I’m lucky enough to still be able to live with my parents. I do however own two investment properties which I rent out for extra income. Staying with my family, I provide them with a monthly stipend of RM500 as a token of appreciation.
Food has and always will be a big deal for me, and I’ve gradually increased my spending here as my wealth increased. I used to be able to live off RM10 meals a day back when I first started working. My meals would largely consist of economy rice and Chinese tea.
As for my attire, I shop for new clothes only when necessary. That is why, I make sure to purchase quality ones, setting my budget for RM600 a year.
For my medical needs, I pay about RM100 per month for medical insurance. As it is a term insurance and not an investment linked one, I foresee this going up as I get older. Insurance would be a whole other topic to be discussed but it is my personal opinion that medical insurance should be factored into your monthly expenses.
In total, my monthly basic expenses come up to about RM1,650 per month. Like me, you’ll probably spend a huge portion of your monthly income on rent / mortgage and food. Controlling these two will add up to huge savings in the long run.
As for your clothes, make sure you understand the difference between your needs and your wants ie. Branded clothing.