EPF Says A Single Person Needs RM1,930 A Month To Survive In Klang Valley
An expenditure guide was launched to help Malaysians with personal budgeting based on actual spending patterns.
The Employees Provident Fund (EPF) has released Belanjawanku, an expenditure guide providing estimated minimum expenses for various types of households in Malaysia
Belanjawanku was developed to help Malaysians with personal budgeting based on actual spending patterns by urban households.
The guide looks at the expenditures for individuals and families in Klang Valley and eleven other cities, including Johor Bahru, Kota Kinabalu, Kuala Terengganu, Alor Setar, Kuching, Kuantan, Kota Bharu, Georgetown, Ipoh, Seremban, and Bandar Melaka.
It was made in collaboration with Universiti Malaya's Social Wellbeing Research Centre.
Image via Aswadi Alias/New Straits Times
The guide details out minimum expenses by household category and provides recommendations on expenses allocation for necessities, savings, and optional spending for each city
The guide estimates that the minimum monthly expenditure is the highest in Klang Valley, while the lowest is in Alor Setar.
According to Belanjawanku, an unmarried person who uses public transport to commute in Klang Valley would need a monthly budget of RM1,930.
A single person who owns a car in Klang Valley has to fork out RM2,600 a month for a reasonable standard of living.
Image via Kumpulan Wang Simpanan Pekerja
Meanwhile, married couples with one child living in Klang Valley need at least RM5,980 per month
Married couples with no children will need RM4,630, while those with two children will need RM6,890 a month.
A senior citizen living alone in Klang Valley would need an estimate budget of RM2,520 a month.
Image via Kumpulan Wang Simpanan Pekerja
The expenditure guide was also launched with an app to help users easily track their expenses, available on Apple's App Store and Google Play Store.
You can find the full Belanjawanku expenditure guide here.
Last year, EPF estimated that Malaysians looking to retire in 20 to 30 years will need at least RM1 million in savings:
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