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How Much (%) Should The Car Monthly Loan Repayment Of Your Salary?


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#11
fkmfkm

Posted 21 February 2013 - 07:55 AM

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QUOTE (ckl050877 @ Feb 20 2013, 10:18 PM) <{POST_SNAPBACK}>
Why always some one think that 10k salary is very much?

Let me do some simple calculation:

Family monthly income = RM12,000
EPF = -RM1,100
PCB = -RM1,200
Housing loan = -RM3,300
(RM700k for double storey terrace house, 10% DP, 20yrs repayment, BLR-4.2%)
Monthly housing expenses (grocery) = -RM1,200
Monthly petrol, toll, meal = -RM650
Unifi, mobile postpaid = -RM250
Electricity and water = -RM250
For 2 kids (school fees, bus & others) = -RM500
(if they are babies, we need spend much more than RM500 for their milk podwer and pampers)
entertaiment/ shopping - 1 in a month =-RM200
Life insurance (ourselves and kids), average per month = -RM500
Average monthly car maintenance (2 cars) = -RM200
Average monthly car insurance (2 cars) = -RM150

How much left over? Answer is RM2500.
RM2500 is only 20% of RM12000.
Of course, RM2500 is enough to pay installment for 2 cars. But you can not afford to have nice cars.
Do not forget that there is always many unforeseen expenses every month.
Do not forget that we need to save money for emergency for education fund for kids.



cause some ppl earn only 2,200

#12
vr2turbo

Posted 21 February 2013 - 08:30 AM

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QUOTE (fkmfkm @ Feb 21 2013, 07:55 AM) <{POST_SNAPBACK}>
cause some ppl earn only 2,200

True, RM10k to me is quite a lot. I know some earning RM5k can installment new car, buy house also and have family.... smile_shock.gif

#13
amir

Posted 21 February 2013 - 02:57 PM

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QUOTE (ckl050877 @ Feb 20 2013, 10:18 PM) <{POST_SNAPBACK}>
Why always some one think that 10k salary is very much?

Let me do some simple calculation:

Family monthly income = RM12,000
EPF = -RM1,100
PCB = -RM1,200
Housing loan = -RM3,300
(RM700k for double storey terrace house, 10% DP, 20yrs repayment, BLR-4.2%)
Monthly housing expenses (grocery) = -RM1,200
Monthly petrol, toll, meal = -RM650
Unifi, mobile postpaid = -RM250
Electricity and water = -RM250
For 2 kids (school fees, bus & others) = -RM500
(if they are babies, we need spend much more than RM500 for their milk podwer and pampers)
entertaiment/ shopping - 1 in a month =-RM200
Life insurance (ourselves and kids), average per month = -RM500
Average monthly car maintenance (2 cars) = -RM200
Average monthly car insurance (2 cars) = -RM150

How much left over? Answer is RM2500.
RM2500 is only 20% of RM12000.
Of course, RM2500 is enough to pay installment for 2 cars. But you can not afford to have nice cars.
Do not forget that there is always many unforeseen expenses every month.
Do not forget that we need to save money for emergency for education fund for kids.

Wow! that's more or less similiar like mine. Just that I live in cheaper house, have 3 kids (more expenses) and do not have any entertainment allocations. Can only enjoy free entertainment.

#14
ckl050877

Posted 24 May 2013 - 01:05 PM

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I interviewed a person for the post of service engineer (title is given as engineer but the requirement of technician). He is working now as associate engineer (slightly better than technician).

I saw he stated that he has 110K with bank loan. I thought it was housing loan but he told me was car loan. I knew from him that it was Mitsubishi. Of course, it was not nice to go into too details.

Guess what? His salary is only RM3000. After deducted EPF and socso, he left only RM2600. He needs to pay RM1300 (stated in the application form) monthly. It is 50% of gross salary. He has 1 kid now. I have no way to calculate how he uses his money.

When my salary was RM3000 last time, I did not even dare to change my old car to City or Vios.

#15
vr2turbo

Posted 24 May 2013 - 02:57 PM

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QUOTE (ckl050877 @ May 24 2013, 01:05 PM) <{POST_SNAPBACK}>
I interviewed a person for the post of service engineer (title is given as engineer but the requirement of technician). He is working now as associate engineer (slightly better than technician).

I saw he stated that he has 110K with bank loan. I thought it was housing loan but he told me was car loan. I knew from him that it was Mitsubishi. Of course, it was not nice to go into too details.

Guess what? His salary is only RM3000. After deducted EPF and socso, he left only RM2600. He needs to pay RM1300 (stated in the application form) monthly. It is 50% of gross salary. He has 1 kid now. I have no way to calculate how he uses his money.

When my salary was RM3000 last time, I did not even dare to change my old car to City or Vios.

Bro., you are is same shoe as me. But nowadays I am also wondering how the youngsters can buy new car just like that... smile_question.gif
Things is Car Loan easy to get, but Housing Loan they really see your repayment against salary.... smile_wink.gif

#16
amir

Posted 30 May 2013 - 03:08 PM

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QUOTE (vr2turbo @ May 24 2013, 02:57 PM) <{POST_SNAPBACK}>
Bro., you are is same shoe as me. But nowadays I am also wondering how the youngsters can buy new car just like that... smile_question.gif
Things is Car Loan easy to get, but Housing Loan they really see your repayment against salary.... smile_wink.gif

Back in the early 90s when i started working, driving a 1.3 iswara with a monthly installment of rm400 per mth was considered OK what. Now youngsters expect nothing less than a jap car as their first car. I don't have to go far as my much younger siblings and neighbours do just that. But they work really hard to support their lavish lifestyle and desire. Everything is about instant gratification.

#17
Gbrava227

Posted 30 May 2013 - 04:03 PM

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QUOTE (vr2turbo @ May 24 2013, 02:57 PM) <{POST_SNAPBACK}>
Bro., you are is same shoe as me. But nowadays I am also wondering how the youngsters can buy new car just like that... smile_question.gif
Things is Car Loan easy to get, but Housing Loan they really see your repayment against salary.... smile_wink.gif


Looking back..yes..when i was earning about the same with..only manage to buy a kancil..even that is not enough since have to pay the bloody credit cards..till today still paying..huhuhu...

#18
ckl050877

Posted 01 June 2013 - 11:09 PM

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RM3000 gross salary to pay monthly instalment of RM1300:
1) EPF = RM330
2) PCB = RM45 (wife is working with 1 kid)
3) Socso = RM14.75
4) Car = RM1300
5) Lunch (working) = RM150
6) Petrol =RM200
7) Toll = Nil
8) Mobile phone (prepaid) = RM30
9) Unifi = FOC (parents)
10) Astro = FOC (parents)
11) Life insurance = No need
12) House = FOC (stay with parents)
13) House grocery = FOC (parents)
Income balance = RM930.25

Wah, still left a lot what? What to worry? smile_thumbup.gif

#19
vr2turbo

Posted 02 June 2013 - 03:36 PM

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QUOTE (ckl050877 @ Jun 1 2013, 11:09 PM) <{POST_SNAPBACK}>
RM3000 gross salary to pay monthly instalment of RM1300:
1) EPF = RM330
2) PCB = RM45 (wife is working with 1 kid)
3) Socso = RM14.75
4) Car = RM1300
5) Lunch (working) = RM150
6) Petrol =RM200
7) Toll = Nil
8) Mobile phone (prepaid) = RM30
9) Unifi = FOC (parents)
10) Astro = FOC (parents)
11) Life insurance = No need
12) House = FOC (stay with parents)
13) House grocery = FOC (parents)
Income balance = RM930.25

Wah, still left a lot what? What to worry? smile_thumbup.gif

A lot of parents pay woh! No need reimburse them meh?.... smile_tongue.gif

QUOTE (Gbrava227 @ May 30 2013, 04:03 PM) <{POST_SNAPBACK}>
Looking back..yes..when i was earning about the same with..only manage to buy a kancil..even that is not enough since have to pay the bloody credit cards..till today still paying..huhuhu...

Yup, I also oldie. Not sure how the youngsters can afford more expensive cars nowadays.... smile_tongue.gif

#20
blackwoods

Posted 25 June 2013 - 04:50 PM

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Everyone should able to afford and deserve a quality cars, but too bad our government impose such high taxes on imported cars, so most people just end up with Proton and Perodua.

I'm a 90's too but I don't spend my parents' money anymore, but I'm still staying with them and paying the bills + giving them some allowance every month, although not much.

Manage to commit for a Honda City as well, it's all about how you save / spend your money wisely.

Some tips to share for money saving:
- Don't smoke
- Don't buy luxury stuffs that ain't worth the price
- Don't buy unnecessities
- Don't manja ur gf too much and keep buying stuffs for her
- Don't go to club, no alcohol
- Don't spend too much money on hobbies like games, toys, collectibles


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