Hi all,

I just get married and buy my first house recently, however I feel my financial status not strong and would require some of your advice and opinion how to improve my financial status. My financial information is stated below:

Monthly income:
Gross income = 6,300
Car allowance = 650
Phone allowance = 150
Sub-total = 7,100 (as I'm working in a small company, the salary increment has been moderate ranging from 3% to 5% yearly)

Monthly deduction:
EPF = 730
PCB = 430
Company sport club = 20
Sub-total = 1,180

Monthly expenses:
Meal = 600
Car loan repay = 870
Transport expenses (include insurance, maintenance, petrol, toll, car park, LRT) = 300
House mortgage repay = 2000 (as I bear the full house loan repayment, my wife will pay the remaining monthly household expenses such as electricity, water, pintu cukai etc)
Phone = 100
Contribution to parents = 500 (my parents staying at a small town and have their own retirement fund, so I contribute a minimal amount of 500 to them monthly)
Insurance = 250
Entertainment = 200
Others = 100
Sub-total = 4,920

Monthly savings = 1,000

My company has been paying at least 3-month bonus (including 1.5-month of contractual bonus) for the past years and last year I was rewarded 5-month bonus (including 1.5-month of contractual bonus). Anyway I don't take the bonus as granted and only count in the 1.5 month contractual bonus in my yearly budget. So my annual savings would be ranging from 20,000 to 32,000.

After stating my current financial status, below is my book:

Asset:
House = 440,000 (according to the cost I purchase, for own stay)
Car = depreciating asset
Bursa Shares = 110,000 (1.5% dividend yield hence dividend income is insignificant. So far I have been achieving 20% annual compounded return for the past 6 years since I commenced to invest in the stock market.)
Mutual fund = 3,000 (performance is dismal, plan to liquidate and put back to FD)
FD = 12,000 (3.25% return, interest income is insignificant)

Liabilities:
Car loan = 28,710 (based on monthly repayment of 870 for another 33 months)
House loan = 720,000 (based on month repayment of 2000 for 30 years)

As I plan to have kids with my wife in the next 3 to 5 years as we are not young anymore (I'm 31 and wife 33), ideally 2 kids, but my wife's income is low (around 3,000) and my monthly surplus seems not strong enough to support this . I am concerned how am I be able to increase my finances for my family and would need your opinion on this issue. Thanks .

This post has been edited by afbic: Aug 13 2014, 04:26 PM

I think banks will check your ctos and ccriss status. I guess since you are going to proof your financial status such as 3-month pay slip, 3-month banking statement, tax-submit form and etc, these will verify your financial status and no need to call your employer to verify your background.

Please read this thread

CCRIS, CTOS, Blacklisted by Bank