Noob and clueless about my financial skills

[shelzmike]

@sweetascandy1990 How you got that much in government sector at age 25? I'm myself will graduate next year & hope for good salary hopefully.

 

[sweetascandy1990]

@shelzmike Good money but not equivalent to hours of you working

 

[sigi]

@sweetascandy1990 I use BigPay to track spending. But I use the 'Stash' function to save money so i don't accidentally spend it.

 

[karenka]

@sweetascandy1990 made a post related to this, hope can help youuu!

 

[thechristfollower]

@sweetascandy1990 since u r a gov servant, are there any gomen staff cooperative that u can join?

koperasi for gomen staff can be a good saving platform. Most koperasi can make monthly deduction from your pay directly. So sort of a forced saving for u lol.

but check their track record and their dividend record first. ask your seniors at your workplace and probably they'll know more about the koperasi.

on a side note unrelated, most koperasi will have additional benefits for members as well. Plus point.

 

[trendymom2]

@sweetascandy1990 Chill my friend. Save 1k per month, pay your commitments, the you can do whatever you want with whats left if your money.

As long as you have (6 months pay) emergency fund and you dont poke (kacau) it, you are free to spend your money. Dont think to much. Later when you have your actually commitment (child, car, house) i'm pretty sure you can adjust your financial.

My only advice is dont take personal loan for investment and enjoyment. Other than that i think you're fine, for now ;P

 

[j1994]

@sweetascandy1990 It depends on where you live and lifestyle. 4.5k in a rural area goes a lot further than 4.5k in KL.

But honestly even with 4.5k it’s extremely difficult to the point of impossible to save your way to financial security if you’re looking for a middle class lifestyle pre and post retirement e.g kids, travel.

It’s going to sound trite, but you should focus more on growing your income which is going to be tough if you’re a government servant.

 

[kdb47]

@sweetascandy1990 One day I did quick maths for my mum to see. Years ago I was earning 5k, so I broke it down for her:

Item
Income
Expenses

Salary
5000
-

After deductions

4300

Rental Income
1300


Mortgage+Maintenance

1200

Petrol

200

Car Maintenance

100

Parental Allowance

500

Phone & Internet

75

Food

750

Groceries

150

Rent

500

Stuff I need to get [sup]shoe, clothes, new mouse, new phone, those yearly purchases[/sup]

500

Savings

1000
Total left over to spend on myself 525

Copy this into a google sheet. Adjust to your own situation. This amounts was like 5 years ago, so ignore the values.

Add in the cost of renting a proper condo (I stayed in their house then, so rent was paying for my room) and the general costs of living separately. (Wifi is rm150/month, arrrghhh)

 

[kristylang87]

@sweetascandy1990 My easiest way to save up is, make a bank account to dump savings, where the card is given to parent or leave it under bed (dont tell them ur password tho).

Everytime you get your salary, transfer saving amount. The rest, just use them. Works wonders for me.

 

[skippy82]

@sweetascandy1990 Save first. When you get your pay, set aside the saving first before using it for anything else and don't touch it. Force yourself to stretch the balance for your necessities and entertainment. Whatever happens, don't touch the savings.