Thursday, July 15, 2010

My First Pay


What did you do with your first pay? Some spend it all, some keep it all (fairly difficult to achieve), some invest and some...well I don't know...why don't you tell me? I received my first pay about 3 weeks ago and here's the breakdown of where the money went.

The first thing I did was give a small portion of it to my dad. This is a definite every month...it's the least I can do for all these years.. And then of course there's the compulsory EPF and SOCSO contributions. Both important for our own future though I did not opt to increase my EPF contribution to 11% from the current 8%. I just want more cash flow for the time being...I must admit though that the latest dividen is pretty high at 5.65%.

Anyway since I'm now earning an income, I've also taken on paying the internet bills (ok mostly it's because I'm the one using it...) as well as monthly petrol expenses, credit for my handphone and daily meals among other things. On a personal basis, I've only bought a new pair of sports shoes for myself and my dad (well it was a buy-one-free-one promo so why not?), treat my dad to dinner for his birthday and of course the must have Ipoh snacks for Adrian whenever he comes down (twice so far).

Yes, I've become very much aware on how I spend my money nowadays. I guess it's just different from getting pocket money from your parents when you were small. Definitely thinking twice about spending that RM 10 on a movie I never intended to watch. Darn I wish I could use my student card on weekends! Oh I forgot to mention that I'm holding off paying back the education loan till they send the letter in about 6 months time. Think that's a good idea? I know a lot of people are doing that...haha...

So what about the remainder of my pay you ask? In my savings. Would like to invest in something but I'm currently uneducated. With prices and inflation increasing faster than my pay or FD interests ever will, it would be wise to think of something. Just don't give me those get rich quick schemes please. Thank you.

3 comments:

  1. 1) i personally think contributing 11% is better. the extra 3% in cash can't really help u much, but in a long term run, u will b surprised hw much the extra 3% per month can generate when u withdraw ur EPF. its tough to force yourself to set aside a bigger portion, but you will reap wat you sow, in many years later. =D

    2) when u have sufficient liquidity in ur bank, consider mutual funds. FD rates of 2-3% can't really get you anywhere. if you don't have car installments, then look for areas to invest where you are comfortable with.

    guess that's all i can offer. hope it helps. im stil yet to break free frm struggling financially after more than one year working, so no frets! you are doing fine, and things wil be better! *cheers*

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  2. trying to save gas for your company or feelin' tight on cash? Come on!! go for the 11% EPF!! I have a friend getting his salary in SGD and 20% EPF rates. Holy cow, i wish i can get that some time soon. Btw, IMO, pay off your PTPTN loan as later as you can, like 6 years later since money value increases with time (u can buy mee goreng at RM3 today but it'll be RM4 after another 5 years), but our loans didn't. wahahaha!!! =P

    ReplyDelete
  3. Thean Seng: thanks for the advice. I'm totally clueless bout all these investment stuff and funds...

    Lik Shun: haha...shush..don't talk so loud about holding off paying back PTPTN..later kena tangkap!

    ReplyDelete

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