How to advise you if we have no clue how much you are earning? But generally speaking, I can see that you are spending a tad too high on your meals and rental / future loans. You might seriously want to look into that.

hi I'm talking bout expenses reduction from my current expenses. I'm saving a hefty amount right now but I want to further save even more. I did not know RM600 for two person is consider high O.o mind sharing with me what u makan everyday a?

That is why I am asking should I rent a place or get a home on my own? My current expenses is indeed too high! I think so too.

Why is she not paying for her own meals?

errr coz we don't practice aa? Haha anyway I'm earning more and somehow RM5 or 6 per day tak kan wanna kira with my love one? Summore sometimes she do tarpao for us if I work late.

If that's the case then put that RM600 as non-negotiable expenses. Trim everything else.

Rent a cheaper place, closer to work, so you'll save money on petrol, toll and rent.

What I like about your budget is the fact that your car loan installment is low. But I'll take back my words if it's a 9 year installment.

infact it is a 9 year installment! haha Well wasnt trying to burden myself that is why i'll go for everything the lowest possible I also think that is the only thg which i can do rent a cheap place, save on petrol and toll but if that is the case then my girlfriend would not drop by everyday. DAMN!

ok my ultimate question! should i go for a house loan and tied myself up or should i get a cheap place and wait kahwin 1st den after that only buy a house with her? Considering i can afford a house with my current salary.

70k? Are you in Oil & Gas field?

Anyway, If you have the time to start a business as Jordy has mentioned, you can try to setup a business.

If your current job does not allow you to have a business, invest your money instead.

Being an employee can be financial free someday if you know how.

Nola bro im doing normal normal job nie la.. nt in OnG, dono from where he say i earn 70k in 7 months lolx...
If 10k a month sure i buy a new civic lor... hehe

Rent cheap first, save tonnes of money then kahwin with less to no loan. Wedding & settling down aint cheap. Then buy house with her.

With the way you manage your money now, you're gonna be in trouble soon kiddo. You have no emergency fund yes?

makavelli,

From your replies below.

Haha Thx. U've slightly enlighten me. No well my emergency funds could afford me a 26k down payment but I guess I will continue saving up for marriage and house. thank you!

RM 600 over RM 3000 is 20%, RM 600 over RM 6000 is 10%. So if you are the latter, then I guess it is not high and reverse is true for the former? I only calculate my part for meals and I am eating around RM 300 a month. I eat regular hawker's food and home cooked food as dinner unless I need to work extra hours.

As for your persistent question on renting or getting a place, you already said your expenses is too high and you plan to add further? You already have a 9-year car loan and wedding is impending. Well, I guess worse comes to worst the bank will inform you that your loan is rejected.

you are staying with your parents or alone? only RM300? How did you do that? mind sharing me your meal plan? i guess you did not read my previous post, the reason why im looking into reduction is because i would want to save more money, that does not mean i cannot afford to get a house. loan being rejected? well im not so worry bout it coz i know my financial status. No offence i just want to get more feedbacks on how to reduce my expenses and how to save more from what im spending.

as for your info since you want to know how much im saving right now, i'm trying really hard to hit the rm3k mark per month. That is why i am looking into reduction.

This post has been edited by kidmad: May 31 2010, 10:56 PM

I'm staying outside not with my folks. RM 300 would lead to RM 10 a day and it normally means RM 2 for breakfast (cereal with milk or something of that sort), RM 5 for lunch (econ rice) and RM 3 for dinner (home cooked rice with 1 vege and 1 meat / chicken / something). My figure is perhaps lower as I'm working in Penang so food should be cheaper.

Need opinion, I have 60k....I think to save it in ASB....Is there is a way to optimum the dividen?OD maybe?
is there any oher ways I can invest it?

This post has been edited by haniez: Jun 1 2010, 09:19 AM

Please provide a justifiable comparison.

What I would do:

Rent a cheaper place near to the office - A flat for 450-500 would be good and you can scrap toll payments and maybe shave off RM100 from your petrol costs (Savings of RM600). Don't buy now. Save for the house. Also ask your brother to contribute...even a small amount is good. Do not encourage outpatient financial care.
Either cut off the 3G or the Streamyx. You don't need both. (Save RM150)
Electricity bills are ginormous. My electricity bill is only RM30-RM40 per month and I have a daughter. (Save RM120). I use energy saving bulbs throughout the house and switch off all the mains for unused appliance.
Etiqa - What kind of insurance is this? Is it life, hospitalisation or investment? You need to assess your current situation and determine what kind of insurance you require during the current stage of your life.
Meals - you can reduce it to RM100 per week for two. Just cook. A large roast chicken is enough for 4 meals with your girlfriend (think sandwiches, soups and stews (Save RM200)
Total Saved : approximately RM1000. Save this amount every month for the next five years and you can put a nice downpayment on a moderately priced house.

There are many of choice outside for us to choose. But sometime we just ignore it and let the opportunity go. Something we may already understand but fear let us stop from taking action. To make money and improve our financial situation, fear must first be eliminate. Then the second to eliminate is greed, we need to keep focus on what we passion on to be success. Think out of box and stay out from comfort zone if we want bigger success.

Fear, Greed, Focus and Planning are the key to success in financial management.

We need to plan for what we want to do and record want we had done.
We must eliminate fear to do something and grab the opportunity.
We must not greed to want more until we cannot capture.
Keep on focus on what we want to achieve and don't do this a bit, that a bit. And never give up, failure is the root for us to success with condition we must learn from mistake we make.

Let's be success and moving toward financial freedom.

Just drop in to share my own method of financial planning/management.

The financial basic that I understand and following were these formulae;

Basic Salary = 100%
EPF Cut = 11%

Basic Salary (Pay Cheque)(Ignore PCB and SOSCO)= 89% Saving now = 11% from EPF

a)Basic Salary (Pay Cheque) (Ignore PCB and SOCSO)= 89% Saving now = 23% from EPF (+12% boss)

Average age to start earning = 20yrs old

Average age of retirement = 55-60 yrs old (Lets take 60 for example)

b) Total working years = 40 yrs

If we are lucky, we may live up to = 80 yrs old

c) Years of jobless after retirement = 80 yrs old – 60 yrs old = 20 yrs old

d)Compare b) and c) 20yrs / 40 yrs is 50% of the time, hence at least 50% of total earning of b) will be sufficient to sustain 20 yrs of jobless

Looking back at a) we already have 23% of saving which is force-saved into a locked account until age of 55 which is then possible for withdrawal.

So what we need to do now is to make up our mind set to gather another 27% which is d) 50%-23%(a)) = 27% saving that will get us to a safe side.

27% is a lot for many of us, including me, but I understand that many of you had already accomplished this which is very admirable.

27% of a average earner of RM 2500 is RM675.


Of course if you are an economist, you may go deeper into economy by considering the

Positive Factors;

Return of Investment (Properties and savings)
Child which will bear our cost of living when then grow up (when we reach age of 60-80)
Need of spending reduced significantly due to age, entertainment, burden, commitment and etc
Part time works, rental or business which generate income at age after 60.
EPF withdrawn for purpose like buying properties or unit trust (Properties is investment, so the money is not lost but allocated elsewhere)

Negative Factors;

Inflation
Need increased due to child education burden or diseases (Unforeseen Circumstances)
Uncleared debts
Many more which we cannot foresee

Because many people cannot see how much they should be saving and many people just recommend 10% or 20% without proper reasons, that is why i share this out just to bring in some ideas.

But it is the safest to save up to 27% from basic earning which will put you on a safer side of financial status.

If you have more money, then save more. No harm.

My 2 cent.

Regards,
Isendir1

Isendir1,

1) Retirement age will be adjusted upward beyond 55 way before YOU retire. Hence, you will be getting your EPF money much later.

2) After 40 years old, your chance of finding a job go way down due to AGE DISCRIMINATION. Hence, you may be forced into EARLY RETIREMENT.

3) I assume that my EPF money will be gone way before I can withdraw.

Dreamer

This post has been edited by dreamer101: Jun 6 2010, 09:18 PM