Tips Kewangan Houseman - Langkah Kedua.
BismiLLAHirrahmanirrahim.
Assalamualaikum w.b.t.
Part two here we go~
Balance from previous post: RM4550.
Some people call it commitment, some call it expenses, I call it responsibility.
The second step in managing finance is:
1. Responsibility to yourself. You have to put aside a portion of your income for self sustenance.
1. A roof over your head = rental/own house/room.
2. Bills = electric, water, sewer.
My husband rented a room when he started his housemanship, the rent was RM300. The house was occupied by other renters but I wanted him to pay the bills first; then collect the amount needed from each renter.
When you know your bills, you know if something went wrong so you can adjust your usage. Rarely the water and sewer bills fluctuates but electric bills depends on weather, electrical appliances and multiple factors.
Average total bills for a month: RM140
Balance: RM4550-RM300-RM140 = RM4110.
2. Responsibility to institutions.
For this part, all of us have different amount and type of institutions. Therefore you are free to insert all necessary details here for your own personal financial planning. Here I will demonstrate what we actually pay monthly:
1. Payment that is shown in CCRIS.
- Car loan = RM605/month
2. Payment that is not shown in CCRIS:
- Study loan = RM438/month
- Zakat (for Muslims) = RM90/month
- Telcom post-paid plan = RM90/month.
The reason I enlisted the post-paid plan is because it involves a contract (the plan came with a device).
For zakat, we don't actually pay it monthly but it is better to set the money aside every month and pay it before the end of the year.
3. Tax
During the first year of receiving houseman salary, no tax will be deducted from income, but from 2nd year onward, certain amount will be deducted automatically.
My husband started working mid 2017 - so for April 2018 tax declaration, he had to pay RM0 but still have to declare (please be aware).
The 2nd year, after declaration, my husband still actually have to pay RM0 (because we filled for tax exemptions), therefore government will pay back what had been deducted from his income. Because of this, I don't have specific amount for tax but I feel the need to mention it here.
Income tax matter most when your total income is more than your tax exemptions.
Balance: RM4110-RM605-RM438-RM90-RM90 = RM2887.
*****
By the end of these two steps, we had taken care of 1 - priority, and 2 - responsibility.
InsyaALLAH I will write soon about 3 - savings and the rest of it :)
Thank you for reading ~
Assalamualaikum w.b.t.
Part two here we go~
Balance from previous post: RM4550.
Some people call it commitment, some call it expenses, I call it responsibility.
The second step in managing finance is:
1. Responsibility to yourself. You have to put aside a portion of your income for self sustenance.
1. A roof over your head = rental/own house/room.
2. Bills = electric, water, sewer.
My husband rented a room when he started his housemanship, the rent was RM300. The house was occupied by other renters but I wanted him to pay the bills first; then collect the amount needed from each renter.
When you know your bills, you know if something went wrong so you can adjust your usage. Rarely the water and sewer bills fluctuates but electric bills depends on weather, electrical appliances and multiple factors.
Average total bills for a month: RM140
Balance: RM4550-RM300-RM140 = RM4110.
2. Responsibility to institutions.
For this part, all of us have different amount and type of institutions. Therefore you are free to insert all necessary details here for your own personal financial planning. Here I will demonstrate what we actually pay monthly:
1. Payment that is shown in CCRIS.
- Car loan = RM605/month
2. Payment that is not shown in CCRIS:
- Study loan = RM438/month
- Zakat (for Muslims) = RM90/month
- Telcom post-paid plan = RM90/month.
The reason I enlisted the post-paid plan is because it involves a contract (the plan came with a device).
For zakat, we don't actually pay it monthly but it is better to set the money aside every month and pay it before the end of the year.
3. Tax
During the first year of receiving houseman salary, no tax will be deducted from income, but from 2nd year onward, certain amount will be deducted automatically.
My husband started working mid 2017 - so for April 2018 tax declaration, he had to pay RM0 but still have to declare (please be aware).
The 2nd year, after declaration, my husband still actually have to pay RM0 (because we filled for tax exemptions), therefore government will pay back what had been deducted from his income. Because of this, I don't have specific amount for tax but I feel the need to mention it here.
Income tax matter most when your total income is more than your tax exemptions.
Balance: RM4110-RM605-RM438-RM90-RM90 = RM2887.
*****
By the end of these two steps, we had taken care of 1 - priority, and 2 - responsibility.
InsyaALLAH I will write soon about 3 - savings and the rest of it :)
Thank you for reading ~
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