Hi ppl, finally i was able to resist all the temptations of getting a new car,
I got my self a wira for 15k, which i paid in cash from my 7 months saving..
So wat should i do next? can anyone give me some suggestion on wat i should be doing...

Good for you.

Besides getting the car serviced, what kind of suggestions that you're looking for?

Hmm wat i ment was, what should i be doing with my savings now
Coz for the past 7 month was saving for the car, so now wat should i be doing wif my monthly savings?
Should i buy a house or put it in Amanah saham

You're a bumi? Save it in ASB.

When you're ready to buy a house you can withdraw with no penalties Dont spend money for the sake of spending money

Im not bumi.. where can i save money other then in ASB ar?

85k - 15k = 70K of free petrol, i think can survive lor

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Added on May 30, 2010, 9:07 pmBro wats a railing?


This post has been edited by makavelli: May 30 2010, 09:07 PM

AS1M just finished last month methinks. If you dont plan on buying a house in 5 years u can start investing in mutual funds. Else just stick to FDs or if you have children, put RM3000 in SSPN to get the tax break.

Nola bro, i just grad last year... im 24 tis year...
U guys are experienced, wat should a person like me be doing now
How did u guys plan when u just started working?

I listed down my short term and long term goals. E.g currently we're expecting a baby and I'm saving money to pursue my Masters in the UK.

A portion of my extra money goes to baby fund in my current account (not investment, just emergency funds) and a portion of it goes to my GBP account (not investment, just hedging against currency exchange rate). I'm pushing pause on my long term goals (investing for retirement and children) to pile up money for baby, and will resume after baby's born

You're 24? Then you can start preparing 3-6 months of emergency funds in a liquid account (e.g high interest-bearing savings account - somewhere that u can withdraw without penalty). After that you can start saving for wedding, your first house, your replacement car (you dont plan on driving that wira forever do you ) whilst putting around 15% away in long-term investment (I personally like mutual funds and real estate, other people may like businesses and stocks ).

Thanks bro, thats gud advice... will start listing down a.s.a.p

You're welcome. You did good kiddo. You're gonna be rich someday.

Btw I'm not a bro

The first thing you need to do is to educate yourself about Personal Finance. Then, educate yourself about Investing.
I repeat. 1st = Personal Finance, 2nd = Investing.
When you have more knowledge about money, budgeting, investment and risks, then you will be able to plan for yourself.
So, the first thing for you to do now is to read books and get financial education on Personal Finance, then Investing.
You can find Personal Finance books in the bookstores, or you could also buy magazines like Personal Money.
In the meantime,... while you're getting your financial education, it would be good to keep your money in FD, until you know what investing is all about.

24 years, have a savings of RM70k left after 7 months, and don't know what to do with your money. Since you are earning that much, save up half and use half of it to start a business, while you're still young and energetic.

Trust me, it will be a good experience for you. Even if you fail in the business, you will have no problems overcoming it as you will be earning back what you lost in the next 7 months.

Set aside some money to buy personal insurance.

Extra savings can go into investment such as unit trust or start collecting collectibles such as fine art, wine, watches etc.

In need of some advise from our experience forumers. 1st of all my breakdown on my commitment and also usage.

Car Loan: RM380
House Rental: RM850 (all covered by me staying with my brother)
Phone Bills: RM120 inclusive of unlimited 3g plan
Streamyx: RM120
electril bills: RM150
Toll: RM200 - office too damn far away
Petrol: RM350 - again office too damn far away
Etiqa: RM100 - started 2 years back when started working
Meal: RM600 per month

RM2870

Fxxking high commitment for someone who only started working in Klang Valley for 2 1/2 years. As for now im planning for a new mico management on my own, do advise me on how i can even do better.

Carl Loan - RM380
House Rental - planning to downgrade to an apartment which cost RM450 - 400 bucks saving!
House Loan - If im not renting i might purchase a house with 40 years of loan repayment which most probably cost me around RM1.2k per month
phone bills - gonna change my plan to digi pre-paid most probably spending RM30 only per month as i no longer need to call customers
streamyx - RM120
electril bills: RM80 - not going to pasang air cond at my new rented apartment! roar!
Toll: Increase to RM220 as i'm shifting to somewhere further. haihs
Petrol: RM380
EtiQa: RM100
Meal: RM500 as the place im shifitng, the foods are cheap.

RM2260 / RM3010 - if im getting my own place.

*Take note for Toll and Petrol pretty much is a must as i do not want to stay too far away from my girlfriend. She frequent to my home everyday and she is still staying with her parents.

This post has been edited by kidmad: May 31 2010, 01:29 PM

Er.. why do you need to buy a house that cost RM1.2/month with 40 years repayment?

Your expenses look pretty normal to me. Here's a tip on saving food money : learn how to cook. I bring my own breakfast n lunch everyday and it saves me tonnes of money.

This post has been edited by Syd G: May 31 2010, 01:44 PM

Cause im planning to get married within 2 years time. So i also dorwanna burden myself too much on the house loan (need to save more when i can). On top of that, i already started making myself breakfast but sometimes i'm just too lazy as i need to get up too early. but as for lunch not a problem, makan here pretty much cheap as its being subsidize by my company. my meal for rm600 is pretty much covering my gurlfriends dinner as well.

If you keep on making excuses then there's not much that can be fixed anyway.

Btw I'm married and we live in a RM600/month home with 30 years repayment. Your house can be a mudhut and it can still be a home

well im planning to get my place somewhere around setia alam / bukit raja which would cost me quite a lil but it will be a really good investment imo. well the only thg is that i'm travelling very far to work staying there. Well definately i will look into the fund allocated for my meals as well. but i think pretty much 400 - 600 is pretty much standard for living adult in kl these days more over im using it to cover my girlfriends dinner as well right?

i don't think you should categorize the house that you staying in as an investment, unless you plan to rent out the rooms to give yourself some cashflow. the only way you'll make money from it is when you sell it off in the future, right now it's more or less just another liability.

that's why part of my plan is to rent it out as me myself im thinking it as a liability. I'm really seeking for some advice. Getting my own place or to rent a much cheaper place at a much cheaper rate which is more or less 400 - 500 for an apartment? But no doubt i can afford for the loan repayment