Belanjawanku 2022/2023 says this is for those without a car, while a vehicle owner will need RM2,600 a month to lead a meaningful and sustainable life.
The minimum monthly expenditure to lead a meaningful and sustainable life for a single person without a car in the Klang Valley is RM1,930, according to EPF’s Belanjawanku 2022/2023 guide released yesterday.
And this even includes a monthly saving of RM250 besides expenditure for rental, medical needs, transportation, utilities, personal care, social participation and discretionary expenses among others.or those who own a car, the estimated expenditure is RM2,600.
The guide includes minimum living costs for various sizes of households in the capital cities of Malaysia. The highest minimum is in the Klang Valley while the lowest is Alor Setar in all the categories which are differentiated by those with cars or using public transport. Second comes Johor Bahru followed by Kota Kinabalu.
EPF said Belanjawanku is an expenditure guide providing estimated minimum monthly expenses on different types of goods and services for various households to help them plan their personal and family budgeting to achieve a reasonable standard of living.
“It is developed based on actual spending patterns on common goods and services by urban households in the Klang Valley and selected cities in Malaysia,” it said.
The guide was carried out in collaboration with the Social Wellbeing Research Centre of Universiti Malaya (SWRC) to provide estimations of minimum monthly expenditures on various types of goods and services for different households.
For a married couple with no children, the minimum requirement for a decent life in the Klang Valley is RM4,630 and it goes up to RM5,980 if the couple has a child.
It said a senior couple could do with RM3,210 a month while a single senior citizen only needs RM2,520.
EPF chairman Ahmad Badri Zahir said according to the National Financial Literacy Strategy 2019-2023, developed by the Financial Education Network, of which EPF is a member, 76% of Malaysians have a budget, but not all adhere to it.
“The data also shows that 47% find it difficult to set aside RM1,000 for emergency use. The data suggests the need for Malaysians to improve financial literacy to strengthen their financial and future retirement well-being.
“Hence, we developed the Belanjawanku guide so that Malaysians can become savvier in managing their finances,” he said.