Noob and clueless about my financial skills

[vanitysmurf]

@bonnie99 Yeah 4.5k for a 25 y/o is wild for gov sector.

 

[ronniev]

@bonnie99 house officer. 4.5k but work like crazy

 

[sweetascandy1990]

@ronniev Yup this ^

 

[abbyzowabby]

@bonnie99 That would depend on her job yes? I remember my pay was around 3.9k after tax and epf, fresh grad. During the first year of working. I'm a dentist. By second year, I think my monthly pay was around that amount.

 

[bonnie99]

@abbyzowabby you are right..now i am curious what op is working as..

 

[courtreim]

@bonnie99 sounds like a med officer to me

 

[reallivegirl]

@bonnie99 Personal "assistant" for the higher ups /s

 

[hisangelonearth]

@sweetascandy1990

1. Tracking your expenses. Every penny
2. At the end of the month. Try to find where you can cut off. And use the 50/30/20 rule mentioned by another comment here.
3. Establish a budget for following month based on your tracking and cut off.
4. Start new month by saving first in ASB/ASM or TH. Or if you still dont have emergency savings (6-12months), you can use ‘tabung’ feature in MAE to set up auto deduct. This way you still have the liquidity and can save at the same time.
5. Set a target nett worth and work towards it. It acts like a motivation.
6. Have fun

p/s : I was earning the same with the same rent and a fully paid car. Can easily save 1.2-1.5k every month while enjoying a bit on weekends. Key is save up during work days.

 

[sweetascandy1990]

@hisangelonearth Thank you !! for the insight

 

[caritasium]

@sweetascandy1990 Parents scold you for not saving more -> stress -> spend more money -> repeat

 

[nightguardianangel]

@caritasium so eliminate your parents first.

 

[blogmehameha]

@nightguardianangel make sure the beneficiary is you first.

 

[nightguardianangel]

@blogmehameha yes

 

[sweetascandy1990]

@caritasium Smort solution

 

[nightguardianangel]

@sweetascandy1990 gotta do, whatchu gotta do pal.

 

[jesperh]

@sweetascandy1990 Start learning about investing and financial management.

You’ll soon realise that saving or investing your money is actually a form of spending. You’re spending money on your future self. It’s quite addictive once you get the hang of it.

Watching your savings / investments grow is fun and the anticipation that your future self will get to reap the benefit is pretty exciting.

“Pay yourself first” is a good adage. I get stressed out when I don’t get to spend on paying myself in a particular month.

 

[mlorrainee]

@jesperh I'm saving up to buy my retirement and it costs a lot. The price keeps increasing too as inflation is kicking in.

 

[jesperh]

@mlorrainee Indeed.

Watch this interview if you have the time. Retirement is expensive.

YouTube - Malaysia’s retirement crisis

 

[holyreefer]

@sweetascandy1990 For me best way to save is once you get your salary, clear your CC bills/commitments etc, then transfer the amount you want to save to another bank account or investment into your brokerage account. So next time when you look at your main account, what's remaining is your budget for the month.

 

[dennis1209]

@sweetascandy1990 Second the comment about tracking everything. Once you get a better picture of how your money is spent, you'll figure out where to cut down.