Malaysia Financial Blogger | Financial Freedom Ideas | imDavidLee.Com

Can You Survive With Salary RM3,000 If You Have Family?

Do you think that you can survive with salary RM3,000 in Malaysia nowadays. Based on my personal survey, I noticed that in Malaysia, the average family income is RM3,000 per month. But, I do understand that there are still many families whose monthly income does not reach RM3,000.

In order to make calculation simple, let’s take RM3,000 as the figure:

Electricity bill: RM40 (Assume no air-con, no water heater)

Water bill: RM10

Phone bill: RM100

Family meal: RM900 (3 meals on RM30/day)

Car repayment: RM450 (A Perodua Myvi, 5 years repayment)

Petrol fees: RM150-200

House repayment: RM550 (Assume living in low medium cost apartment)

Personal insurance: RM400 (combination of you and your wife)

Total monthly expenses: RM2,650

All the above calculation have not taken into account when you have own children. Besides, the EPF and income tax haven’t deducted. So, do you think family with salary RM3,000 enough to survive? Obviously, you will say cannot, am I right?

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KWSP Malaysia for Monthly Housing Loan Payment

I heard a lot of forumer keep on discussing about this issue recently - KWSP steal citizen money! KWSP allow monthly withdrawal from EPF account 2 for the monthly housing loan repayment. But, from their discussion, some of them said that the withdrawal plan is actually a SCAM! I am sure you will feel keen to know more on this issue, right? Let me share with you what I’ve heard:

We take an assumption here:

If you have RM50,000 in your EPF account 2 and your monthly housing loan’s installment is RM1000/month. KWSP will approve your application of withdrawal from your EPF account 2 of RM50,000 and pay you RM1000/month for the next 50 months.

The only thing that KWSP did not inform us in detail is that when the application was approved, will the total amount RM50,000 is removed from EPF account 2? In the other words, it appears to be transferred to an unknown account to effect the monthly payment?

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Why Malaysian Employee Prefer Working In Singapore?

Recently, my closest friend of secondary school had shared with me that nearly 5 of his classmates are in Singapore now. I’d say the biggest reason for most of the people work there is due to the currency. Meanwhile, my fellow blogger also have had the same mentality like me.

Honestly, I’m one of those Malaysian who love Singapore too! Though I knew working in Singapore is much more stressful and tough compared to Malaysia, but I think that’s what really challenging about it and eventually we’ll be exposed to more useful working experiences. I believe Singapore provides a better foundation for solid working experiences, especially in multi-national company.

Based on my personal experiences, Singapore is very safe too! I can feel that there will be lower crime rate. In addition, Malaysians working in Singapore has a better deal than Singaporeans because they don’t have to do national service.

Hence they move higher and faster than Singaporean, what do you think? Singapore is a good place to work in due to everybody is treated equal. Although I am not like about Singapore living expenses but I believe that there’s great place for you to get the job satisfaction.

How Singaporean Employers View A Malaysian Employee?

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High Income Earner Financial Management

Last time, my ex-employer manager told me that his friend can earn RM20k salary per month. But, do you feel that he can save lot money from his income? Based on his situation, after deducting tax and EPF, he gets only RM12k++ per month, and he mention that his living cost is quite high as he owns a Honda Accord and a RM600k home in KL. He likes to play golf as well and all in all expenses about RM11k per month. Thus, he manages to save only less than RM1k per month for a rainy day. Do you think he is good in financial management?

In my opinion, if the job that a person is doing now is for his/her passion, then it’s fine. With RM 20k income per month, monthly EPF should be around RM 4,600 (RM2,200 + RM2,400) and around RM 55,200 per year. After retired, the EPF amount probably will be around RM 1 million. Probably that is the reason he/she saves only RM 1k per month.

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