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    • Home
    • 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

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      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

        Worksheet

        Have a go at filling in this worksheet to see where your money is going and decide on what items you might be able to reduce your spending.

         

        Step 1: First, figure out how much money you get each month

         

        Download editable template here.

        Fill in your income information below:

         

        INCOME AMOUNT (RM)
        Take home salary

        (The salary amount handed to you after tax, EPF, EIS, & SOCSO)

        Other Income

        (Rent, business profits, part-time work)

        Minus:
        Taxes on other income (If applicable)
        Net income   

        Step 2: Have a look at your expenses

         

        If you’ve been tracking your spending with an app, you can enter the information from the app here. Otherwise, fill in what you know.

         

        EXPENSES AMOUNT (RM)
        FIXED EXPENSES:
        Rent 
        High interest debt repayment

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

        Other loan repayments

        (E.g. home loans, car loans)

        Insurance
        COMMON EXPENSES:
        Utility bills
        Groceries
        Other food expenses

        (e.g. takeaway food, snacks, coffees, restaurant meals, etc.)

        Daily travel

        (Fuel, parking, toll)

        Phone & internet
        Home-related costs

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

        Clothing
        Other expenses

        (E.g. gym, courses, TV streaming subscriptions, etc.) 

        TOTAL EXPENSES  

        Step 3: Compare your net income with your total expenses

         

        Are your total expenses more than your net income?

         

        If they are, you could be getting into debt. Look for ways to cut down on your ‘wants’.

         

        If they are not, you are able to save some money each month. You can look at what you might want to save for in the long term. 

         

        For more info, re-read Steps 2 & 3 of Planning a Budget and check out our other articles on saving and investing!

        Prev Practical tips
        Next Quiz: Planning a budget

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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?
        2. How were you managing your finances before COVID-19 hit?
        3. How has COVID-19 affected your spending overall?
        4. How did the movement controls (MCO/CMCO) affect your credit card spending?
        5. If you received Bantuan Prihatin Nasional (BPN) assistance, how did you use it?
        6. If you're taking money from your EPF account during the MCO/CMCO (under i-Lestari), how are you using it?
        7. The loan moratorium was helpful for me because:
        8. The holiday season is just around the corner. What do you have planned for year-end shopping?
        9. Have you planned your budget for 2021?
        10. How are you preparing financially for 2021?
        11. How do you think you'll manage your money in 2021?
        12. What do you think you need most to improve your finances in 2021?
        13. In 2021, my top financial goal is to:
        14. In 2021, my biggest financial worry is:
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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
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