pretty good start! i think you can start to look into investments like stock etc

TBH I wish I started to invest as early as you. My only advice is to diversify your investment into maybe ASNB or unit trust?

me 28yo single cant manage stress so i always save money for bad times。。。

i plan to buy house max rm300k 2 years later and wanna settle house loan within 10years。borrow 200k
Dp100k instalment 2k per month assume interest rate 4%.

salary after deductions 3.5k
manage to save 1k per month
now got 50k fd + share ut around 80k

currently rent room rm350, 2 years later car loan will fully settled so will extra 500 per month， continue my current lifestyle that make me save 1k,850 if i stop renting and stay own house， 2 yrs later i will have at least 1.8k per month. Plus increment n promotion i think 2 years later is workable...

Is my plan stupid?

cannot says your plan is stupid or not.
just that you will be living on the edge with your calculation of available money that "should' be just enough RM2k repayment

your barely enough money for repayment is against your 1st sentences that described yourself...."cant manage stress so i always save money for bad times。。。"
thus may I suggest that you do that.

hi, my salary is at fixed at rm4350.

my commitments

House : RM800 (increase rm200 every 2 years, max at rm1600 p.m.)

fuel : RM230 roughly
insurance : RM230 p.m.
car : kenari - paid off
parent : rm200
food : rm500
wife : rm300
asb : rm1050
internet & mobile hp: rm200
eletricty & water : rm200

savings at tabung haji : 70k (planning to transfer to asb)

good that you are having about 24% of yr income in asb
if you have EPF and with EPF you will have abt 45% saved.

why want to increase rm200 every 2 years, max at rm1600 p.m. for your housing loan?
transferring that to ASB would yield better returns isn't it?

wow, with all that you still have a balance of 640 pm
what about income taxes?
monthly groceries expenses?
any plan to have kid(s) in the next 3~5 yrs?
is yr wife working?
parents having any insurance plans?

This post has been edited by yklooi: Nov 10 2019, 10:44 AM

my salary less than debt right now, dont know how to pay off, really worry

nothing to worry about, you are NOT alone in this.....
(btw, "worrying about it" solves nothing......)

Almost 65k Malaysian youth declared bankrupt since 2013
Read more at https://www.thestar.com.my/news/nation/2018...fSPq1krHulpQ.99

I think u can list out the monthly repayment and ur income + expenses so that others can help you.

everyday only can work work.
need find part time forcover back debt

Hi sifus, I'm a 23 y.o employee working in KL area. Please have a look at my finances, would appreciate all your feedback.

Take home salary: RM 3300

Expenses: RM 1400~1500
Insurance: 300
Parents: 600 (live with parents + repaying car loan back to them)
Transportation: 100 +/-
Phone: 45
Food: 150 +/-
Misc/Social/Gym: 300 +/-

Savings: RM1800 ~ RM1900


Investment:
FD: 10k
PRS: 2k (put in 1k last year + gov top up 1k)
P2P: 1k
Stashaway: 3k
Stocks: 3.3k (current worth almost 4k)
Crypto: 1k (hold until it rises again)
EPF: almost 10k

I keep a min RM500 in my RHB high interest savings account monthly, the rest of my savings will be into SAMY or stocks (min 1k/month). Tried unit trusts few years back based on parents' advice but eventually withdraw all and put in FD instead because we realised that we barely made any profits from it so guess UTs still left me with a bad impression.

Planning to retire as a full time housewife once I have my own kids though it might be impossible with the current living costs, so I would love to hear all your advice on how to improve my finances, or how to diversify it, where can I learn more on investments from, etc.

Thank you all!

tax deduct about RM90 pm but since it will be refunded back, ok lo. 😅
monthly groceries didnt count in yet because long distance rship as at todate.
by next year will have a baby, so surely monthly expenses will .
my wife is working but will resign upon delivery.
parent has no medical plan.

after all, balance of rm640 hopefully enough for the baby and monthly groceries. 😅

my plan, to pay the monthly asb rm1050 using my savings of 70k. rolling that money.
so i will have extra rm1050 from my salary. is it the right thing to do?

for housing loan, it is due to this.

I think you are more towards "afraid of" loan interest. If I have around rm130k cash, I will start leverage on it instead of put all of them in as down payment.

are u in klang valley? RM300k KV property is definitely a fantasy for me. buy a property in good location and consider trade in to enjoy a better car(optional) and YOLO and let your extra cash serve monthly loan and you will be glad that few years later your property is still there motivates you to strive for higher income.

No i in ulu place ... I cannot sleep when i have big loan...maybe due to my childhood when my fata owe ppl money and we suffered for that quite a long time...

Still young,man, looks like u have really good financial controlling.

if not city area rm300k house makes sense, if u satisfy with it.

Hi All. I have been following this thread for sometime now.
Would appreciate greatly if I can get some advise on achieving my financial goals (get a car, married and own house to stay).

28 years old
Nett Pay: RM6,400
Other Income from Rental: RM 1,500
(Own 2 properties - low cost flat renting for RM 500, condo renting for RM 1,000)

Monthly Expense -
Property Loan: RM 3,500
Parents: RM 500
Food: RM 850
Petrol: RM 150
Insurance: RM 500
Misc. (Travelling, Yumcha/Alcohol etc.): RM 1,000

Savings: RM1,400 a month roughly

Investment Portfolio: 20k in stocks, 20k Cash as backup, Fully paid off low cost flat worth 120k, EPF 100k

A brief summary of myself. Working in MNCs for the past 6 years and still living with parents.
I am currently in a relationship which explains why there is some travelling and higher than usual food cost.
Owned an old car for more than 10 years fully paid for, breakdown occasionally and planning to get a new car soon.

Had ventured into multiple "investments" that you can think of: stocks, FX trading, FD, MLM, properties, unit trusts and even some gambling activities, as I was willing to take huge risks since I was young at that time.
Only get burnt from these so called "investments" and the only 1 out of those that help generate some money is properties due to rental collection and even then I regret in purchasing a condo that is really far away and only get little rental yield from that.
Still losing money from stocks but planning to diversify my portfolio.

Planning to get married soon and I am worried that I will fall further into debt after getting a new car. Might even delay few years in getting a new place to stay even.
Having high salary increment/promotion could be difficult, as my company struggling in this current economic climate. Might even considered to move on to increase my pay.

Would really appreciate your thoughts/advise on how I can improve my own financial management.

Thank you.

I would say still ok....you got about 25% (1400 out of 6400) saving from your income
your rental income from condo of RM1k, has it MINUS maintenance charges already?

on this..."if I can get some advise on achieving my financial goals (get a car, married and own house to stay)."
well, worst come to worst,....sell off that cash flow negative condo and get a lower priced condo near where both of you and yr wife worked.....(presumed yr wife will move from here current location)

also the low cost flat rental yield of RM500 pm has it exclude all other fees?
at a rental yield of 5%pa.....
this would be a back up sum of RM120k....that can be "relinquish" in case of needs.

You are young,... try to do a business, don't dive into investments yet. Make more to be used as bullets for future. After building your warchest, then you learn investments.

My background was like yours.

Thank you for your feedback! Much appreciated!
Don't think it is 25%, more like 18% if I consider my total income from both my rental collection and salary. The rental income that I mentioned is after deducting the maintenance and sinking fund.
Yeah I might consider to sell my negative cash flow condo in the future. However, currently there is more supply than demand, so I guess I need to hold on it for a while longer.

You are right about the yield for the low cost flat which I think is my best investment to date even when I experienced past tenant running away and high repair cost to maintain the unit. Currently, I do not face any of these problems *touch wood* and if I really need money I can just offload it.

Probably what I need to do is to find other source of income or increase my current pay.

Thank you for your feedback! If our background are similar, you would understand our struggle to find ways to improve our financial situation. I think you found your way through building your business . Hope this motivate me to try my best as well to think of something that can help generate some side income.