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Friday, June 10, 2016

Financial Management I Wish I Knew Before I Graduated

Sekarang ni bila scroll Facebook, banyak page yang promote a good financial management kan. Maybe dulu-dulu ada je tapi biasalah.. nama pun undergrad.. kalau online tuh, facebook biasa scroll benda2 tak ada faedah pun. Kalau online pun, online benda nak shopping. Naive and very indiscipline T-T




So, bila dah grad, awareness on how to manage duit gaji, cara savings, hutang mana yang tak patut buat dulu, semua I tak tahu. The very first mistake I've made was beli kereta baru. Yes, my parents ade chipped in some money + my own savings..so downpayment I tinggi. Tapi still.. monthly payment for brand new Saga FLX was almost RM 400 monthly for 5 years. That was in 2011. 

Yelah, contoh gaji graduate RM 2,500. Yes, tak banyak pun tapi ok lah since I live with my parents kan. Pastu bersih dalam RM 2,200 je kot.. Tolak RM 400..dah tinggal RM 1,800. Expenses macam lunch, minyak, and tol estimate dalam RM 500. Ada balance RM 1,300. The second mistake I've made was tak bawak bekal pergi kerja. Office kat Bangsar South, kedai makan for lunch bukan kedai murah ye. Pastu patut tak payah drive, naik je KTM and LRT. Again biasa la, orang baru kerja, konon boleh bayar macam-macam sebab konon gaji banyak. KONON je. Overall, patut boleh simpan max RM 1,500 mcm tu. Total savings, kadang-kadang tak sampai RM 100. Haih.


Then masa nak kawen baru sedar kena start saving up. Nasib baik sedar jugak. So lepas kerja dalam setahun lebih macam tu, my partner and I decided to get married. Mula plan nak sewa rumah, tapi rasa rugi. And again, with a little saving here and there plus my parents help we purchased our own home. The monthly instalment RM 640/month for 20 years. I think this one is the correct decision that we have made :) Alhamdulillah, dah dapat 1 asset. Tapi, lepas tu pergi pulak buat loan easy RHB for RM 20,000 for 5 years. Dah monthly instalment almost RM 500. That time gaji naik sikit, and gaji bersih dalam RM 2,700 and total komitmen masa tu dah RM 900. Dah start rasa beban. Balik semula tak dapat buat savings after kawen tu. 



Not only that, I have 2 credit cards. Hutang credit card masa tu dalam RM 8,000 kot. I dah cannot afford to pay even the minimum. Cari jalan with my husband and settled hutang tu cepat-cepat. See, how bad my financial management masa awal-awal kerja dulu.


So, here are the things I wish I knew so all the mistakes I've made right after I graduated never happened:

#1 Saving is a must
Memang kena asingkan siap-siap bila dapat gaji. First, dapat gaji asingkan total komitmen yang wajib bayar (read: yang tak boleh missed bayar). Then, asingkan for savings, tak kisah lah berapa, simpan je sikit-sikit. The balance for expenses macam groceries and lauk, pandai-pandai cukupkan.



#2 Jangan beli kereta jika tak ada keperluan
Masa study I ada kereta kelisa secondhand, which is in a good condition. Never really know why I decided to purchase brand new car. Menyesal jugak, but luckily that car loan dah fully settled. So, lepas ni, lama lagi I akan beli kereta baru. Saga tu elok je lagi. Hihi

#3 Avoid personal loan
Oh, lupa..personal loan I buat tu for our house renovation. Tapi patut guna duit savings but duit savings tak cukup that time. So, moving forward, semua yang nak pakai belanja besar, I dah buat financial plan, so nampak clear bila savings akan cukup and bila boleh belanjakan duit tu.

#4 Credit card
Simple rule: 
Bole pakai kalau you can make full settlement by due date. 
Pakai for minimum amount. 
Pakai for emergency. 





Tak ada duit for beli baju or kasut bukan emergency. I've learnt it the hard way. Lagi senang pakai cash je. Tak ada cash, tak payah beli.

#5 Proper budget
I start buat detailed budget end of last year. Memang kena buat sebab nak face the reality about my financial position. Barulah nampak how severe it is that we don't have enough savings. Baru-baru ni I revised balik the budget, sebab to take into consideration of my new income. So, hopefully, after this boleh start savings as per planned.

#6 Control your controllable expenses
Duit lunch, duit shopping, duit groceries..semua ni boleh control. Nak jimat, jangan banyak makan dekat luar. Avoid shopping termasuklah online shopping. This one I am still struggling but dah manage to control even not fully. Harap bulan puasa ni jangan membazir. Bese mommies ni membazir beli barang anak :p



I was lucky I hit the ground fast. Nasib baik sedar awal, masa still in my 20s. Kalau tak sedar diri lagi, tak tahulah. Itu pun tahan diri untuk tukar kereta even with a new salary I can afford it. I'm thinking to collect assets rather than tambah hutang :)

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