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Personal Financial Management V3, It's all about managing your $$$
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kradun
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 Jan 14 2017, 03:04 PM
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QUOTE(imnotabot @ Jan 14 2017, 01:43 PM) Anyone here has ever taken drastic steps to reduce expenses? I'm thinking of switching from car to cheap second hand kapcai to go to work. I'll still keep the car for long distance driving (e.g. balik kampung, vacation). I've done the research, and this seems like the only way to reduce my cost to go to work. There's no public transport near my place.  Cost-wise, it will reduce my fuel expense by a lot (though I will lose money in the short run to buy the bike and pay for motorbike license), if I can find a bike with 2-3 l/100 km fuel consumption. My car has an average fuel consumption of 9.5 l/100 km. I'm expecting a 50% or more reduction in petrol, and not to mention I don't need to pay for toll anymore. I'm planning to dump the money I save by doing this into my emergency fund or/and unit trust. Anything I'm missing, other than it's a bit more dangerous than driving, and I will be more susceptible to weather conditions (especially rain)? U get the 2nd hand motor just few months u will recover most of the cost from petrol, parking, time, toll, maintenance. |
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kradun
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Apr 15 2017, 06:40 PM
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QUOTE(dell123321 @ Apr 15 2017, 05:28 PM) » Click to show Spoiler - click again to hide... « Hi,
I need your opinion.
My salary net is 5.5k
and below are my commitments
Few CC total outstanding is RM50,000
Personal loan outstanding is RM40,000
Those commitments make me pay every month around RM3460
Apart from that I have house loan monthly is RM1912 (just started pay)
and car loan RM700 (around 4 years to go) balance is RM39,000
I would like to lower down my monthly commitment how can I do so? I can’t apply another loan as my commitment is very high.
Luckily my wife is working but can’t get loan under her name as she is from the Philippine. Her salary after epf and tax is around 3.5K.
Since I can get any loan with lower interest to pay those CCs and PLs, should I go to AKPK? what are consequences if I go to AKPK? or should I talk to those banks first?
Please advise me. Thanks. Where is ur expenses breakdown? with that easier for others to help u. |
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kradun
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Apr 15 2017, 11:22 PM
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QUOTE(dell123321 @ Apr 15 2017, 10:27 PM) monthly expenses cc 1: RM700 cc 2: RM800 cc 3: RM500 PL1: RM800 PL2: RM360 car loan: RM700 house: RM1912 (not yet ready) don't count wife's money cos i am on my own for all these commitments as I got this before i married her. hence why need help to minimize the monthly commitment that I have Ur credit card repayment is based on 18% finance charges per annum or under repayment scheme with much lower interest? May be still got chance for u to extend the repayment duration for settlement of capital owing and reduce the interest charges. Since u got house, any chance for u to apply epf account 2 withdrawal as monthly repayment or downpayment for your house? Btw, husband and wife should work out together to solve the financial problem. Once married ur problem will also become ur partner problem, ur condition at least still can to improve via ur wife assistant.  |
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kradun
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May 18 2017, 10:08 PM
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QUOTE(eddystorm @ May 17 2017, 02:46 PM) Dear sifu's, Recently i booked a condo(loan approved and waiting to sign SPA) but i am kind of not sure if this is a good decision or not. I am buying it for own stay and rent out partially to cover some cost. So i am here to seek some advice or financial plan for my future move. Gross income : RM 7,500 Net income : RM 6190 Monthly spending below Medical Insurance : RM 200 Room Rental : RM 600 Internet : RM 72 Mobile : RM 53 Parents : RM 600 Petrol : RM 200 Food : RM 600 So balance RM 3,865. 60k cash in FD. Some info for the newly booked condo. Estimate can move in on this August. mortgage : RM 2,670 Maintenance : RM 400 So my plan is to rent out 2 rooms, hopefully can collect RM 500 per room so i can save some money to replace my 10+ years old car. Ur expenses check list is complete? Entertainment, vacation etc are not in your list.  Every month have this much of excess money +1 Buy house and rent out the rest of un-utilized rooms +1 If your mortgage is fully flexi loan then you may put your money in FD into your loan so that you earn the differential 1%++ from there, yet you have the flexibility to withdraw it for any urgent usage. |
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kradun
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May 19 2017, 12:54 AM
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QUOTE(eddystorm @ May 18 2017, 11:26 PM) Sorry i did missed out some expenses.  I live a frugal life with minimal expenses. Usually go hiking, jogging & free gym at rented place so all those are kind of free entertainment for me. For the vacation part, i never pay for any oversea vacation but only take the chance to walk around on company business trip hahaha  My mortgage is PBB semi-flexi loan, charging RM 53 for every withdrawal. Actually i am planning to buy a car with maybe 40k down-payment when i am getting a stable room rental income. Will this be too risky to do so? Good for you having all those free entertainment with minimal to no cost. Your new house come with furnishing? That might cost a big sum of money in short term. Once start repayment your monthly excess money will reduce to 1.4k and wait untill all rooms lease out at RM500 each then only it will further go up to 2.4k. Got balance for you if have to further deduct for car repayment? If for me have cash to cover for my 6 months expenses + every month end have 10-15% of gross salary for saving then should be quite sustainable. Credit card did help me a lot whenever i urgently need to spend a sum of money, some more it can easily balance transfer to repayment with 0% interest that almost make me feel those raining money no longer have that significant impact when you need the money. Worst come to worst even can temporary utilize epf account 2 to repay the mortgage and my salary go to settle the necessary expenses. Or else thick face a bit then can borrow from siblings..  |
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