Hi all,
During our financial tool kit course what we had truly
learnt is, better to spend our financial wisely. As most of you ladies might
have know that one of the most common factors that Muslim couple divorce is
because of money.
I will just highlight a few things that I find important for
your info.
1stly, is savings. Saving is important for our future.
We
should have atleast 3 months of our monthly salary amount in our bank accounts
just in case if we get retrench. We need to set aside for our savings for
emergency use, future use and etc.
For me example after marriage we will be
putting aside for travelling, housing renovation and emergency use. We are a travelling
freak that can live without a car but cannot live happily without travelling.
:-P For housing renovation, I will like to save as much as I do not want to take up renovation loan so much.
Secondly is about insurance.
Insurance that matter most is
those related will illness. It is important to have this because atleast if we
have any problems with our health we will not be topping up cash much as we
have insurance to claims.
Nowadays medical fees cost a bomb so it’s better
to play safe than never. Medishield, Upgrade medishield is good for a
start.
Eldershield
is good when you are in your 40’s. You can actually choose Term life insurance
which premium cost relatively low ard $30 or Endowment Plans which premium is relatively high
as at end of certain years you may receive returns for the money you have paid.
Both are good in certain ways but if you are short of cash you may consider
Term life insurance. For myself I have Endowment plans.
So now I’m gonna touch on a housing matters a lil bit here. Some couple out there just choose housing
without knowing the correct financing. Some just jump
without doing much research. Here is a guideline for new couples who want to
apply for BTO;
Combined gross income for 3 room flat: ~$2506-$3160
Combined gross income for 4 room flat: ~$3990-$4983
Combined gross income for 5 room flat: ~$5350-$6400
For more info you can read at this website here.
These is what I understand from the course I underwent. (If I am wrong pls correct me)
E.g
Property Price : $300,000
Initial Payment : $40,000
Loan : $260,000
Loan Tenure : 25 years
Total amount paid at the end of 25 years : $353,862
Total Interest paid: $93,862
So for the 1st few years we are paying most
of our mthly instalment payment is the interest. For instance we are paying
mthly instalment for $1000. The 1st 5 to 10 years we are paying $800
interest & $200 for principle. When the interest is getting lower, we will
then be paying the principle more.
Some couple may not be able to complete their mthly
payment by end of 25 years old. And when it hits the valuation limit some may
be paying by cash but paying by Cash only applicable for those who take HDB
loan for 2nd time and also Resale flat.
The financial advisor
told us that nowadays its better for us to stick to one house rather than buy
and sell coz we will not be taking any profit like our parents. When anak2 dah
besar, the house is too big for you then we can sell and downgrade to apartment
studio.
So what I want to conclude here ikut kemampuan ye. If we
have a spending amount of $800 pls spend within that limit. Don’t overspend. What matter most is to know how to differentiate within a NEED and a WANT.
It’s
better for us couples to undergo these kinda of programme. Not only about
financing, also enrol yourself in certain talks about marriage. Marriage is not
the END, it is the BEGINNING of all sort of happiness and problems.
We also
need to understand about marriage in Islam too. It is NOT a FAIRYTALES story.
Some maybe too excited with their plan till they didn’t realise these. I am
excited but at the same time I am scared too. Me gonna enjoy my last few months
as a single coz I may never know what will happen in the future haha. So thats
about it sorry for the lengthy post yah. Nytey night!
