Apr 2 2014, 03:41 PM
QUOTE(alien9 @ Mar 25 2014, 12:28 AM)
Hi sifu and all members. I didn't managed to read anything yet but I will start soon as I'm in the midst of UAT for my company's app.
A short info about me:
Situation:
1. Will be getting married thus we need to find a new home (either rent of purchase). My thought would be find one nearby our working place as it will cut a lot of travel time and fuel cost. Problem being is that my soon to be wife would not want some maid to be looking after our child (if we are lucky and we are hoping to get a child as normal as a parent would get). So, what we can do is find one nearby Taman Melati and send the child to her mother to look after thus travelling everyday from Taman Melati to TTDI.
2. Car. I don't have car and I want to buy one. Suggest either we need to find a 2nd hand car or purchase a new one that wouldn't put much burden on our financial capability. My current thought is to not buy a first hand car which usually cost somewhere around RM 600++ per month for a 9 years instalment, instead just buy a 2nd hand car and pay RM400++ for 5 years.
3. Investment and paying PTPTN. Since both of us are working in private sector, we need to have pension scheme, investment, savings etc. I have one in mind which is investing is DANA EKUITI PRIMA FUND under ETIKA. It's a Protection + Investment + Savings plan. And we do need to pay our PTPTN too.
I will start reading and hopefully will get some insight myself on my current situation but I really appreciate inputs from sifus.
My advice:-A short info about me:
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Situation:
1. Will be getting married thus we need to find a new home (either rent of purchase). My thought would be find one nearby our working place as it will cut a lot of travel time and fuel cost. Problem being is that my soon to be wife would not want some maid to be looking after our child (if we are lucky and we are hoping to get a child as normal as a parent would get). So, what we can do is find one nearby Taman Melati and send the child to her mother to look after thus travelling everyday from Taman Melati to TTDI.
2. Car. I don't have car and I want to buy one. Suggest either we need to find a 2nd hand car or purchase a new one that wouldn't put much burden on our financial capability. My current thought is to not buy a first hand car which usually cost somewhere around RM 600++ per month for a 9 years instalment, instead just buy a 2nd hand car and pay RM400++ for 5 years.
3. Investment and paying PTPTN. Since both of us are working in private sector, we need to have pension scheme, investment, savings etc. I have one in mind which is investing is DANA EKUITI PRIMA FUND under ETIKA. It's a Protection + Investment + Savings plan. And we do need to pay our PTPTN too.
I will start reading and hopefully will get some insight myself on my current situation but I really appreciate inputs from sifus.
Take home pay for both H & W is RM5200.00
1) Since you are a newly wed and young, I suggest don't have kids first for the first year. Having kids to early puts a strain on both your finances and marriage.
2) Don't buy a car unless you have kids. Move nearer to TTDI. Look at Flora Damansara Apartment. Look at Block E,F or H which is medium cost. You can buy a bumi unit quite cheaply at about RM160K for 800sq feet. Auction units can be cheaper. From Flora Damansara it is just a 10 minute bike ride to TTDI using the Pencala link. Since its your starter home, don't worry as in 5-6 years time you will be able to buy a better place.
3) Get a medical card for both. There are some plans that are RM600-RM700 per year.
4) Calculate all your debt and determine its interest rate. If it is low like 3-4% per annum, then pay it slowly.
Suggested budget
1) RM2500 (ASB savings. Don't take ASB loan, your return on that is much lower. If you just pay monthly into your ASB you are getting 7-8% per annum in return)
2) RM800 for accommodation (rental or bank repayments)
3) RM250 for bike repayment
4) RM200 for petrol for bike
5) RM110 for medical card for both
6) RM500 for Food and other necessities
7) RM150 for tel and utilities
8) RM690 PTPTN loan (if your monthly is lower or higher adjust accordingly with your contributions to ASB)
In one year you would be able to save RM30,000.00 + interest. In one year you would be more prepared to have kids or in one year you will have the downpayment for the apartment. The point is don't try to do everything at once. If you buy car, buy apartment and have a kid all at once, you will find yourself financially strapped and will start resorting to credit cards and personal loans. Choose one goal and go for it. Take a short break and then the next goal.
If you and your wife's salary increases by 10% every year and you put most if not all into your ASB, in 3 years time you will have RM100,000.
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