It’s safe to say that the economic situation of Malaysia has caused a price spike in almost every single purchasable product… It’s almost becoming alarmingly expensive and some people are even taking on 2-3 jobs just to make ends meet.
With all this being said, we interviewed 4 people of different backgrounds to understand how much they are earning and how much is needed to survive.
1. Alicia (Content Analyst), Salary: RM3,500/month
“As someone working in PJ, I feel my pay is barely enough for all my expenses. RM3,500 is much too low for the work I do and the living costs in PJ,” she shares.
“Most of my financial spending goes to my car and study loans, as well as regular maintenance for my car.”
The young Malaysian woman states that in order for her to personally save up RM50k, “it would probably take more than 5 years”.
“If I do get a few side hustles, I might be able to hit that milestone in much less time.”
2. Daniel (Civil Engineer), Salary: RM2,200/month
Although including allowances Daniel earns RM3000 per month, a chunk of his salary is taken out for various expenses.
“My rent, car loan, insurance, petrol, and food make up the biggest expenses of my measly pay.”
“Due to the rise in cost of living in 2023, I think a fresh grad civil engineer’s salary should be about RM3,500,” Daniel states.
So how long can Daniel take to save up RM50K with the salary he’s earning now?
“With my current earnings, minus all of my expenses, I can roughly save between RM100-RM150 per month. Although it’s not a lot, it is still money saved… I’ll need about 27 or so years to save up to RM50,000.”
3. Vernon (Yoga instructor & Freelancer), Salary: Variable
Vernon shared that, “having just one job is not enough to live a comfortable life in PJ or KL.”
However, his yoga instructor job is enough to pay for his car, house rent and miscellaneous expenses.
“My monthly expenses are not a lot; however, I am saying this from a place of privilege because I am blessed enough not to have responsibilities like caring for my parents or contributing to them financially.”
To save RM50K, Vernon states that he “only needs 1 year”.
“I save my side-income money in which I earn in a foreign currency and more than sufficient when converted to RM, into a foreign bank account and never touch it.”
4. Margaret (Semi-retired), Pension: RM 2,500
Back in 1982, Margaret shared that her take-home pay was only RM250!
“Life was simpler then: I was single, lived with my parents, and had no major financial commitments,”
“In the 80s, we could rely on buses to get around. We had no fancy Starbucks, hipster cafes, or bistros which cost an arm and a leg.”
Although Margaret and her husband had their own set of financial struggles throughout their marriage (husband’s business suffering, Margaret being unemployed), they managed to pick up after an economic boom!
“We managed to settle our housing loans with our EPF savings, our boys completed their studies and are working adults living away from home.”
“Looking back, we overcommitted and should have saved more for rainy days; but well, it’s water under the bridge now. “
“Based on life experiences, we took about 30 years + to save up RM50,000 in savings,” Margaret shared, as her and her husband are both semi-retired right now.
How long do you think it will take you to save RM50K in savings? Let us know in the comments below!
Ⓒ : IRL
Read More: Malaysian Shares How RM10,000 Is Actually Not Enough To Live In KL
