fbpx
Connect with us

News

Is It True That You Need Only RM1870 a Month to Survive in Klang Valley?!

Published

If You'Re Single &Amp; Don'T Own A Car, The Govt Thinks You Should Only Spend Rm300 On Rent - World Of Buzz
Image On Right For Illustration Purposes Only | Source: KWSP / R.AGE

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Yesterday (3 March), the Employees Provident Fund (EPF), in collaboration with the University of Malaya (UM), launched the “Belanjawanku Guidebook 2019” expenditure guide. It’s a financial planning guide for both individuals and families, and it basically helps Malaysians plan for their financial futures.

In the words of EPF CEO Tunku Alizakri Alias, “A well planned and executed budget will empower you and your family towards financial independence.”

A list of detailed minimum baseline for monthly expenses, the Belanjawanku is based on the spending patterns of urbanites in Klang Valley to give supposedly accurate projections of how much one needs to earn to get an acceptable standard of living.

Here are some key insights from the report.

Single People Only Spend Rm300 On Rent?! Here's How Much Govt Thinks You Should Earn - World Of Buzz 1

Source: kwsp

Are you a single, public-transport user? Well, you’ll need to have a minimum of RM1,870 monthly.

Spending a minimum of RM300 a month on housing (the report states these are room rental rates), you’ll be spending at least RM550 and RM150 on food and socialising respectively. Your transportation costs should only be a reasonable RM200, as opposed to…

Single People Only Spend Rm300 On Rent?! Here's How Much Govt Thinks You Should Earn - World Of Buzz 2

Source: kwsp

…the single car-owner.

With a car, we can see living costs shooting up a minimum estimate of RM620 a month just to have your own ride. The rest of the expenses remain the same as the public transport user.

So what happens when you and your significant other decide to put a ring on it and get hitched? Well…

Single People Only Spend Rm300 On Rent?! Here's How Much Govt Thinks You Should Earn - World Of Buzz 5

Source: kwsp

Married couples without kids will unsurprisingly spend almost double the minimum expenditure of a single person. With the money spent on housing skyrocketing as people move out of rooms and into apartments and houses, married couples do get some good news as well: savings on certain shared things like food and transport.

Single People Only Spend Rm300 On Rent?! Here's How Much Govt Thinks You Should Earn - World Of Buzz 7

Source: kwsp

Single People Only Spend Rm300 On Rent?! Here's How Much Govt Thinks You Should Earn - World Of Buzz 8

Source: kwsp

Things get a little pricier regarding any potential buns in the oven, with each kid costing about RM1,000 each.

Single People Only Spend Rm300 On Rent?! Here's How Much Govt Thinks You Should Earn - World Of Buzz 9

Source: kwsp

Single People Only Spend Rm300 On Rent?! Here's How Much Govt Thinks You Should Earn - World Of Buzz 4

Source: kwsp

Currently, Belanjawanku only takes into account the household expenses in Klang Valley, but reports say it’ll include data for other states soon.

This new package of data reveals some interesting facts, such as:

1. The current minimum wage of RM1,100 isn’t enough for a single Malaysian taking public transport who’ll need roughly RM1,9oo to live comfortably.

2. The median income of RM2,650 in Kuala Lumpur is more than enough for a person who’s single.

3. Older Malaysians aren’t saving as much as they should, with more than half near EPF withdrawal age not even meeting retirement saving minimums.

4. Apart from food, an majority of Malaysian spending actually comes from transportation when owning a car or motorbike’ this actually overtakes food expenses for singles and couples without children.

Given that countless Malaysian youth end up bankrupt due to poor financial planning, this guide can encourage smarter planning and potentially save many from financial ruin.

Compiled by UM’s Social Wellbeing Research Centre (SWRC), the data comes from structured surveys, group discussions, industry experts, academicians, and price surveys. It’s also important to note that the SWRC will periodically update the report to keep up with changes in market prices and cost of living.

With the data here potentially driving national policies, you can download the full report in both English or BM for further reading.

Well! What do you guys think about the report? Do you feel it’s accurate? How could it be better? Let us know in the comments below! 

 

Also read: M’sian Father Saves Money Instead of Buying 4D, Total Sums Up to Top Prize in One Year

- World Of Buzz

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Collage 89 Collage 89
News12 hours ago

Johor Government May Implement a 4.5-Day Workweek in the Near Future

A 4-day workweek sounds ideal, but a 4-and-a-half day workweek doesn’t sound bad either. Johoreans may be in luck next...

My Post 1 2024 11 21T160023.537 My Post 1 2024 11 21T160023.537
News13 hours ago

“UPSR get D, SPM can get A” – PMX Responds to BERSIH Giving Him a Grade D in ‘Report Card’

Prime Minister Datuk Seri Anwar Ibrahim has opened up about BERSIH’s ‘report card‘ on his administration’s performance in conjunction with...

My Post 1 2024 11 21T114442.032 1 My Post 1 2024 11 21T114442.032 1
News18 hours ago

PDRM is Offering 60% Off Selected Traffic Summons at Govt’s 2nd Anniversary Event This Weekend!

In conjunction with the MADANI government’s 2nd anniversary on 24 November (Sunday), the Ministry of Home Affairs of Malaysia (KDN)...

Collage 17 1 Collage 17 1
News2 days ago

MCPF Calls for Vape Ban, Warns Addiction to Substances Can Lead to Unhealthy Behaviours Like Theft

The Malaysian Crime Prevention Foundation (MCPF) is urging for the sale of e-cigarettes or vape devices to be banned or...

Feat Image Lesen Feat Image Lesen
News2 days ago

Anthony Loke: Road Users in M’sia May Have to Pay for Physical Driving License Cards Starting Next Year

Transport Minister Anthony Loke Siew Fook today iterated that the Government will continue with the implementation of digital driving licenses...

Collage 15 2 Collage 15 2
News2 days ago

Filipino Couple Caught Living & Working Illegally in Malaysia Using Fake MyKads That Cost RM250 Each

A Filipino husband and wife were arrested during a raid on November 19 at a house in Pandan Indah yesterday...

Feat Image Apple Ind Feat Image Apple Ind
News2 days ago

Apple Offers to Increase Investment in Indonesia Tenfold to RM446 Million to Lift Country’s iPhone 16 Series Ban

Previously, we shared how the Apple iPhone 16 Series is banned from being sold in Indonesia until the tech giant...

My Post 1 2024 11 20T144359.263 My Post 1 2024 11 20T144359.263
News2 days ago

BERSIH Names Ismail Sabri the Best PM Since 2009, Calls Out PMX for Lack of Urgency with Reforms

In conjunction with the upcoming 2nd anniversary (24 November) of Anwar Ibrahim’s administration, The Coalition for Clean and Fair Elections,...

Announcement

Latest Videos



TRENDING TODAY