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Employee Provident Fund (EPF) chief executive officer Tunku Alizakri Alias has just launched the "Belanjawanku" expenditure guide for Malaysian individuals and families.
The expenditure guide provides estimations of minimum monthly expenses on several baskets of goods and services for various households staying in the Klang Valley that will enable Malaysians to achieve a fair and acceptable standard of living or well being.
Belanjawanku also provides a comprehensive guideline including allocations for basic needs, social participation, recommended savings, emergencies and loan repayment.
Source: EPF
Tunku Alizakri noted that the underlying motivation for developing Belanjawanku was the problem of low financial literacy, over-indebtedness, and the rising cost of living among Malaysians.
"This guide will also be utilised by our Retirement Advisory Services officers in equipping our members with financial guidance and advice, in complementing what is basically a flagship EPF service.
"We expect Belanjawanku to establish the bedrock of society's strong financial well-being, guiding to a better quality of life in the long-term," Tunku Alizakri added.
Source: EPF
The Belanjawanku project was commissioned by the EPF as part of its financial literacy programme and the detailed study was done by the team at the Social Wellbeing Research Centre of Universiti Malaya.
According to the guide, single people living in the Klang Valley need at least RM1,870 per month while singles who own a car would need RM2,490 to achieve a reasonable standard of living.
According to BelanjawanKu, the monthly budget estimate for married couples would be RM4,420. The budget estimate for married couples would also increase depending on the number of children they have.
Source: EPF
Married couples with one child need at least RM5,730 to achieve an acceptable standard of living, and RM6,620 if the couple has two children.
The guide also determines that elderly couples need a minimum of RM3,090 each month. For more information, visit EPF.
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