lindaleigh
New member
Hi All, first time posting here. Need your kind advice and guidance on my current financial position.
ASB: 70k
TH: 2k
Crypto: 2k
Salary: 5k/month
My commitments;
Car: 750/month (50k outstanding balance)
Personal Financing: 900/month (60k outstanding balance)
House: 900/month (200k outstanding balance)
Credit Card: 400/month (8k outstanding balance)
Just managed to save around 5% - 10% in ASB and crypto on monthly basis. Here are the few queries as per above financial summary:
A. Should I clear off my personal loan and credit card from my ASB savings? Since, both of these are the bad debts.
B. Should I refinance my house with a MV of 500k to clear off all the debts and consolidate it into 1 payment only everymonth? This will improve my monthly cash flow since the instalment will be lower than my current monthly commitments.
C. 70k savings for a male working adults is quite low compared to others?
D. 5% savings into ASB/crypto is adequate?
Looking forward to all of your responses.
Thanks in advance!
ASB: 70k
TH: 2k
Crypto: 2k
Salary: 5k/month
My commitments;
Car: 750/month (50k outstanding balance)
Personal Financing: 900/month (60k outstanding balance)
House: 900/month (200k outstanding balance)
Credit Card: 400/month (8k outstanding balance)
Just managed to save around 5% - 10% in ASB and crypto on monthly basis. Here are the few queries as per above financial summary:
A. Should I clear off my personal loan and credit card from my ASB savings? Since, both of these are the bad debts.
B. Should I refinance my house with a MV of 500k to clear off all the debts and consolidate it into 1 payment only everymonth? This will improve my monthly cash flow since the instalment will be lower than my current monthly commitments.
C. 70k savings for a male working adults is quite low compared to others?
D. 5% savings into ASB/crypto is adequate?
Looking forward to all of your responses.
Thanks in advance!