matthewades
New member
Salam and greetings to sifus, second time posting here on this sub. Been an avid reader all this while.
I am 30(M, Bumi) married with a kid in KL (Moved recently).
I am Netting around 7K Monthly (Approximately -10% from my previous job, with 20-30% higher cost of living; basically living paycheck to paycheck with 300 ringgit to spend for my own) and would like to embark on a journey to straighten my financials post Covid, where i had to relocate my family twice within short period (KL-Borneo-KL).
After serving my new company for a year involving multiple panic attacks and an episode of depression, i am expecting to get a sizeable amount of variable bonus from my company this month (Base case: 40K Nett, but with possibility to reach up to 70K Nett depends on my actual appraisal results). Will get back to this shortly.
My short term target (1-2 years): To rebuild my emergency savings (Target: 30K) which i had fully utilized previously.
My long term target (>3 years): To buy my first house latest by 35 Y/O. The reason behind this is, i want my kid to grow up in a proper environment possibly outside of KL's hustle and bustle.
Here is my dilemma, should i save my bonus and put it in my emergency fund for a peace of mind, and continue to live frugally and paying off my monthly expenses and act like the bonus doesnt exist (Park all in ASB) (OPTION A).
Or
Should i clear my hutang/loan/EPP first and assuming i can compress/maintain my monthly cashflow as per last year use the amount to build the emergency funds/savings basically from 0 (OPTION B).
Some of the things that i think can be paid off in full
Items
Monthly Cost
Total Cost
Remarks
Car Payment
525
28,000
3.2% Interest. Checked with my Bank, they are willing to give discount of around 10% if i were to clear off my account.
Education Loan
250
9,000
0% Interest. Been paying since i got my first job.
Various EPP Committed Prior and During Covid
1,200
~15,000
0% Interest. Some of the items are Necessities and some are luxuries that i think was avoidable.
Cash Gift for Spouse
-
10,000
I think it is only fair i reward my spouse for her continuous support through the hardships we had faced this past year.
TOTAL ~60,000
Or
Should i go down the middle, clear some of the loans, essentially converting the monthly amount to savings diligently and park what ever is left in ASB(Option C).
I am 30(M, Bumi) married with a kid in KL (Moved recently).
I am Netting around 7K Monthly (Approximately -10% from my previous job, with 20-30% higher cost of living; basically living paycheck to paycheck with 300 ringgit to spend for my own) and would like to embark on a journey to straighten my financials post Covid, where i had to relocate my family twice within short period (KL-Borneo-KL).
After serving my new company for a year involving multiple panic attacks and an episode of depression, i am expecting to get a sizeable amount of variable bonus from my company this month (Base case: 40K Nett, but with possibility to reach up to 70K Nett depends on my actual appraisal results). Will get back to this shortly.
My short term target (1-2 years): To rebuild my emergency savings (Target: 30K) which i had fully utilized previously.
My long term target (>3 years): To buy my first house latest by 35 Y/O. The reason behind this is, i want my kid to grow up in a proper environment possibly outside of KL's hustle and bustle.
Here is my dilemma, should i save my bonus and put it in my emergency fund for a peace of mind, and continue to live frugally and paying off my monthly expenses and act like the bonus doesnt exist (Park all in ASB) (OPTION A).
Or
Should i clear my hutang/loan/EPP first and assuming i can compress/maintain my monthly cashflow as per last year use the amount to build the emergency funds/savings basically from 0 (OPTION B).
Some of the things that i think can be paid off in full
Items
Monthly Cost
Total Cost
Remarks
Car Payment
525
28,000
3.2% Interest. Checked with my Bank, they are willing to give discount of around 10% if i were to clear off my account.
Education Loan
250
9,000
0% Interest. Been paying since i got my first job.
Various EPP Committed Prior and During Covid
1,200
~15,000
0% Interest. Some of the items are Necessities and some are luxuries that i think was avoidable.
Cash Gift for Spouse
-
10,000
I think it is only fair i reward my spouse for her continuous support through the hardships we had faced this past year.
TOTAL ~60,000
Or
Should i go down the middle, clear some of the loans, essentially converting the monthly amount to savings diligently and park what ever is left in ASB(Option C).