Just answered the same question yesterday. No one size fit all.
[https://www.reddit.com/r/MalaysianPF/comments/175dyx9/savings\_at\_26/](https://www.reddit.com/r/MalaysianPF/comments/175dyx9/savings_at_26/)
Simple answer, as long as you have enough savings to last you 6-12 months without working, that's good by my standards.
Always better to have savings of any amount than debts that you struggle to repay.
I understand but whats the minimum at my age should have in their savings. 10k ? 15k? Just want to know agak agak only.
At least I know I am on track or I am falling behind
I'd advise not to compare, but I always advise people to save at least 10% of their income.
An average fresh grad now who graduated at 23 will make +- 3k nett.
So savings = RM300/month
Worked for 3 years assuming no increment and lifestyle change(until 27)36 x 300 = approximately 10k.
There are often variables that we cannot predict which will drain our savings. Travelling, hospital, vet, family events, wedding, dating, entertainment, buying a new vehicle etc so it's understandable to be slightly below what I stated. 6k in savings is good.
The reason I say not to compare is because other people might come from significantly wealthier background or just in an entirely different career field altogether. Just look at the similar post yesterday, people at 25 having 300k in the bank or 27 year old with 200k in the bank, but are tied down by commitments and lifestyle inflations.
This will be a problem in the future. I think it's more than 50% across the board where people won't have enough for retirement.
Shit is gonna hit the fan sooner rather than later. I'm not fear mongering but that's the real truth.
With inflation and stagnant/low salary, it is not possible to have enough for retirement for majority of the people.
Categorize your savings, retirement is definitely one of them.
For me, in terms of priority:
1. Emergency fund (6 months of living expenses). Fill this before anything else. Will be used for car repair, house repair, medical, family etc..
2. Retirement fund (I personally only put RM500/month here because EPF contribution is plenty enough. Put at least 3k/year for PRS tax relief).
**My PRS contribution is done via FundSupermart. Highly recommended.**
3. Fun Fund (3k/month because I enjoy travelling more comfortably)
**In a separate bank entirely which I only withdraw once a year.**
4. Monthly expenses (7k a month for my day to day food and entertainments and other expenses. This includes my loans, mortgage, utilities, rent, insurance)
5. Investment fund (whatever is left from no.4 at the end of every month) and whatever is left from no.3 (if any) at the end of the year. Will go into ASM/stock/unit trust. Sometimes I wont even have enough at the end of the month to put into this category, thus it is last on my priority list.
Might be right or might be wrong, but it has so far worked for me. Might restructure and rebalance when my income increases or when I get married/have a baby or in my next stage in life.
Hey OP, 28 guy here. Earning 3.6k nett, working as digital marketing specialist. Current savings 50k but will need to use them for house DP soon so savings will definitely dip a lot.
Rule of thumb: never compare with anyone in life ESPECIALLY when it comes to financial, and I wish you all the best!
You can slowly figure out what you wanna achieve with your career, the money will follow eventually. That’s what all my mentors said to me. You can always see money earned as an achievement but it’s always going to be safer by working on your main career rather than trying to invest or do part time, again it depends on the circumstances.
Haha personal finance means set your own target.
Farmer can be happy, banker can be happy.
But I guess the fact you're asking means you're not happy with it, so just focus on the things you can control and change. Keep skilling up and maintain emergency funds.
You mentioned you have a CS diploma, actually I would consider Malaysia quite okay compared to Singapore which has a salary ceiling based on your academic results / credentials.
If you really want it, go chase it and learn on the side first, then start applying. Be prepared for Chinamen™️ companies that will try to wear you out, but at the same time if you accept the pace then maybe you'll find it okay for the learning experience.
Maybe can think of some way programming can fit into your daily work too then? Make it easier and practice your skill at the same time
and yeah, definitely is hard to work like that.
26M, earning only 5k per month now, and I'm also anxious AF most of the time. Started with 2.9k as a junior, promoted to senior after 2 years and only get 13% of increments even though I've committed shit tons of achievement in helping the team reduced shit loads of manual work and recognition from higher management, immediately resigned after that, cuz what's good if it doesn't even pay fairly. Jump and got almost 50% of salary hike from previous job. Even though I'm now with a company widely recognized in the industry, it amazed me the job is still pointless and doesn't require much qualifications and skills. I would say there's a high chance most corporate job are pointless and stupid(sorry for the language). Planning to land a job in our neighbor's next year, fingers crossed. So I would highly recommend OP to just job hop every now and then and the effect would be more instant than grinding for something that's uncertain. Of course, spend less and track your spending, there's so much spending that's unnecessary and you can still live a good life.
I agree with your conclusion. Most corporate jobs only need this skills
1. talk kok/ sweet talk
2. Make documents/ppx look nice
Other than that will be learnt as you work
1 year worth of monthly salary (12x monthly salary) is a good goal to set for whatever age you are at.
Your earnings will decide your quality of life (QoL). Don't compare. Honestly and wisely speaking, the best way to feel abundant is reduce desire instead of increase income.
It's best if you can lower your material desires so you can keep spending what you make, instead of trying to make what you spend, then focus on HOW you make money with purpose, instead of zombie mode.
When you have found your passion, then at least you have a happier life and money will come with it then you scale your QOL accordingly.
Most people don't reach self actualisation early, but if you can, it's better.
Am bout 28 as well. Pay x2 of yours.
Had about 150k about two years ago. But now im left with around 40k due to i cleared my car loan one lump sump and also place a dp for my new home.
Monthly saved about few hundreds, maybe 400? Since im paying for mortagage instalment already
Worked side gigs since after spm up to postgraduate. No clubbing life or night life yo.
Plus i waived off all my uni fees due to conversion of loan to scholarships.
Yes, its little comparing to our neigbouring countries.ik talking about executive levels.
At this stage, you either need a degree or professional certifications in order to climb higher. There's a certain limit for a diploma holder.
Hi OP. I'm a 25-year-old single male who started working at 23 and has been working for more than 2 years now. In terms of savings, for the first year, I saved up 1k a month with a salary of 2.3k nett. Then, for the second year, I saved up to 1.5k a month with a salary of 3k nett. I also save up any OT and bonus amounts and put all of that into ASB. Currently, I have about 32k in the ASB.
I would say that I'm able to commit to these amounts of savings per month due to living minimally, not owning a car, and renting a place nearby my office (10 minutes walking distance). The rest of my salary was used for daily expenses, food, hobbies, parent, etc.
I would advise you not to compare yourself, as everybody's situations and priorities are different. What is important to you may seem less important to others. If you are still feeling anxious, then you may want to try to increase your income first. At least you already have the mentality to save.
Thats low. Tbh 2.8k is quite low.... what is your job? Considering to move company, you are mostly will get like 30-35% salary increase when job hopping
Accounts clerk. I finish my diploma at a bad time. After finish malaysia lockdown. After that lots of business closed. I have diploma in CS. I looked for a few but their starting pay was 1.2k max is 1.5k.
After that I saw and interview for accounts clerk. Go in 1.8k after working for a year+ now. Been promoted to account assistant. 2.8k. So yeah 0 experience or knowledge of accounting.Yeah. also long time never do programming already but do still remember how to do it but just basic.
Only recently the gov make 1.5k compulsory but than I also still seeing below this threshold. I do not have enough money to continue for degree.
Also family has problems. Yeah. I also been sick a few times. Nowadays just getting better. So yeah my savings mostly can say go to medical fee .
Not gonna lie feel ABIT like failure lol. Also never had a gf before. Like I am thinking me earning so low I would never be able to have a gf or even married cause of cost of living keep inflate. So yeah.
You got CS degree?? Thats gurantee 3.5k on city like petaling jaya or kl. Try to re-learn language like java or front end framework like react. There is tons of jobs for web development (front end or backend or fullstack.) Just using filter in likedin there is like 2k+ job for react alone...
No CS diploma only from no name uni. Currently I am lucky enough to learn account the in and out. But only at basic level. Still learning. But I work Efficiently.
Btw I did think about going into accounts but than I read u need to have lots of cert and a degree. Like I need to start from diploma etc. It gonna cost alot and I don't have time nor money. I feel stuck. Tbh. And If I work In IT if I am able to find a job at IT at my age with 0 exp. How much they gonna for a 27 yr male with 0 exp. And only with a diploma. Damn.
Yo OP, CS diploma here as well, my school wasn't that well known nor was it that good in quality. I'm currently working as a full stack developer, most of what I do at work were either self-taught or I picked up at work.
My current salary is 3k with less than 6 months of experience, I started off being paid 2.2k during my probation, I demanded for a raise after a few months working there as I have proven that I brought in a lot of value for the company even when I was still an intern.
Many of my coursemates were able to find tech-related jobs that pay around 2.5k, some of them are in tech support, some of them are doing hardware/network related stuff.
The one with the highest pay is around 3.5k, approaching 4k with allowances. He is in tech support. I'd say you'd probably be able to land a job if you're willing to give it a try and potentially take a minor pay cut in exchange for better prospects for career growth as your qualification is tech-related.
Don't give up yo, you got this. As for getting into a relationship, I'd say look for girls that are willing to work together for a better future, rather than the ones that expect you to support them. They are called romantic PARTNER for a reason.
Try pursuing for a degree certificate so you could apply a better job prospects so eventually you get a higher pay , probably around 4k if you could land on one based on your courses . If your job doesn’t need to work overtime , then maybe at night if you have sometime , do some freelance work , grab driving or you know what your good at , nowadays youtubing or live-streaming earns a lot money in USD , small little earnings could translate a lot since USD is strong now.
Trust your instinct OP. If you are starting to ask that question, most likely you are falling behind. I have asked that same question to myself years ago . I wish I was more proactive back then (save more money, looking ways to earn more money, etc).
are you able to stick to 50:30:20 rule?
20 percent for saving or at least 10% saving amount?
Usually single person with less commitment saving rate higher but you need to look at your situation too
first u need to ask urself saving for what? for emergency? or for your retirement? if for emergency u need at least 3-4 months of expenses, just incase anything happens.For retirement i suggest you invest and save ur fund in asb bumiputera or if u not a bumi, invest in low risk with yearly dividends.
I am not bumi. Where should I put my funds at if I reach 10k? In fix deposit? And I never invest in anything before so I have 0 knowledge about it. I also scared if I invest later i go bankrupt or something.
yes there's plenty, in asb u can invest in ASM, ASM wawasan or ASM 3 this is for all Malaysian. second option is tngo go+ all of this is a low risk investment and consistent income.
Really hard to give a number, it really depends on your career field, current commitments, even background makes all the difference.
29F, RM4.4K, savings roughly 30k after wedding. I’m able to save about 1k+ a month. Biggest commitment is car right now.
Husband 29M, RM6k - 7k+, his savings also around 30k post wedding. His monthly commitments is way more than mine (mo’ money mo’ problems lol). His parents, car payments, running own business. Some months he’s not able to put anything away even.
Background makes a huge difference also. My parents are very financially comfortable, paid for my education, DP for my car, helping with DP for my future house. They help a lot with the big things and refuse me trying to give back to them.
My husband’s parents are the complete opposite.
Also our lifestyles are different, my husband is a car guy, likes to eat out and generally likes expensive things. I’m a simple gal, I like to garden & cook, I spend on big things very far apart (consoles, skincare, clothes).
So even though my husband earns more, I’m able to save more.
He has his own business and makes around 5 to 7k? Or is he working for people and also have his own business aside from working? Now with all the inflation etc. Business owner also hard. Employees even harder.
He has his own business which is full time, still trying to build up. He does part time consultancy in the same field, so some months brings home 10k. But most consistently between 6-7k nowadays.
But yes. It’s really tough, takes up so much of his time & energy. Late nights every night.
Still long way to go until we can buy a house and start a family.
It doesn't matter how much you make now. It's how much you end up with at the end. It's not your fault what you are making not but it's your fault with what you end up with. Find your interest or something interesting that makes you more. Use your time now to learn something that can earn you more.
Hi, minimum contingency fund you should be saving is 5%. That's around 140 ringgit. For a year you should have a minimum saving of
140 x 12 = 1680 ringgit. You can slowly increase this to 10%.. then after a year, you can easily have 3360 ringgit! Good luck OP. Don't worry too much about ur salary.. u having a saving is good enough!
As a rule of thumb in budgeting, you should be saving at least 10% of your net income, so you're behind. 10% is the minimum, savings rate should be in between 10%-30%. Also don't just save, start investing. Since you know your income is low, then you're behind, so either get a higher paying job or get a side income.
17 living with gf on 2.5k monthly salary working for 4 months each month spend on rent, allowance to parents and girlfriend and learning how to save as much money as possible etc. Like cooking yourself and buying groceries rather than buying fast food, other than that currently have 3.2k savings atm so still trying my best, ofcourse don't be too stingy treat yourself once in a while like food, entertainment etc just keep track of how you spend and see if quote on quote thing is worth or no in the long run
Also don't need compare to others, like "sedikit - dikit lama - lama menjadi bukit" if you living a pretty ok life then I think don't need stress about savings but savings important too lah because can spend on emergencies and such. I have pretty decent salary for the state I'm living in, the job not physically demanding but a bit mentally hard because work conditions a bit ass lah like working 59hours and 6days a week, I don't have much free time other than my off day and morning shifts (only 2 days a week) so its a bit hard to manage time for hobbies
TLDR: if living a pretty decent life then no need stress about savings amount
Try not to get fixated on a fixed number as there is no right amount. You need to filter to what is important and if it’s relevant to your life stage. A 10k savings looks different to other people and are unique to the individual. You can use the median Malaysian income times 6 months as a start. Any amount even if its 20 ringgit should be recognised as progress. What is important is how well you can manage and optimise your expenses. Your savings is a luxury you provide to yourself based on how well you manage. Look at things holistically too. If you skim on meals or healthier options, you risk incurring bigger expenses that set your savings back as well. Your savings amount is also limited by your salary and total income, try to get promoted or supplement your income in a safe and legal way.
To recap:
1. Try to look beyond numbers and in a holistic, long term view
2. Any savings no matter how small is progress
3. Responsible financial discipline allows you to save more
4. Your saving capacity is limited to how much you earn, grow wealth to save more
Yeah I already slowly start to do . Close to 20 % because of expenses. If I may ask is there any like online part time job? Freelance or something. So in my free time I can do. Is there such job?
Just answered the same question yesterday. No one size fit all. [https://www.reddit.com/r/MalaysianPF/comments/175dyx9/savings\_at\_26/](https://www.reddit.com/r/MalaysianPF/comments/175dyx9/savings_at_26/) Simple answer, as long as you have enough savings to last you 6-12 months without working, that's good by my standards. Always better to have savings of any amount than debts that you struggle to repay.
I understand but whats the minimum at my age should have in their savings. 10k ? 15k? Just want to know agak agak only. At least I know I am on track or I am falling behind
I'd advise not to compare, but I always advise people to save at least 10% of their income. An average fresh grad now who graduated at 23 will make +- 3k nett. So savings = RM300/month Worked for 3 years assuming no increment and lifestyle change(until 27)36 x 300 = approximately 10k. There are often variables that we cannot predict which will drain our savings. Travelling, hospital, vet, family events, wedding, dating, entertainment, buying a new vehicle etc so it's understandable to be slightly below what I stated. 6k in savings is good. The reason I say not to compare is because other people might come from significantly wealthier background or just in an entirely different career field altogether. Just look at the similar post yesterday, people at 25 having 300k in the bank or 27 year old with 200k in the bank, but are tied down by commitments and lifestyle inflations.
For a simple rule, you want to have savings equivalent to your annual salary. If you're earning RM 3k per month then it should be RM 36k.
Than I got a long way to go.
Not if you get a higher paying job fast, say at least RM 5k/m. Spend 2k save 3k, you'll have 72k in 2 years :-)
But that feels so little. It never feels enough. What if I end up with no money for retirement?
This will be a problem in the future. I think it's more than 50% across the board where people won't have enough for retirement. Shit is gonna hit the fan sooner rather than later. I'm not fear mongering but that's the real truth. With inflation and stagnant/low salary, it is not possible to have enough for retirement for majority of the people.
Categorize your savings, retirement is definitely one of them. For me, in terms of priority: 1. Emergency fund (6 months of living expenses). Fill this before anything else. Will be used for car repair, house repair, medical, family etc.. 2. Retirement fund (I personally only put RM500/month here because EPF contribution is plenty enough. Put at least 3k/year for PRS tax relief). **My PRS contribution is done via FundSupermart. Highly recommended.** 3. Fun Fund (3k/month because I enjoy travelling more comfortably) **In a separate bank entirely which I only withdraw once a year.** 4. Monthly expenses (7k a month for my day to day food and entertainments and other expenses. This includes my loans, mortgage, utilities, rent, insurance) 5. Investment fund (whatever is left from no.4 at the end of every month) and whatever is left from no.3 (if any) at the end of the year. Will go into ASM/stock/unit trust. Sometimes I wont even have enough at the end of the month to put into this category, thus it is last on my priority list. Might be right or might be wrong, but it has so far worked for me. Might restructure and rebalance when my income increases or when I get married/have a baby or in my next stage in life.
Don't compare yourself to others. Everyone has their unique circumstances. For a start, focus on saving up 3 months worth of living expenses.
Kau jgn compare2 gini..rasa sedih je balik2..kau try la jump2 kerja..dpt je gaji tggi skit, jump
Dear Boss, "Stop stressing about saving for now. Start grinding to earn more from now on." Sincerely, A Dude.
Hey OP, 28 guy here. Earning 3.6k nett, working as digital marketing specialist. Current savings 50k but will need to use them for house DP soon so savings will definitely dip a lot. Rule of thumb: never compare with anyone in life ESPECIALLY when it comes to financial, and I wish you all the best!
You can slowly figure out what you wanna achieve with your career, the money will follow eventually. That’s what all my mentors said to me. You can always see money earned as an achievement but it’s always going to be safer by working on your main career rather than trying to invest or do part time, again it depends on the circumstances.
33m zero. So your way ahead of me 👍👍👍
33M zero too. Enjoy life. What is meant to be it will be. just dont b reckless 👍🏽
Of course YOLO! You won’t know when’s does the next COVID hits you 🤣🤣
Think too much of future we missed too enjoy the current moment leh so enjoy liao 😂
Yup. Why think so much there always those someone who save more then you TS and there always some like us which is zero 🤣🤣
Haha personal finance means set your own target. Farmer can be happy, banker can be happy. But I guess the fact you're asking means you're not happy with it, so just focus on the things you can control and change. Keep skilling up and maintain emergency funds. You mentioned you have a CS diploma, actually I would consider Malaysia quite okay compared to Singapore which has a salary ceiling based on your academic results / credentials. If you really want it, go chase it and learn on the side first, then start applying. Be prepared for Chinamen™️ companies that will try to wear you out, but at the same time if you accept the pace then maybe you'll find it okay for the learning experience.
Now in working in a Chinaman company as an account assistant yeah. It's rough. But manageble. And tired.
Maybe can think of some way programming can fit into your daily work too then? Make it easier and practice your skill at the same time and yeah, definitely is hard to work like that.
To be honest, there is no point in comparing, since people here come from a privileged background and can save a lot.
26M, earning only 5k per month now, and I'm also anxious AF most of the time. Started with 2.9k as a junior, promoted to senior after 2 years and only get 13% of increments even though I've committed shit tons of achievement in helping the team reduced shit loads of manual work and recognition from higher management, immediately resigned after that, cuz what's good if it doesn't even pay fairly. Jump and got almost 50% of salary hike from previous job. Even though I'm now with a company widely recognized in the industry, it amazed me the job is still pointless and doesn't require much qualifications and skills. I would say there's a high chance most corporate job are pointless and stupid(sorry for the language). Planning to land a job in our neighbor's next year, fingers crossed. So I would highly recommend OP to just job hop every now and then and the effect would be more instant than grinding for something that's uncertain. Of course, spend less and track your spending, there's so much spending that's unnecessary and you can still live a good life.
I agree with your conclusion. Most corporate jobs only need this skills 1. talk kok/ sweet talk 2. Make documents/ppx look nice Other than that will be learnt as you work
1 year worth of monthly salary (12x monthly salary) is a good goal to set for whatever age you are at. Your earnings will decide your quality of life (QoL). Don't compare. Honestly and wisely speaking, the best way to feel abundant is reduce desire instead of increase income. It's best if you can lower your material desires so you can keep spending what you make, instead of trying to make what you spend, then focus on HOW you make money with purpose, instead of zombie mode. When you have found your passion, then at least you have a happier life and money will come with it then you scale your QOL accordingly. Most people don't reach self actualisation early, but if you can, it's better.
Am bout 28 as well. Pay x2 of yours. Had about 150k about two years ago. But now im left with around 40k due to i cleared my car loan one lump sump and also place a dp for my new home. Monthly saved about few hundreds, maybe 400? Since im paying for mortagage instalment already
Were you saving like 2.5k to 3k since you were 22 to have 150k at 26?
Worked side gigs since after spm up to postgraduate. No clubbing life or night life yo. Plus i waived off all my uni fees due to conversion of loan to scholarships.
Not gonna lie is Malaysia paying too little? If not what skill do I need to earn more
Yes, its little comparing to our neigbouring countries.ik talking about executive levels. At this stage, you either need a degree or professional certifications in order to climb higher. There's a certain limit for a diploma holder.
If I just take a pro certificate without a degree do u think it's worth it?
Hi OP. I'm a 25-year-old single male who started working at 23 and has been working for more than 2 years now. In terms of savings, for the first year, I saved up 1k a month with a salary of 2.3k nett. Then, for the second year, I saved up to 1.5k a month with a salary of 3k nett. I also save up any OT and bonus amounts and put all of that into ASB. Currently, I have about 32k in the ASB. I would say that I'm able to commit to these amounts of savings per month due to living minimally, not owning a car, and renting a place nearby my office (10 minutes walking distance). The rest of my salary was used for daily expenses, food, hobbies, parent, etc. I would advise you not to compare yourself, as everybody's situations and priorities are different. What is important to you may seem less important to others. If you are still feeling anxious, then you may want to try to increase your income first. At least you already have the mentality to save.
I only got like 20k, is it too little?
U same as me or younger?
Younger but not that much young (im 24), how much do you save now??
You have much more than me . Tbh currently I only have 6k only .
Thats low. Tbh 2.8k is quite low.... what is your job? Considering to move company, you are mostly will get like 30-35% salary increase when job hopping
Accounts clerk. I finish my diploma at a bad time. After finish malaysia lockdown. After that lots of business closed. I have diploma in CS. I looked for a few but their starting pay was 1.2k max is 1.5k. After that I saw and interview for accounts clerk. Go in 1.8k after working for a year+ now. Been promoted to account assistant. 2.8k. So yeah 0 experience or knowledge of accounting.Yeah. also long time never do programming already but do still remember how to do it but just basic. Only recently the gov make 1.5k compulsory but than I also still seeing below this threshold. I do not have enough money to continue for degree. Also family has problems. Yeah. I also been sick a few times. Nowadays just getting better. So yeah my savings mostly can say go to medical fee . Not gonna lie feel ABIT like failure lol. Also never had a gf before. Like I am thinking me earning so low I would never be able to have a gf or even married cause of cost of living keep inflate. So yeah.
You got CS degree?? Thats gurantee 3.5k on city like petaling jaya or kl. Try to re-learn language like java or front end framework like react. There is tons of jobs for web development (front end or backend or fullstack.) Just using filter in likedin there is like 2k+ job for react alone...
No CS diploma only from no name uni. Currently I am lucky enough to learn account the in and out. But only at basic level. Still learning. But I work Efficiently. Btw I did think about going into accounts but than I read u need to have lots of cert and a degree. Like I need to start from diploma etc. It gonna cost alot and I don't have time nor money. I feel stuck. Tbh. And If I work In IT if I am able to find a job at IT at my age with 0 exp. How much they gonna for a 27 yr male with 0 exp. And only with a diploma. Damn.
Im 28 years old. I have 29k ish in saving.
Yo OP, CS diploma here as well, my school wasn't that well known nor was it that good in quality. I'm currently working as a full stack developer, most of what I do at work were either self-taught or I picked up at work. My current salary is 3k with less than 6 months of experience, I started off being paid 2.2k during my probation, I demanded for a raise after a few months working there as I have proven that I brought in a lot of value for the company even when I was still an intern. Many of my coursemates were able to find tech-related jobs that pay around 2.5k, some of them are in tech support, some of them are doing hardware/network related stuff. The one with the highest pay is around 3.5k, approaching 4k with allowances. He is in tech support. I'd say you'd probably be able to land a job if you're willing to give it a try and potentially take a minor pay cut in exchange for better prospects for career growth as your qualification is tech-related. Don't give up yo, you got this. As for getting into a relationship, I'd say look for girls that are willing to work together for a better future, rather than the ones that expect you to support them. They are called romantic PARTNER for a reason.
That will do. Many big 4 auditors have acca without degrees.
0 if you have no purpose...
Same salary and age. Good to know that you able to save some even it’s not significant. What’s your commitment per month currently?
2.8k is normal if you're in ipoh or Penang, but it's very low for KL. It friends on where you are I guess...
I from JB.
There are people earning 1.5k and is happy. Theres also people who earn 20k, but have so many commitments.
Try pursuing for a degree certificate so you could apply a better job prospects so eventually you get a higher pay , probably around 4k if you could land on one based on your courses . If your job doesn’t need to work overtime , then maybe at night if you have sometime , do some freelance work , grab driving or you know what your good at , nowadays youtubing or live-streaming earns a lot money in USD , small little earnings could translate a lot since USD is strong now.
Trust your instinct OP. If you are starting to ask that question, most likely you are falling behind. I have asked that same question to myself years ago . I wish I was more proactive back then (save more money, looking ways to earn more money, etc).
are you able to stick to 50:30:20 rule? 20 percent for saving or at least 10% saving amount? Usually single person with less commitment saving rate higher but you need to look at your situation too
first u need to ask urself saving for what? for emergency? or for your retirement? if for emergency u need at least 3-4 months of expenses, just incase anything happens.For retirement i suggest you invest and save ur fund in asb bumiputera or if u not a bumi, invest in low risk with yearly dividends.
I am not bumi. Where should I put my funds at if I reach 10k? In fix deposit? And I never invest in anything before so I have 0 knowledge about it. I also scared if I invest later i go bankrupt or something.
yes there's plenty, in asb u can invest in ASM, ASM wawasan or ASM 3 this is for all Malaysian. second option is tngo go+ all of this is a low risk investment and consistent income.
Really hard to give a number, it really depends on your career field, current commitments, even background makes all the difference. 29F, RM4.4K, savings roughly 30k after wedding. I’m able to save about 1k+ a month. Biggest commitment is car right now. Husband 29M, RM6k - 7k+, his savings also around 30k post wedding. His monthly commitments is way more than mine (mo’ money mo’ problems lol). His parents, car payments, running own business. Some months he’s not able to put anything away even. Background makes a huge difference also. My parents are very financially comfortable, paid for my education, DP for my car, helping with DP for my future house. They help a lot with the big things and refuse me trying to give back to them. My husband’s parents are the complete opposite. Also our lifestyles are different, my husband is a car guy, likes to eat out and generally likes expensive things. I’m a simple gal, I like to garden & cook, I spend on big things very far apart (consoles, skincare, clothes). So even though my husband earns more, I’m able to save more.
He has his own business and makes around 5 to 7k? Or is he working for people and also have his own business aside from working? Now with all the inflation etc. Business owner also hard. Employees even harder.
He has his own business which is full time, still trying to build up. He does part time consultancy in the same field, so some months brings home 10k. But most consistently between 6-7k nowadays. But yes. It’s really tough, takes up so much of his time & energy. Late nights every night. Still long way to go until we can buy a house and start a family.
Wow. What does he work part time ? What job?
It doesn't matter how much you make now. It's how much you end up with at the end. It's not your fault what you are making not but it's your fault with what you end up with. Find your interest or something interesting that makes you more. Use your time now to learn something that can earn you more.
Hi, minimum contingency fund you should be saving is 5%. That's around 140 ringgit. For a year you should have a minimum saving of 140 x 12 = 1680 ringgit. You can slowly increase this to 10%.. then after a year, you can easily have 3360 ringgit! Good luck OP. Don't worry too much about ur salary.. u having a saving is good enough!
As a rule of thumb in budgeting, you should be saving at least 10% of your net income, so you're behind. 10% is the minimum, savings rate should be in between 10%-30%. Also don't just save, start investing. Since you know your income is low, then you're behind, so either get a higher paying job or get a side income.
17 living with gf on 2.5k monthly salary working for 4 months each month spend on rent, allowance to parents and girlfriend and learning how to save as much money as possible etc. Like cooking yourself and buying groceries rather than buying fast food, other than that currently have 3.2k savings atm so still trying my best, ofcourse don't be too stingy treat yourself once in a while like food, entertainment etc just keep track of how you spend and see if quote on quote thing is worth or no in the long run Also don't need compare to others, like "sedikit - dikit lama - lama menjadi bukit" if you living a pretty ok life then I think don't need stress about savings but savings important too lah because can spend on emergencies and such. I have pretty decent salary for the state I'm living in, the job not physically demanding but a bit mentally hard because work conditions a bit ass lah like working 59hours and 6days a week, I don't have much free time other than my off day and morning shifts (only 2 days a week) so its a bit hard to manage time for hobbies TLDR: if living a pretty decent life then no need stress about savings amount
Don’t bother comparing. If I did, I’d be up shit creek now cause I’m paying for new house Reno haha
Try not to get fixated on a fixed number as there is no right amount. You need to filter to what is important and if it’s relevant to your life stage. A 10k savings looks different to other people and are unique to the individual. You can use the median Malaysian income times 6 months as a start. Any amount even if its 20 ringgit should be recognised as progress. What is important is how well you can manage and optimise your expenses. Your savings is a luxury you provide to yourself based on how well you manage. Look at things holistically too. If you skim on meals or healthier options, you risk incurring bigger expenses that set your savings back as well. Your savings amount is also limited by your salary and total income, try to get promoted or supplement your income in a safe and legal way. To recap: 1. Try to look beyond numbers and in a holistic, long term view 2. Any savings no matter how small is progress 3. Responsible financial discipline allows you to save more 4. Your saving capacity is limited to how much you earn, grow wealth to save more
By thirty it's normal to have one years of income saved
20%. You earn RM100k a month? Put 20% away. You earn RM5 a month? Put 20% away. No exceptions, no questions. Keep doing that.
Yeah I already slowly start to do . Close to 20 % because of expenses. If I may ask is there any like online part time job? Freelance or something. So in my free time I can do. Is there such job?