Recently, I had the opportunity to facilitate a financial management workshop for WOMEN:Girls NGO. One of the questions I asked the group who said they’d prefer to be employed (rather than be self-employed) is what they think they can do to earn a high salary in Malaysia.
And I don’t know if it’s just that particular group, or if this is the common view among the overall population, but they seemed to think that the way to earn a high salary is to basically:
Be good at the job
Be loyal to the company
Get rewarded with promotions in due time
At this point I was like, hmm how do I tell them nicely. Even the sponsors who were sitting at the back of the room (folks employed at a big cosmetics company) were laughing good-naturedly, mouthing ‘no’.
First off, here’s a cool infographic on sample budgeting if one earns RM3,300 a month, with no dependents. The infographic is brought to you by CompareHero! Recently, they published my article on Bitcoin Debit Card Guide for Malaysians, so I’m returning the favour 🙂 It’s not hard, because I’m a big fan of their infographics in the first place.
For many people, rental costs will take a significant chunk out of your disposable income.
How much should you spend on rental, though? A good rule of thumb is no more than 30% of your income. This percentage should preferably also include your bill costs (electric, water, Indah Water, etc).
I was reading articles like ‘This is what $1500 in rent will get you in cities around the world’, and I thought, why not do one for Kuala Lumpur? 😀
Without further ado, here are the places you can afford to rent in Kuala Lumpur on your salary bracket.
I love that more people are talking about their monthly budgets!
One of my favorite Malaysian PF (that’s personal finance in case you’re not familiar with the jargon), Mr Stingy aka Aaron Tang recently published an article where he outlined his monthly budget when he was earning RM3,500 a month in 2010. His article was inspired from this Pakdi.Net article written by a fresh graduate who said that his RM3,500 salary wasn’t enough!
I was earning RM3,500 until a few months ago (in communications/NGO line, that was considered a decent salary okay), so I would like to share my own monthly budget then.
FYI I enjoy tracking my expenses and I have data of every. single. transaction. For the sake of this article, I will be taking the average spending during 1 year period, October 2014-September 2015. This means that I will be dividing each category by 12.