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 Age 27 - Financially Unsure

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TSbettawalk
post Sep 8 2015, 05:17 PM, updated 9y ago

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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. cry.gif
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?
Zanmai0146
post Sep 8 2015, 05:29 PM

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QUOTE(bettawalk @ Sep 8 2015, 05:17 PM)
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.  cry.gif
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?
*
That's not cool figure on ur bank. I believe u need to cut a lot of unwanted "expenses"

Give it another 1/2 year and try save up, you and your fiancée. Not good if married end up with tons of debts.
wh0cares
post Sep 8 2015, 05:36 PM

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salary too low, try to earn more
JungWoo
post Sep 8 2015, 05:41 PM

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QUOTE(Zanmai0146 @ Sep 8 2015, 05:29 PM)
That's not cool figure on ur bank. I believe u need to cut a lot of unwanted "expenses"

Give it another 1/2 year and try save up, you and your fiancée. Not good if married end up with tons of debts.
*
Maybe TS is not single.

QUOTE(wh0cares @ Sep 8 2015, 05:36 PM)
salary too low, try to earn more
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You aware of TS's age? How much is not too low?
SUSPink Spider
post Sep 8 2015, 05:43 PM

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Salary decent. But car + home loans for u alone, yes, might be a bit of a struggle.

But, RM6K salary and wanna live in a >RM500K apartment? Your parents should come back to reality.
Bonescythe
post Sep 8 2015, 05:59 PM

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Actually 27 years old rm 6.5k gross.. i am impress leh.. my whole working life also never reach this amount.. sigh..

But with 10k saving in bank.. i am lagi impressed... maybe you need to cut a lot of expensive cafes, or entertainment... unless partially of that income you are helping to pay off ur parents prop or giving allowance to parent.. tat i wont comment much.. but you can easily save up rm2k a mth with that kind of salary..


sam@bpp
post Sep 8 2015, 06:02 PM

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QUOTE(bettawalk @ Sep 8 2015, 05:17 PM)
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.  cry.gif
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?
*
1) Look for tenant asap if not can consider to sell the house depending on the urgency for cash
2) What is your concern about tax? RPGT when you sell off the house?
3) You should check your cash flow (income & expenses)
4) if you want to buy a house, you should take into consideration of the down payment and legal fees which is a large sum
5) for wedding dinner, you can consider not to spend so much or even not having one(it's difficult but better than taking a personal loan and end up in more debt)
6) if you and your partner is getting married, pls talk to him/her abt your current financial situation. Eg. sharing on the house down payment, marriage and wedding expenses, saving money
7) also, you can consider to postpone your marriage so you have more time to save up more money
8) Recommended to have at least 3 months of monthly expenses for your emergency savings


Hopefully above inputs and the rest of lyn members suggestions able to help you.
P/S:If you need my help, you can PM me for an appointment.
nexona88
post Sep 8 2015, 06:06 PM

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Take home 5.5k, saving only 10k. winrar tongue.gif

try to cut cost.. what car TS use needed to pay 1.2k monthly hmm.gif

WaCKy-Angel
post Sep 8 2015, 06:16 PM

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1.2K for a car thats quite an expensive car.

Im sure if u really want to save, there are plenty of ways to cut your costs.
Net profit 5.4k - car & house loan 2K = 3K
U are telling me 3K balance a momth and u only have 10K in savings?

Assuming your partner are also working, both of your earning should have no prob to survive but maybe not luxury life.

If u are expecting to bear all the burden alone, u really nees to cut alot of ur cost.
SUSsupersound
post Sep 8 2015, 06:17 PM

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TS are living in luxury life, not bad.
kopio1
post Sep 8 2015, 06:22 PM

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QUOTE(supersound @ Sep 8 2015, 06:17 PM)
TS are living in luxury life, not bad.
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agree nod.gif


nexona88
post Sep 8 2015, 06:27 PM

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QUOTE(supersound @ Sep 8 2015, 06:17 PM)
TS are living in luxury life, not bad.
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yes, but having only 10k saving blush.gif
axis_lua
post Sep 8 2015, 06:30 PM

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well...if you look at the economic right now, even if you are earning 10k a month, you won't be able to get a loan of 450k since the country can't increase interest rate and our currency is dropping due to oil and 'other' factors. The only way to prevent further downfall is to restrict the number of loans given out.

The only advice i can give you like what everyone is saying start proper saving and grow your earning power. banks doesn't look at how much you have in your account, but how much you are earning every month.
annarina50
post Sep 8 2015, 06:30 PM

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1. I think you probably has serious lifestyle issue. Cut down on it.
2. Wedding 80k ? That's crazy.. I can save 100k p/a and my wedding cost less than 10k.
3. Doesn't matter how much u earn .. what most important is how much you can save..



QUOTE(bettawalk @ Sep 8 2015, 05:17 PM)
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.  cry.gif
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?
*
nexona88
post Sep 8 2015, 06:38 PM

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QUOTE(annarina50 @ Sep 8 2015, 06:30 PM)
1. I think you probably has serious lifestyle issue. Cut down on it.
2. Wedding 80k ? That's crazy.. I can save 100k p/a and my wedding cost less than 10k.
3. Doesn't matter how much u earn .. what most important is how much you can save..
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the bold part. How u do that? shocking.gif shocking.gif
ohcipala
post Sep 8 2015, 06:39 PM

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Summoning Ramjade for money saving tips: The frugal version tongue.gif
ohcipala
post Sep 8 2015, 06:39 PM

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QUOTE(nexona88 @ Sep 8 2015, 06:38 PM)
the bold part. How u do that?  shocking.gif  shocking.gif
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Kampung wedding and gotong royong style can one
nexona88
post Sep 8 2015, 06:42 PM

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QUOTE(ohcipala @ Sep 8 2015, 06:39 PM)
Kampung wedding and gotong royong style can one
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sweat.gif thumbup.gif
make87
post Sep 8 2015, 06:44 PM

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QUOTE(nexona88 @ Sep 8 2015, 06:38 PM)
the bold part. How u do that?  shocking.gif  shocking.gif
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Honeymoon wedding.
annarina50
post Sep 8 2015, 06:44 PM

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QUOTE(nexona88 @ Sep 8 2015, 06:38 PM)
the bold part. How u do that?  shocking.gif  shocking.gif
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Very small dinner , DIY pre wedding/wedding photos, backpack honeymoon India. Actually im a photographer. I resell all photos and made back some money. All depends on couple if Wife and husband is ok then it's allright. Wedding is just a show, marriage is lifetime. I don't get it why people wanna burden themselves with loans/etc for that 1 (so called) most important day in life. After married most people won't even see those photos in wedding day/pre wedding.. better save money spend more on kids. Hope that helps

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