You never mention on car maintenance cost, should keep rm300 a month for this on top of rm500.
Entertainment too high, should cut down.
Maxis also way too high for an employee, the cost shall be at rm5-10 a month if you do not run a business.
Borrow money to enjoy are the most stupid idea to begin with. No money to renovate, then don't renovate.

Net income 3000 and you have a new house?
I don't think this adds up at all...

As for car maintenance, I claim from my company. The maxis is for 2 person, my spouse and I. It's included the internet surfing so it is expensive. I will cut it down once I move in to my new house. If I am not renovate the house now, then I may let it empty until I have sufficient money and after that all the renovation fee, furniture, electric appliance increases again. I will never get my house done then. At the beginning, I also plan to renovate the house using cash on hand, but the freaking thing is the cost for most of the basic renovation (wiring work, awning, ceiling, kitchen) is way more than my budget. Perhaps I should continue with the basic reno and buy a simple tilam to stay.

The new house is bought by my husband. I no need to pay for the installment.

That kind of adds to the mystery.
In order for anyone to help you, we would need a joint income/expenses statement from you and your husband.
Otherwise, the only thing everyone here will tell you to do is to sell your house because at 3000 income per month, you just can't afford a house, let alone renovating it.

Here's my husband statement

Net salary 10k
car loan 800
house loan 1600
parent 800
Credit card balance transfer 200 until september 2015
Car maintenance rm 200
petrol rm500
tol rm150
astro 80
meal 500
saving 1000
insurance 300
invest 1000

the main reason i am thinking of personal loan is because i do not want to spend my husband money on renovation since he already pay for home loan. After summarize his expenses,i dont think i need to do so. I think i can take from him without paying the interest to bank.


This post has been edited by chubbybobo: Apr 27 2015, 06:10 PM

What you should do is open a joint savings account with your husband, then each save a set amount each month until you reach the desired amount you need.

Personal loans should never be touched, let alone for something as trivial as house renovation

I would suggest you aim towards finishing the wetworks first. The furniture and electrical appliances you can slowly add even after moving in

This post has been edited by watzisname: Apr 27 2015, 09:53 PM

if its not too much trouble, can u post your combined statements.
also break it down into income and expenses then the sifus here will be able to advise you better.

from what I see, you and your husbands savings and investments monthly are ok. try to squeeze in a little more.

also, you and your husband's age will help as well

Basically you need to indentify what is waste and what is must.
Insurance, Maxis, Astro is a waste.

Your husband do have a lot of money to waste, especially rm1000 on investment. Shall take out the money inside to do renovation. If the so-call investment does not generate income, it is not investment, more on dumping money. Since he is dumping money every month, why not stop for a while and do renovation first?

Please ignore supersound.

You shouldn't be worried about spending your husband's money vs spending your own money.
You guys are married, you're on the same team. This should be a joint effort in managing your family's finances.
Chinese say "不怕神一样的对手，只怕猪一样的队友”　meaning to say "it's alright if our opponent is god, but never have an idiot on your team".

The best advice I can give to you is to
1. talk to your husband about it,
2. pool your resources together,
3. figure out a budget for the renovation with what you can afford to pay.

It's not taboo to take a loan, but consider your options and affordability wisely.

Would refinancing your home be a better way to get the money for renovation?
Or what can the banks offer you?

Taking a loan is like playing with fire.
When we can control it, it can help us create wonderful dishes.
But when we try to be oriental restaurant chefs with flaming woks, God help us all.

Hey everyone,
Need some opinions.
Heres my status,

Main Income
Net income: RM 3900 (just started work, 1 year in june)

Expenses
Personal Loan: RM 1136/m (100k, 10 years)
ASB Loan: RM568/m (100k,30years)
Commuting: RM 540/month (trains/fuel/parking)
Car maintenance/service: RM 100/month (using gramma's unsused car)
Maxis: RM 100/month
Food: RM 800/month (inc. parents dinner)
Brother's insurance: RM 200/month (self insurance under company)
Gym: RM175/month (this is abit high but i do enjoy the luxury)
Enterntainment: RM 50/month

Side Income
Bussiness A: min. RM 2000/month
Business B: min. RM 300/m
Investment A: RM 550/month (was RM1400, but then they had to restructure thier program and I lost some confidence, so i took out 60% of capital)
Investment B (ASB): Expected about RM 8500 for this year.

I am planning to buy an appartment in 1-2 years time for own stay. Am I on the right track? From my calculation, if everything run smooth. I should be getting all my capital in 2 years, and should have enough deposit for a 500k apartment.

This post has been edited by Musikl: Apr 28 2015, 05:35 PM

Just started work got 3900 nett? Doctor? or O&G offshore?
you took a personal loan of 100k?

OnG. Yeap 100k.

Be very careful of this dangerous "意思" thinking. Another famous example is wife-to-be needs to have her name in SnP of boyfriend's property purchase. How many break ups just before wedding happen and now an ex is stuck with the other who refuses to sell etc.

You are husband and wife so team up and look at finances together. Learn to submit to the husband and it will bring you much joy.

any reasons why did you take personal loan? coz the interest is high

For both businesses and the investment. 3.632% p.a. isnt really high, and it's reducing balance interest.

Wit monthly salary 3k how much max personal loan can get? Minus car commitment rm700.

Your loans seems substantial compare to your income. Your expenses list is short due to the support from your parents, hence you dont feel theres much commitment. Nevertheless, Your expenses will grow along the way. I doubt your entertainment will maintain at RM50.00. Being independant on your own including your own house will inccur new living expenses.

Keep your list of expenses real and be strict managing your 100K. Its easy to side track and influenced by friends, relationship and life style

I would encourage you to develop OD facilities for your side business.

This post has been edited by Sacrifies: Apr 29 2015, 11:53 PM

Thanks for the response. I rarely go out. Most of my friends are old farts with family. Not in relationship. However I do have an expensive hobby. I reserved my bonus for that.
As for the 100k. My investment and businesses can be liquidated easily if anything goes wrong. I plan to stick to this for a year or two.
I'll look into the OD facilities.

Personal loan for 3.632% pa and reducing balance? That's alright. but from which financier did you get it from? can share?