Just got my bonus, and finish spending it in no time. That is RM 12K!! One might ask, how did I spend that amount of money in no time, well, let me break it down for you:
RM 5200 : flight ticket to Cape Town (yes, am going there for World Cup!!)
RM 3000 : New PC for my youngest sis (am getting this back after next year's tax calculation, hopefully)
RM 2000: Furniture for my room and the living room
RM 2000: Top up money for the land next to our home.
So there it is.. obligation and more obligation. I just got hit, I actually have more credit card debt than I thought I have. Here is a glimpse of my outstanding debt profile :
PTPTN : RM 17,000
UOB Credit Card : RM 3,500
PB Credit Card : RM 4,500
Hutang Kakdik (This is the money for land next to our home ) : RM 20,000
I have staggered the payment starting from April, with my new reduced salary (because I no longer have the relocation allowance). I'll be settling all the debts within the timeline below:
October 2010 : PB Credit Card
January 2011 : UOB Credit Card
October 2011 : PTPTN
September 2012 : Hutang Kakdik
This all taking into account my salary has been totally used up, no emergency fund, no savings, no allocation for fun at all. The way I see it, I will be on very tight budget until end 2012.
With the rate that I am going, I cannot save for Master for another 5 years. 2015, the year that I plan to get away, might not come true. I hope I have enough strength to pull this through...
One big achievement though, I have managed to cancel off Maybank Credit Card. My immediate aim is to stop all CC transaction, and cancel off all of them by end 2010. InsyaAllah, the target is achieveable, although might be delayed by one month.
As for the Master plan, maybe we'll discuss that later, once I found out how to fork out more money. My priority list will look like this:
1. Settle ALL my outstanding debt (car, house not included) : Total as above, ~RM 45,000
2. Save enough money for me and my parents to go for Hajj : Another ~ RM 45,000
3. Save enough money for my parents to survived with my absence, ~ RM 900,00!!! (4% interest makes RM 36,000/year, so I plan for them to live of the interest!!)
It turns out I did a wrong calculation earlier, and since there is too much huha with ASB, I decided to earn the interest via Tabung Haji. Looking at that figure, I can only do my Master when? When I am way...past my retirement age....I need a back up plan.
Maybe I can try to save enough money for my parents to live comfortably for the first two years I will be away (RM 72,000). InsyaAllah, once I get to where I want to do my Master, I'll work my ass off, get a tutor job, or just find any job on campus, off campus, whatever....to send back RM 3000 per month, which translate to, if I go to Euro, will be around 500 EU. I have to make this works. I am not going to be here forever. I have to start planning, plotting from now!!!
My rough calculation says that I will be clearing all my other debt in March 2012. So I will start saving in Apr 2012, and reach my target in March 2015. I might actually be able to do this!!!
Ya Allah, please give me strength to do this, please let me be strong, dilligent and discipline to save. No more temptations to go on any more crazy trips...
**all of these planning did not include inflation rate..huhuhu...
Posted by
Lavender
