MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | CalculatorsWhile most people tend to overlook on their money management, it is important for us to be well-equipped with the awareness on the rise in the cost of living.
Who are Gen-Yers?
• usually born between 1980s and early 1990s
• commonly regarded as the “here and now” generation
Because of technology and the Internet, instant gratification has led the Gen-Yers to get too obsessed with new gadgets and attire. Financial literacy gives members of Gen-Y the opportunity to earn, save and spend and more concerned with future goals as well as present.
Expected salary for Gen-Yers with a tertiary qualification
• RM2,500 to RM2,800
After deducting their expenses, such an entry salary leaves little for savings and investments. Most fresh graduates are happy with getting more than the expected salary but choose not to be choosy due to the imminent economic crisis.
Gen-Yers agree that their main buying habits or major expenditure is on food and transportation such as petrol and car maintainance. If inflation increases to about 5% after the implementation of the Government Service Tax ( GST), then the Gen-Yers are likely to be affected the most with the high cost of living expenses.
Most of them try to save at least 20% to 30% of their salary or allowance and set money aside for special occasions and emergencies.
What should be done?
Gen-Yers need to have in depth financial knowledge and practice prudent financial
management.
Quick Facts:
• Over 47% of young adults aged between 18 to 35 years old are having serious debts due to living beyond their means.
• A total of 1,940 youth below 25 years old had been declared bankrupt since 2007 until June this year.
• 579 out of that total were declared bankrupt in the first six months of 2014.
Among the government measures to curb youth bankruptcy are to create awareness of the dangers of bankruptcy through the Credit Counseling and Debt Management Agency (AKPK) and Insolvency Department.
The sooner you get your finances in order, the easier it will be to maintain them down the road due to increasing commitments. Being declared bankrupt below the age of 25 due to poor command of our finances is harmful for your long and potential future.
Read More : http://MyFinance.com.my/articles/detail/1131591421
We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | CalculatorsEffective 2nd January 2015, our country's main reference rate, the Base Lending Rate (BLR) will be replaced by the Base Rate (BR).
Why BR is replacing BLR?
• The BLR has become less relevant as a reference rate for loan pricing
• The BLR is quite complex to a few, leading to consumers finding it difficult to make an informed decision
With Base Rate as the new system, it results in a new system of pricing that is more efficient being used by the banks on their loan products based on the banks' capability.
When will BR come into effect?
• BR will be effective for those applying for new loans or refinancing AFTER 2 Jan 2015.
• To the existing loan borrowers, don’t worry, it DOESN’T apply to you.
Your loan rate will still follow the existing terms and conditions until full loan or financing settlement or up to renewal, respectively.
Well, now you can start making comparison between various financial institutions and choose the best lending rate for your new loan. You may want to consider refinancing your existing loan package if the new Base Rates have better interest rates than your current one!
What is good about BR as compared to BLR?
• It will promote transparency to the banks' efficiency and discipline adding to the market competitiveness, resulting in a more attractive rate to consumers.
• As for BR, even if there is no changes, it can be reviewed and fluctuate anytime to reflect such changes in the overnight policy rate (OPR), as it depends on the bank's cost of funds and liquidity factors.
Don't forget other factors like Statutory Reserve Requirement (SRR) are among others being set by BNM.
Calculation of Effective Lending Rate
Effective Lending Rate = Base Rate + Spread
Base Rate = Financial Institution’s Benchmark Cost of Funds + Statutory Reserve Requirement (SRR)
Spread = Borrower Credit Risk + Liquidity Risk Premium + Operating Costs + Profit Margin
Read More : http://MyFinance.com.my/articles/detail/1915814207
We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | CalculatorsIn general, there are four types of spending cards available in the market which are credit card, commercial card, charge card and debit card. Your financial background determines your lifestyle and the type of card that best suit your needs. To help you decide better, please read below to find out the differences and some benefits between these types of cards.
1. Credit card
Instead of paying in cash, a credit card allows you to make a purchase using the credit limit available in your credit account. When your bill arrives, it is entirely up to you to either make full payment or any amount not less than the minimum amount or 5% of the total outstanding whichever is higher. Other than that, you will also be charged interest on the total outstanding balance due that you carry in your card.
2. Commercial card
A commercial card is very much similar to a credit card. However, it is often issued for business purposes such as corporate cards, purchase cards, business cards, travel cards as well as entertainment cards. Most of the time, a commercial card provides business-oriented rewards to separate business expenses from personal ones.
3. Charge card
A charge card is the same as a credit card. However, the total amount has to be paid in full and most importantly, you are not allowed to carry any balance in your card. It helps you to control your spending because no interest will be charged. Examples of charge cards in Malaysia are American Express and Diners Club.
4. Debit card
A debit card enables you to make any purchases with the total amount deducted directly from your bank account. This would mean that you must have a deposit account with the bank in order to have a debit card. A deposit account can be either a savings account or a current account.
However, you can only use a debit card for purchases if you have enough balance in your bank account. The good thing is, there will be no interest charges involved.
Read More : http://MyFinance.com.my/articles/detail/1231155142
We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | CalculatorsGroceries Became More Expensive?
Look For The Best Price Promotion
In Sharper Shopper.
For More Information : http://MyFinance.com.my/shopper.
We also provide various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | CalculatorsEveryone’s counting down to 2015. The 1Malaysia Year-End Sale is back – bigger and better. Even frugal consumers will catch the shopping fever this holiday season. Malaysia is a competitive and popular shopping destination because a lot of goods are sold at “value-for-money” prices. To not see your money go to waste, all you need is three simple tips from us.
1. Avoid sudden big purchases
Mega sales are just luring – no one can ever deny this. In reality, these types of sales will cause you to buy more than you actually need. We love to shop and hardly need a reason to hit the malls and stores. Instead, try to take a trip to the mall without your wallet first.
2. Spend your year-end bonus wisely
Bonuses by nature are infrequent. Remember to minimise your hard-earned bonus and maximise your shopping load. Stay away from spending splurge and not checking out the best deals. Alternatively, use your bonus in a way that you feel good about.
3. Limit your shopping time
Stick to and nail down your list. This will reduce the amount of time as well as possibility for you to make impulse or unconscious purchases. Avoid returning to the mall three or four times after that – even if you have to look for great bargains on variety of items.
Read More : http://MyFinance.com.my/articles/detail/1217152141
We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | CalculatorsDue to the availability of a variety of home loans, owning a house is getting easier these days. In our country, there are 3 major home loans available namely basic term, semi-flexi or full-flexi. For those who apply for this type of loan for the first time, here are some useful information to help you choose which will suit your needs best.
1. Basic Term Home Loan
As what the name implies, this is the most basic and the strictest type of loan. The repayment schedule is fixed and you have to pay the similar amount of monthly repayment throughout the whole loan tenure. Usually, extra payment is allowed to reduce principals depending on the bank to whether take your request into consideration or not. The inflexibility means any advance payment you make will not affect or lower your home loan interest. Instead, it will be considered as pre-payment for the upcoming months. However, you are not allowed to withdraw the extra amount if you need it for future use.
2. Semi-Flexi Home Loan
In semi-flexi housing loan, the bank allows you to withdraw the extra amount but you will be charged processing fee for each withdrawal, which is between RM10 to RM50. This amount could vary from one bank to another. Whenever you make any additional payment, it helps you to decrease the amount of principle loan and the interest you are being charged. Anyway, you have to notify the bank in the first place. On top of that, certain banks also place a limit on the number of withdrawal per year.
3. Full-Flexi Home Loan
Very much similar to the semi-flexi housing loan, this 'flexi loan' enables any advance payment to reduce the total loan interest right away. This way, you are able to withdraw these payments without having to inform the bank. In most cases, the bank will provide borrowers of this type of loan with a loan account that is linked to an additional current account with a chequebook. In order to reduce principals, you can make extra payment by depositing either through loan account or current account that will be synchronized. To maintain the current account, you will also be charged a fixed monthly fee.
Read More : http://MyFinance.com.my/articles/detail/1224153141
We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
MyFinance Budget Portfolio | Personal Finance | Housing Loan | Personal Loan | Credit Card | Sharper Shopper | CalculatorsEnd of The Year With More Savings And Not
Just Spending When You Buy Your Groceries,
Find Out How In Sharper Shopper.
For More Information : http://MyFinance.com.my/shopper.
We also provide various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.
