Financial Management

Hi bro(s) and sister(s) of MC.net,

I have a financial management problem. :? not critical, but need some advise how to manage it properly so that i have more “breathing space” before next payday. This would be a good topic to discuss amongst our self eh?

Maybe bro mevo can share his knowledges on this? :smiley:

judging by your posts you spend a lot on computer games, fast food, advanced computer hardware, going on tours, playing music, latest handphones, fine dining…

If you want to save money don’t buy these useless things

I think it would be better if you can list down what are your problems. We need to start from somewhere right? and ultimately find the best solution to the root of the problem. Majority of the financial problems start when you are spending more than you earn. Treating credit cards as free bonus and when the next morning you woke up, you’ll realized that you’ve ■■■■■■ up yourself by getting your ass burnt in serious debts. Lifestyle, peer pressure, trying to keep up with trend, etc are main factors why young working adult got into financial crisis. So, tell us your story.

ok. :slight_smile:

i have this:

PTPTN Loan (RM35k).

rents, utilities, transportation, family allowances.

now, i have bad habit.

among which:

  1. I love computers and hardware. the problem with this is upgrading the stuff to keep up with the demanding today’s game. (luckily im not gadget (i.e. handphone) dudes)
  2. (as my friends, and girl pointed out) Always buy something without think2.
  3. I don’t keep track of my financial cash flow. (or rather i don;t know how to do it).
  4. I think i don’t safe enough every month.
  5. Sometimes, i pay my PTPTN loan, sometimes i just don’t feel like pay it back.

that left me with little money until the next pay day.

oh, i don’t have to pay for car. I used my dad’s proton saga. :slight_smile: of which i am very grateful. (free car from dad)
also i don’t have credit card.
and i don’t invest in any unit trust.

hello :stuck_out_tongue:
you know how to use excel?
^.^ do a budget… and that will tel you how much you can waste :slight_smile: and how much you can use for investment.
careful with mov …he is a gambler! :stuck_out_tongue: HAHA jk

Stop upgrading ur pc until everything settle down.
Look for extra income and work harder…
Don be too Ego will help you too… spend on what you need not what you want…
Lastly save at least 25% of your earning for now for your retirement…
Don invest if you don have extra money in your pocket…

Talindra… I don think he is a gambler…
Only a fully fundamental investor… :slight_smile:

:stuck_out_tongue: if you really want an advice :slight_smile: dont hate me…
quit your gamming :slight_smile: and find a better hobby
dont worry la… life is very short, :slight_smile: enjoy your life but dont waste time.

its very hard to advise unless you list down your expenses.

you don’t need to tell the exact figure, just calculate your total monthly expenses, express it in %, for instance, of all expenses:

40% goes to loan
35% goes to PC stuff
10% goes to leisure

something like that.

then express it as a ratio to income, for instance, out of your salary:

20% goes to loan
17.5% to PC stuff
5% to leisure
3% to utilities

it might be hard to calculate now if you never keep track, but starting today do record/note down your spending in a paper, and one month later do the maths above. by viewing through the stats you may realize which expenses may be unnecessary, which is occupying too much, which drag your account too much, which can be cut, which can be reduce, and balance out your budget from there.

it’s advisable that if possible you should save up at least 10-15% of your salary every month. some can and some cannot but that percentage is really recommended, of course the more the better.

you should always rebalance your account, if your salary is, say $1500 and you spend $1600 this month, you should put a big sign in your room stating “$100 deficit” to remind yourself to save at least $100 next month to balance out.

one important note: you must pay all your necessary expenses first, do not skip your loan, your goal is to finish that loan obligation asap, list out your payment priorities like;

when i get my salary;

  1. pay loan
  2. pay rent
  3. pay utilities
  4. pay transportation

after paying all those, only then i can spend (or save) the rest of money freely.

motivate yourself with reward too, say, tell yourself “if i can save up $1500 in 6 months, i will reward myself by taking out 30% of those to fund my hobby”. something like that 8)

dornz, what ever you do…DONT quit gaming. gaming way better than uhuk…smoking…uhuk… quit that.
anyhow, stop upgrading your PC. there’s no reason what so ever. i can play SC2 on my aging lappy with AMD Turion 64.
i dont believe 6 month old tech will dull you skill…setakat to play DOTA, apalah sangat.

if of all, set aside 10% (or 25% as per mastermind) of your monthly salary, for example, put it in ASB or Public Mutual or what ever via auto-credit facility. ask your HR or bank. if you dont have unit trust, its now suitable for you to do so…
then during payday, PAY your bills 1st. dont listen to people when they say ‘reward yourself 1st’… your PTPTN, you can pay alternate every month, sampai mampus tak bayar pun tak apa, you still live, but interest will be high. bayar rm100 ok oso, at least not bar you going oversea.
if you use prepaid, spend RM10 a week. i challenge you on that.

drive that old proton (i still drive my old proton even i got brand new car, not keen with auto actually), regular maintenance save you A LOT of money.
quit clubbing if that your idea to relax. get your self 6 pax beer, drink at home, save you a lot too…

family allowances?
just assuming if still with your family, RM50 can feed a small family for a week. tak caya?
RM24 worth of pork & ribs (once off buying), another RM26 for sayur & fishes (daily shopping to Emart)…

this is TO SURVIVE till next payday…
to pay off your loan, read mevotex’s advice…

after all the advises and recommendations - it all comes down to yourself. self discipline play its role here.

considering to close thread eh?

+1.
No point asking for advise when you cannot have self control.
you can use Mevo’s advise. roughly how i save my money as well.

Dornz…

well, try and cut down on your PC upgrades… only upgrade when you really need to (PC breakdown, or one particular game you are dying to play with
not supported by your current system, etc etc)
and if you really wanna save…

you can always make another bank acc and bank in like a hundred ringgit (or more) into that account everytime you receive your paycheck.
and keep that account as a “off limit” savings acc… an account where you bank in, but never withdraw from…
it might help…

also, vertigo hit a good one… self discipline is the rule of the game…

good luck , man…

@GA, good morning dude… more free today? and how many early worm you caught…
;p

u smoke???

@DM, yeah kind of.

Monetary control is always an issue for many ppl due to self control.
haiz…used to have this problem also.

[quote=“gameaddict”]@DM, yeah kind of.

Monetary control is always an issue for many ppl due to self control.
haiz…used to have this problem also.[/quote]

yea, me too…
I haven’t upgraded my system for almost 1 and a half years already…
a world record for me… LOL…

though i need a new graphic card and a new surround 7.1 speaker system

.>

it’s always when you think u need to buy all the stuff in the world - after sometimes having all those, then u ended up wanting to upgrade most of the stuff that you’ve bought.

so from something that u NEED to buy, ended up with something u WANT to upgrade - which most of the time is really unnecessary.

you know you need a new 7.1 speaker when you kill a zombie and instead a “ROAR” when you lop of his head, you hear a “SQUEEK” instead…
;p

hey friends, thanks for the advise. i know that self-control and discipline is a must for this financial management. im working on it. and i get it from this, i must:

  1. track my spending - do some budgeting of cash flow.
  2. MUST pay loan.
  3. set aside for saving.

phew…a lot of works to be done.

-anyway, thankyou again for the advise…

[quote=“dornz”]hey friends, thanks for the advise. i know that self-control and discipline is a must for this financial management. im working on it. and i get it from this, i must:

  1. track my spending - do some budgeting of cash flow.
  2. MUST pay loan.
  3. set aside for saving.

phew…a lot of works to be done.

-anyway, thankyou again for the advise…[/quote]

don’t forget to set aside some to “belanja” makan for the nice advices we give you, dornz…
;p…/. kidding… ;p