,... If you ask me whether I would like to start my life again, and start earning money again,.. I will not agree to it,....

Hi All,

We are conducting a survey regarding saving habits and would greatly appreciate if you can spare some time to response to the survey below!!

Below is the survey link:
https://www.surveymonkey.com/r/R2C95B3

Also please help to share this out to all your friends!!
Thank you very much!!!

Old news updated...

94,400 Declared Bankrupt Since 2013

MORE than 90,000 Malaysians have been declared bankrupt since 2013, with almost 97% of them failing to repay instalments to financial institutions.

From 2013 till August this year, the Malay­sia Department of Insolvency recorded a total of 94,408 people who were declared bankrupt.

“About 91,180 were declared bankrupt as they failed to repay instalments for financial products, including vehicle hire purchase loans, personal financing, housing loans, business loans, credit cards, social guarantors and corporate guarantors.

“People failing to repay hire purchase loans ranked the highest at 27.57% or 25,137 people,” said Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said in a written reply to Datuk Che Mohamad Zulkifly Jusoh (BN-Setiu).

Che Mohamad had asked for the statistics on Malaysians being declared bankrupt.

Azalina said the lowest category of people being declared bankrupt were those who stood as corporate guarantors, which is 3.24% or 2,954 people.

https://www.thestar.com.my/news/nation/2017...upt-since-2013/

========

Old story... take this loan, take more loans, looking for ways and contacts to get more loans... ends up not able to pay the monthly installments.

Question: Why take the loans?

Answer: Must take lah.... otherwise how to survive!



This post has been edited by j.passing.by: Nov 2 2017, 04:01 PM

Take loan buy car, go for vocation, buy birkin