Hi Guys,
I need some advise on my current financial situation. Do let me know if I've posted this in the wrong section.
I am currently 27 this year and earning RM6,500 (Take home 5,500), however only about RM10k in my bank account.
I have monthly commitment of RM1200 (Car Loan) and RM800 (Low Cost Apartment bought when I'm 24) apart from all the other bills.
Reaching 27, the word "marriage" starts coming up very frequently and was wondering if I would be ready for it financially.
Few of my concerns below -
1) Property
Even though I own a property which is a low cost apartment, it is deemed "not livable" by my parents due to the neighborhood. Recently the tenant moved out and the unit has been vacant for the past 3 months now putting me down by RM800 monthly. Currently the property can be sold for about RM250k and I would make some profit from it however I'm concern about the tax from it.
That being said, I am looking to buy another property however I am unsure if I can take on another loan. Current take home salary - loans = RM3,000 balance.
I'm not sure if I am able to purchase a property with that balance.
I went to see some property over the past few months and found most decent properties are priced above 500K with a monthly loan payment of RM2,000. Now that becomes unaffordable.
2) Wedding Cost
Looking at my sister's wedding the cost of the dinner itself cost RM80K and that itself more than what I could earn a year what else save.
That is excluding all the other bills.
I can't help but ask myself - how do people do it? How can one afford a decent place to stay in and get married.
Care to share how you did it? Or any advise for me?
Age 27 - Financially Unsure