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

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MUM
post Jul 14 2018, 04:38 PM

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QUOTE(ann41 @ Jul 14 2018, 04:25 PM)
Thats what i do.. i transfer 2k immediately to asb. If i still have balance towards the next paycheck, i keep the balance in tabung haji.

It just that i am worried i save less if i commit to another house or car loan. Of coz i need to make more money but currently not into business.
*
the is always a trade off between what you want and what you have....
try get into another loan be it a new car loan or a new housing loan AFTER you have settled your current PL and housing loans?

unless you wanted to save lesser or increase your income.....
ann41
post Jul 14 2018, 04:56 PM

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QUOTE(Ramjade @ Jul 14 2018, 04:06 PM)
Love travelling aboard.
That's your first mistake. Try restricting yourself from travelling abroad and see how much extra can you save.

Looks like you don't know what you are buying.
Investment is something which you need to be ready. If you not ready or regret or cannot sleep because of your investment,  it means
1) amount you put in is too big
2) you are making losses
Sometimes the best investment is the simplest. Try going for simple and decent returns like amanah saham fixed price fund.  Every year more or less get min 6% and your capital is kind of guaranteed. Don't go for the variable price fund.
With all investment,  always know what you are investing into.  Invest in books and knowledge.

If you don't have enough saving, what's stopping you from saving more rather than travelling abroad? If your car keepnbrraking down,  then yes can think of changing. If not,  just use the same car. A car is to keep you from point A to B. Nothing more. The moment you drive the car out of the shop,  the price decreases.

Settle one a time first. Recommend you settle the PL first. I don't know what you took up for personal loan first. But I hope for your sake it's not for going on holiday, buying the latest tech.

Remember, you can't gave everything. You need to sacrifice something to get something.

I sacrifice overseas holidays and I choose to live frugally so that I can sleep better knowing that my bank account is fat enough to last me through difficult times. The choice is yours. One needs discipline if you want to have more money. Giving in to temptation will just slow you down.
*
Yes, i have to admit i dont know what im buying n investing. The saddest part is my 50k pl was made just to maintain my lifestyle (commit to that damn loan 8yrs ago).

I started this year with ambition to save more n spend less. Still on the right track. I dont have money issue coz i earn quite good for a single person, with the current lifestyle. My car still in good condition, it just that i sometime feel jealous seeing my colleague n friend buy new car.

This is my plan :

- saving for emergency fund of 3 month gross income
- make full settlement for PL by taking another PL so i can save more
- maintain regular saving atleast 2.5k monthly so i can pay full settlement for my 2nd PL
- then start saving for house deposit or new car. This is what bother me much coz my tenure will reduced as i get older.

What say you? I think i have to forget about investing until i achieve all above.





ann41
post Jul 14 2018, 04:58 PM

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QUOTE(MUM @ Jul 14 2018, 04:38 PM)
the is always a trade off between what you want and what you have....
try get into another loan be it a new car loan or a new housing loan AFTER you have settled your current PL and housing loans?

unless you wanted to save lesser or increase your income.....
*
Yes, i have to. My car is getting old, and i dont have asset.

MUM
post Jul 14 2018, 05:03 PM

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QUOTE(ann41 @ Jul 14 2018, 04:58 PM)
Yes, i have to. My car is getting old, and i dont have asset.
*
what ever and when ever people wanted something...they will usually have a lot of reasons.
what ever and when ever people does not want something...they will usually have a lot of excuses....

it is your decisions then....

your money, your lifestyles, your life's journey.....be it good or bad.....nothing right or wrong....
rapple
post Jul 14 2018, 07:38 PM

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QUOTE(ann41 @ Jul 14 2018, 04:56 PM)
Yes, i have to admit i dont know what im buying n investing. The saddest part is my 50k pl was made just to maintain my lifestyle (commit to that damn loan 8yrs ago).

I started this year with ambition to save more n spend less. Still on the right track. I dont have money issue coz i earn quite good for a single person, with the current lifestyle. My car still in good condition, it just that i sometime feel jealous seeing my colleague n friend buy new car.

This is my plan :

- saving for emergency fund of 3 month gross income
- make full settlement for PL by taking another PL so i can save more
- maintain regular saving atleast 2.5k monthly so i can pay full settlement for my 2nd PL
- then start saving for house deposit or new car. This is what bother me much coz my tenure will reduced as i get older.

What say you? I think i have to forget about investing until i achieve all above.
*
The way PL charges interest, its really a bad idea to take a new one to pay the old one. You might have more cash flow but you will end up paying more interest.
ann41
post Jul 14 2018, 08:50 PM

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QUOTE(rapple @ Jul 14 2018, 07:38 PM)
The way PL charges interest, its really a bad idea to take a new one to pay the old one. You might have more cash flow but you will end up paying more interest.
*
If my plan works, i can make full settlement for my 2nd PL in a year, from my monthly saving.



OPT
post Jul 14 2018, 09:16 PM

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QUOTE(ann41 @ Jul 14 2018, 08:50 PM)
If my plan works, i can make full settlement for my 2nd PL in a year, from my monthly saving.
*
Adui.

Do you really need another PL? Better skimp and plan towards reduce the 1st PL rather than take another to close this.

Follow Ramjade advise in long term will make you richer and better in managing your finances. Some sacrifices have to be made though
Smurfs
post Jul 14 2018, 10:34 PM

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QUOTE(ann41 @ Jul 14 2018, 04:56 PM)
Yes, i have to admit i dont know what im buying n investing. The saddest part is my 50k pl was made just to maintain my lifestyle (commit to that damn loan 8yrs ago).

I started this year with ambition to save more n spend less. Still on the right track. I dont have money issue coz i earn quite good for a single person, with the current lifestyle. My car still in good condition, it just that i sometime feel jealous seeing my colleague n friend buy new car.

This is my plan :

- saving for emergency fund of 3 month gross income
- make full settlement for PL by taking another PL so i can save more
- maintain regular saving atleast 2.5k monthly so i can pay full settlement for my 2nd PL
- then start saving for house deposit or new car. This is what bother me much coz my tenure will reduced as i get older.

What say you? I think i have to forget about investing until i achieve all above.
*
What kind of lifestyle you have and you need 50k PL for that?

Do you travel to europe by using business class?

Dont ever commit yourself into another personal loan again.

Have you ever counted have much you have vs how much you owe? ie your own networth?
ann41
post Jul 15 2018, 12:47 AM

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QUOTE(OPT @ Jul 14 2018, 09:16 PM)
Adui.

Do you really need another PL? Better skimp and plan towards reduce the 1st PL rather than take another to close this.

Follow Ramjade advise in long term will make you richer and better in managing your finances. Some sacrifices have to be made though
*
Thats my plan. Still looking for good offer from bank. But i might end up delaying it until i have enuff saving to pay lump sum.


ann41
post Jul 15 2018, 12:59 AM

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QUOTE(Smurfs @ Jul 14 2018, 10:34 PM)
What kind of lifestyle you have and you need 50k PL for that?

Do you travel to europe by using business class?

Dont ever commit yourself into another personal loan again.

Have you ever counted have much you have vs how much you owe? ie your own networth?
*
Those days you know.. still young, enjoying life. Spending more than earnings . Nope, i was not into luxurios life, or buying branded n high end stuff. I was into travelling, gadgets, foods. I ended up suffering cc debts n i used rest of my pl balance to pay it off.

I ve read about networth but dont really get it yet. Will do later.

rapple
post Jul 15 2018, 09:27 AM

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QUOTE(ann41 @ Jul 14 2018, 08:50 PM)
If my plan works, i can make full settlement for my 2nd PL in a year, from my monthly saving.
*
Its either your maths fail or i misread your post.

How does your plan work? Isnt it cheaper to just settle the first without taking a new PL.

Anyway good luck with your plan.
55665566
post Jul 15 2018, 09:41 AM

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QUOTE(ann41 @ Jul 14 2018, 08:50 PM)
If my plan works, i can make full settlement for my 2nd PL in a year, from my monthly saving.
*
I literally puked. He's not accepting opinions but trying to get support for his decision.
polarzbearz
post Jul 15 2018, 10:00 AM

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QUOTE(ann41 @ Jul 14 2018, 08:50 PM)
If my plan works, i can make full settlement for my 2nd PL in a year, from my monthly saving.
*
Look up on how personal loan interests are being calculated (upfront) and you'll understand the reason why many disagree with this idea.

Any how the choice is yours sweat.gif
ann41
post Jul 15 2018, 01:54 PM

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QUOTE(55665566 @ Jul 15 2018, 09:41 AM)
I literally puked. He's not accepting opinions but trying to get support for his decision.
*
Hey chill man.. i appreciate every opinion on my issue here. I dont ask for support. And regarding to my pl, it is just a plan, it might be viable if you know what youre aiming for which i do not disclose here.
ann41
post Jul 15 2018, 02:06 PM

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QUOTE(polarzbearz @ Jul 15 2018, 10:00 AM)
Look up on how personal loan interests are being calculated (upfront) and you'll understand the reason why many disagree with this idea.

Any how the choice is yours sweat.gif
*
I'll shall take all opinions here into account.

j.passing.by
post Jul 15 2018, 03:47 PM

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QUOTE(ann41 @ Jul 14 2018, 03:10 PM)
Hi everyone.. need some advice please.

I am 35, single, gov staff..

Income:

Gross income salary rm6500
House rental rm600

Expenses :

- house rental - rm550
- food - rm800 (eat out alot)
- fuel n tng - rm600 (travel 80km daily)
- personal loan - 500
- housing loan - 600
- parents - 500
- misc - 1000

Saving :

Hmm.. not much just around rm10k..
I can save around 2000-3000 per month, but usually doesnt last long coz i love to travel abroad..
.....

*
QUOTE(ann41 @ Jul 14 2018, 04:25 PM)
Thats what i do.. i transfer 2k immediately to asb. If i still have balance towards the next paycheck, i keep the balance in tabung haji.

It just that i am worried i save less if i commit to another house or car loan. Of coz i need to make more money but currently not into business.
*
QUOTE(ann41 @ Jul 14 2018, 04:56 PM)
This is my plan :

- saving for emergency fund of 3 month gross income
- make full settlement for PL by taking another PL so i can save more
- maintain regular saving atleast 2.5k monthly so i can pay full settlement for my 2nd PL
- then start saving for house deposit or new car. This is what bother me much coz my tenure will reduced as i get older.

What say you? I think i have to forget about investing until i achieve all above.
*
QUOTE(ann41 @ Jul 15 2018, 02:06 PM)
I'll shall take all opinions here into account.
*
Not easy to voice any reasonable opinion when the numbers don't add up. 35yrs old and only 10k in savings even though salary at 6.5k?

If you are just starting to have a budget listed down and are trying to maintain it every month, then let's talk about it 6 months from now. There are usually 2 things the budget will not go as planned. 1. The discipline to maintain it. 2. There could be extraodinary and annual expenses that were not taken into account.

"- make full settlement for PL by taking another PL so i can save more"
You can't be serious. Taking another PL will only extend the loan tenure and add more interest. There will be no savings at all.

"- maintain regular saving... (to) pay full settlement for my 2nd PL"
Your thoughts are going around in circles... and going nowhere. If one have savings, then there is no need to take any personal loans. A personal loan is to spend first, then pay back in monthly installments. Plus interest.

"- then start saving for house deposit or new car. This is what bother me much coz my tenure will reduced as i get older."
As discussed in one of my previous posts, there are 4 components in a housing loan. Apart from the down-payment and tenure, there are the monthly installment and the value of the house. You will have to look into this with more details to determine the type of dream house you can afford to have.

You will have to set up the numbers first so that there is a goal to target. Make them reasonable and practical so that it is not an impossible goal to score.

smile.gif (World cup is still on my mind... rooting for Croatia tonight.)

This post has been edited by j.passing.by: Jul 15 2018, 03:49 PM
Ramjade
post Jul 15 2018, 04:01 PM

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QUOTE(ann41 @ Jul 14 2018, 04:56 PM)
Yes, i have to admit i dont know what im buying n investing. The saddest part is my 50k pl was made just to maintain my lifestyle (commit to that damn loan 8yrs ago).

I started this year with ambition to save more n spend less. Still on the right track. I dont have money issue coz i earn quite good for a single person, with the current lifestyle. My car still in good condition, it just that i sometime feel jealous seeing my colleague n friend buy new car.

This is my plan :

- saving for emergency fund of 3 month gross income
- make full settlement for PL by taking another PL so i can save more
- maintain regular saving atleast 2.5k monthly so i can pay full settlement for my 2nd PL
- then start saving for house deposit or new car. This is what bother me much coz my tenure will reduced as i get older.

What say you? I think i have to forget about investing until i achieve all above.
*
3 months is not enough. Aim for 6 months.
Never ever take a new loan to settle old loan.
This is because if you are already have a loan, is like you are standing in a hole. By taking on new loan to pay off the old loan, you are digging a deeper hole which means sooner or later you can get out of the hole you dug.
Never get a new car as car is a depreciating item. The moment you drive the car out of the shop regardless of brand, the price already drop.

QUOTE(ann41 @ Jul 15 2018, 12:59 AM)
Those days you know.. still young, enjoying life. Spending more than earnings . Nope, i was not into luxurios life, or buying branded n high end stuff. I was into travelling, gadgets, foods. I ended up suffering cc debts n i used rest of my pl balance to pay it off.

I ve read about networth but dont really get it yet. Will do later.
*
Never get tempted. That's why if you have no discipline when it come to money, you will keep getting yourself into a big hole of shit.
Nymphetamine666
post Jul 16 2018, 01:28 AM

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Hi ann, what they've advise u are really something u should consider. Taking another PL or doing Balance Transfer to settle is a big No-No.

If i were u, say ur repayment is what? 500/month? Well, since u have some saving, might as well u double it. Pay 1k. Do it for 6 or 12 months. Trust me ull definitely will shorten the tenure and quickly relieve ur headache.

When the total outstanding is less than 5k. Now,this is the moment, strategies urself and call the bank tell them that u want to make full settlement,ask them to recalculate the principle and dump it all. Ask for waiver if possible. If they grant u 1 month, its good enough already. But that just me, i call it hardcore style.

It's nothing wrong if u like travelling. Everbody does. At this juncture, u can put it on hold. If still want, ASEAN countries are not bad too. Go somewhere where the Ringgit are stronger than their's. So that u'll minimizing ur spending.

Car? I no need to comment. Everbody telling u their opinion already and i totally agree.

Wife? Not that im being buzy body, but at ur age, u should have one. And that's requires money too.

This post has been edited by Nymphetamine666: Jul 16 2018, 01:31 AM
mephyll
post Jul 16 2018, 02:13 PM

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i just read this page 80, and found most of you advise to settle the PL asap, but not to take another loan to repay the 1st loan.
how about if this apply to housing loan? is it practical to settle the housing loan asap may be cut the saving per month and pay more on loan?

also, what does it means by balance transfer?
T231H
post Jul 16 2018, 02:18 PM

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QUOTE(mephyll @ Jul 16 2018, 02:13 PM)
i just read this page 80, and found most of you advise to settle the PL asap, but  not to take another loan to repay the 1st loan.
how about if this apply to housing loan? is it practical to settle the housing loan asap may be cut the saving per month and pay more on loan?

also, what does it means by balance transfer?
*
read before....they said housing loan is the "cheapest" loan....
they advises use the available money to try to generate higher ROI than the housing loan rate.
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