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    • About Us
    • Guides

      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

      Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

      All Guides Icon

      All Guides

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      GuidesPlanning & BudgetingPlanning a budget
      • Introduction 1

        • Lecture1.1
          Summary
      • Planning a budget 6

        • Lecture2.1
          Step 1: Know Yourself
        • Lecture2.2
          Step 2: Set your priorities
        • Lecture2.3
          Step 3: Plan your budget
        • Lecture2.4
          Practical tips
        • Lecture2.5
          Worksheet
        • Lecture2.6
          Quiz: Planning a budget

        Step 1: Know Yourself

        Use an expense tracking app or a simple journal to record all your expenses

         

        There are many apps available to track your spending habits, and you should choose one that suits your needs. Spendee is an example of a tracking app that is both functional and easy to use.

         

        Try it out for a week or, even better, for a month. You’ll be amazed to learn where your money is going.

         

        Have a look at your monthly income and expenses

         

        Now that you have all your spending information, use our worksheet to see where your money is going. 

         

        Don’t be afraid of what you think you might see.

         

        Items Budgeting Tips
        FIXED EXPENSES:
        Rent If your rental agreement is ending soon, try to negotiate a lower rent for the next rental period, or shop around for a cheaper place to rent.
        Utility bills Simple tips to save on your utility bills include using energy efficient bulbs, setting your air-conditioner to a higher temperature (e.g. 25°C), and having shorter showers.
        Food Eat out less often to save on your food expenses. Do you really need to eat out for lunch every day or can you sometimes bring lunch from home?
        High interest debt repayment

        (Debt with high interest rates e.g. credit cards, hire purchase loans, personal loans) 

        Because of high interest rates, it is best to pay off these debts as soon as possible to avoid late payment penalties and to keep your debt under control.

         

        Paying off high interest debt saves you about 18% of interest annually, so every ringgit you pay off is like a guaranteed high-return investment!

        Other loan repayments

        (E.g. home loans, car loans)

        Pay these on time to avoid being charged a penalty or late payment fees.
        COMMON EXPENSES:
        Daily travel

        (Fuel, parking, toll)

        Use public transportation. If you must drive, leave early to avoid traffic and save on fuel.
        Phone & internet Are you using the right phone & internet package to match your needs? A prepaid phone plan might be cheaper than a postpaid one. Always keep an eye out for special offers as well.
        Home-related costs

        (e.g. service fees for apartments, home repairs, etc.)

        Try fixing the simple home-repair problems on your own or seek the help of family and friends, instead of hiring someone to do it for you.
        Clothing Always shop around for the best deals and buy items on sale whenever possible.
        Other expenses

        (E.g. insurance, gym membership, courses, etc.)

        Certain activities like exercising and learning new skills can be done for free, e.g. by watching videos and reading articles online.
        INCOME-RELATED EXPENSES:
        Taxes on other income If you have any side income on top of your salary, make sure to declare this income and pay your taxes in full each year to avoid penalties in future years.
        Prev Summary
        Next Step 2: Set your priorities

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        What's your spending style?

        Managing our spending can be tricky business. So tell us how you spend your money and we'll help you figure out how to make the most of it!

        1. How do you earn money?
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        3. How has COVID-19 affected your spending overall?
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        9. Have you planned your budget for 2021?
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        Whats Your Finance Personality?

        Find out if you’re a Money Boss, Finance Cadet or a Finance Newbie by taking this quiz!

        1. It's the end of the month, you are thinking...
        2. Say you want to go shopping for fun, do you...
        3. So you crashed your car and it's going to cost RM1,000 to fix, you
        4. Your credit card statement is in and your reaction is
        5. After months of saving (see "sikit -sikit, lama-lama jadi bukit" really is true), you've got cash sitting in the bank. You then
        6. You're buying a new car (yes, imagine away - Toyota, Proton, or BMW). You take
        7. You are thinking of investing. What do you do...
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