Hi there harmeet15. Great to see such young entrepreneur. I would like to share with my experience about the income that you would like to generate more. Basically like what bafukie suggested on unit trust fund, that will eventually doubles up the value of your savings faster than putting in FD. This mutual fund basically you have to put longer period to see the result. For instance, 3-5 years. So basically, besides banks that offer the mutual trust fund, there is others too, which i haven't stumble before but heard my friend share it with mebefore, like oversea company investing type. For me, I still have some doubts but if you stumble that, do check on it properly. Hope it is not some scam.

Hi bafukie, I personally agrees on the insurance savings plan too. Never informed on the deduction monthly payment details, and gave me wrong idea as well on getting savings from this plan. But it was a good point for own protection too...with a small and tiny amount left on investment plan. Just sharing my ideas here..cheerz pal

Hi Shinichi, saving some cash for 3 years before getting a car? Maybe in the 3 years, the momey was spend to other places...IMO, Shinichi, try to plan your financial first on the car you wish to buy, and allocate for yearly insurance and maintenance as well too. Cause every end of the year, i see many of them having headache to find cash to pay for their car insurance and sometimes car maintenance too. So beside allocating some for the car loan, do think bout the insurance and car loans too. Some idea for you, every month, save RM100 extra for example to allocate for car insurance and maintenance...Just my 2 cents PEACE and have a nice day

Ok, here I wanna share my financial management. On my monthly salary after deduction on EPF and SOSCO, here is my allocation per month..killing me softly

Family & Bill = 24.3%
PTPTN (Education loan) = 11.9% (Increment of RM50 per year)
Car loan = 16.2%
Insurance = 4.8%
Credit Card = 4.8%
Petrol + toll = 11.9%
Meal = 11.9%

Saving per month = 14.3%
Investment on mutual funds, hope to double up in next 2 year.

Investing in car was a liability to ourself. As the worth of the car that is bought can be deteriot fast. And the amount of loan spent monthly can a burden. For starters, like fresh grads, I would suggest get a car in an affordable range, unless you have family support...otherwise, a four wheels that can runs, is sufficient. Just my opinon, the money can be spend on property investment, or funds, to cash in your money faster.

Insurance or Medical Card, you can say is waste of money, but when come to a times when you needed to do a minor surgery, and the amount is too much for you, and you have to move your mutual funds to pay for the bills. So is pretty waste to use up the funds too. So depends on how you all perceive on the importants too...

Credit cards, most of us been swapping the cards like there is no limit in the bank. And we can pay the minimum amount on the credit card debt every month. This kind of attitude will eventually top up the debt to the peak. After you realize it, you have to allocate on your monthly salary to pay the bills...monthly...So is advisable that credit card is a card when you really short of cash then you use it, or use it now, then take out your money from bank/wallet, and pay it when the statement come.

I still feel pretty lil on my saving as I have much things to plan in future...getting house property, laptop, 3G mobile phones and DSLR. Much spending is cut on entertainment and foods as well. Sometimes might use up on my monthly saving allocation too. Now I'm looking on getting part times/free lance on weekends too to earn extra.

This post has been edited by viper: Dec 24 2007, 11:15 AM

Hi cute_boboi, suprised to see you have pretty little fixed expenses there for petrol, toll, parking and meal. I thought KL parking everywhere is slaughtering...

Well, having an average car can be sufficient enough for us to put more weight on paying for housing loan, i believe. Is true that car will always be a liability to us, and house will always a property. Cheerz

This post has been edited by viper: Dec 27 2007, 10:41 AM

Haha...nice idea. But what if comes to year end where everyone is paying car insurance, maintenance, Chinese New Year, and the balance of the money is not sufficient to cover the expenses? So is better to have an ATM card just in case you not free to withdraw the money.

I did that too, by extracting RM300 per month, but sometimes overuse due to some unavoidable issues like house warming, friends wedding, this and that...

But anyway, nice idea Really need to discipline and good planning and budget is the essential to manage a good finance.

HAPPY VALENTINES DAY TO ALL!!

This post has been edited by viper: Feb 14 2008, 08:42 AM

Hi HughieRmX,

Now here is an issue that I've been thinking of.

We look into two side of country, western and eastern country. Western parents doesn't request part of their child's salary. As for eastern countries, let say Malaysia, most of the parents would ask for pocket money. Some will say is just to repay back on their hardship raising us, and some for lower income family would need the pocket money to help out partially on family expenses. For well being family, mostly they do not request at all.

So how to define that as our parent children, do we really need to contribute some? I would say it depends on our own hearts. If family really needed this amount of money to ease the burden of whole family...then is better to give some. If just to respect our parents, a lil amount is sufficient...as I believe our parents earns more than that.

So before wegive some pocket money to our parents, calculate how much you can fork up? Is all bout heart....But remember, once you put the price, will you be able to lower down if you facing financially?? Haha