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Personal Financial Management V3, It's all about managing your $$$
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kripton888
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 Aug 18 2014, 11:19 PM
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Getting Started
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Dear Sifuz
Need ya'll advise
Age: 24
Salary 5k, Nett Pay arnd 4.4k
Savings in ASB 30k
Home Loan: 2k will commence payment in early 2017 (undercon)
Fixed Expenses
Rent:400
Bills: 100
Parents:500
Property(Undercon) progressive payment:210 (will increase to 500 early next year)
Savings :500
LRT: 100
Total Fixed Expense 1.8k
Balance 2.6k
Right now im thinking of upgrading my lifestyle starting by redesigning my bedroom, i want to splurge and make it cozy lavish.current conditions of my room is just like college students room
planning to get a :
queen size bed,mattress with good sheets and quilts,
tv cabinet
48" Smart TV
Aircon
some lighting and deco
Im getting most of my stuff from IKEA and estimated the cost of all the above to be around 7k
1. firstly my question is how do i measure if i can afford this upgrade from financial mgmt POV?
2. 2nd, if i can afford it should i do a zero interest (0%) easy installment plan instead of paying it off cash because i could earn 8% dividends from asb in 1 year as i plan to do the easy installments also for 12 months only while not paying any interest on credit card (as its zero interest).
I welcome all opinions, appreciate your views sifuz
Thanks
This post has been edited by kripton888: Aug 18 2014, 11:20 PM
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kripton888
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Aug 18 2014, 11:48 PM
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Getting Started
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QUOTE(td00164306 @ Aug 19 2014, 12:38 AM) Other than your ASB, do you still have any other form of saving? How much is 7k to your saving in cash? I am not entitled to ASB and therefore not sure how fast you can cash out your ASB when you need money. Specifically to your question 2 ,it's a no-brainer, isn't it? One of the best thing in life is to able to borrow money at no cost. Hi there thanks for the comment 1. all my savings are in asb, i can cash it out the same day i want juz need to do it over the counter but during office hours and weekdays only. 2. i think so too its a no brainer but juz trying look if there is cons on it |
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kripton888
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Aug 18 2014, 11:52 PM
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Getting Started
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QUOTE(db07mufan @ Aug 19 2014, 12:36 AM) 1) I'm no financial guru but for me its simple, put aside a percentage of your salary that you would like to save, and how much you have emergency fund, if what you need to pay does not eat up into it I'll go ahead. You need to pamper yourselves once in a while, but not to the extent in hurting your bank balance. 2) I'm a firm believer in keeping cash in hand whenever possible, if its zero interest by all means go ahead with installment. Not all debts are bad. thanks yes this is about pampering my self, i think i can afford it but juz getting another person view before actually committing. i tend to overthink sometimes |
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kripton888
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Aug 19 2014, 12:41 PM
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Getting Started
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QUOTE(kaiserwulf @ Aug 19 2014, 12:19 PM) Sounds nice. If were me and cashflow limited- I would do it step by step, get the bed first or tv first. Next month get the other etc. Also if its a student sized room, 40 inch TV is enough. Why? This is because when you are rich enough for a full size house- you will not reuse your 48 inch as the living room TV. At least the 'old' 40 inch can be put in a guest room, 2nd floor living space etc... Also, small room with big TV will be warmer due to electronics generating heat. Congrats... I just saved you some money. haha good points, but afraid i wont be satisfied with just a 42", my room is 132sqft think 48" wud b juz nice |
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kripton888
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Sep 6 2014, 02:43 AM
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Getting Started
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QUOTE(polkiuj @ Aug 21 2014, 11:32 AM) 48" is HUGE. How far is your viewing distance? If it's too near, U will be moving your head a lot to follow the action. The size of ur TV is actually only depending on ur viewing distance. For U who have 2.6k a month extra, 7k is not a huge amount, but not small either. BUT, my question is, is it really enough? I think, simply put, SET your LONG TERM financial goals. (Ur e.g. u save 500/month). After U have ur financial plan already rolling, U can simple SPEND ALL YOUR EXTRA. Dun need to ask anyone or let anyone tell U what to do with YOUR money =) dude i bought it already, its just nice for my room, my viewing distance is about 11ft, i dont move my head during action scene. damn satisfied with this internet tv my financial goal is 100k savings, i think i can achieve that even after spending this amount. |
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