This entry has been a long time coming, so I’m quite glad I’ve been finally able to pen it down. As I have recently graduated and am soon to embark on the journey of making a living, It is paramount that I initially secure a vehicle. Here are the accounts of my journey that eventually leads to my very first property, fully funded and owned by yours truly.
When I was in second year, almost 5 years ago, the reality that I’d eventually like to get a car when I graduate set in. Since I’m from Malaysia, where paying 300% just in import duties for a car is considered the norm, It was pretty obvious that I needed an early start. I told myself, son, you’re going to need to save up a shitload of money to just afford a down payment on a car and the monthly loans that will follow, it’s not going to be easy, unless you do something about it now. That was the first time in my life I started thinking about my financial stature, and heck, even the future. In hindsight, I’m glad the thought kicked in when it did.
Off I went scouring website after website of investment firms, banks and even financial companies. I learned plenty accounting terms and investment terms that many pay accountants and auditors handsomely to assist them with. There were plenty of investments, but everything was risky. Those that were secure, were either a) beyond grasp in terms of affordability, or b) with abhorrible dividends. I even spoke to my friends banker father who told me to invest in blue chip shares, and it at the time seemed like the best investment, but as we all know, share markets, especially the KLSE isn’t exactly known for rock hard stability. It would need constant monitoring, buying and selling on the fly and various other time consuming things that I just would not have been able to keep up with. I needed my money to sleep and make me money. So I decided to make long term fixed deposit commitments. What this meant was, I must be steadfast NOT to touch the money for that point of time, because of I did, I lose all the interest I’ve earned. At the end of the day, I choose to be with maybank because of their immensely popular maybank2u service. The fact that I already had existing accounts with them pretty much made it an easy decision.
60 months is 5 years, it’s pretty crazy, can’t touch your money for 5 years, but the reward of 3.80% p.a. is quite significant. So anyways the first thing I did was transfer whatever savings I already had into an immediate fixed deposit, and set it for 60 months. After that, every month, whenever I had any significant amount leftover, I’d convert it into a fixed deposit, leave a standing instruction for it to add the interest to principal and perform an auto-renewal. After that I just had to forget about it. However, after the first few fixed deposits, I opted instead for the 12 months option. I did not feel the leverage from the 36 months one was significant, and 48 months was just too long a time to keep the money in at that particular point in time. Eventually, 5 years later….
Something significant enough to get myself a decent car!
PROTIP!
There are various other ways to save up to, albeit they are less than popular. Listed are a few of the tried and tested methods;
1) Go “Sasha” as often as Possible.
2) Find someone who thinks they are fat and goes on a strict diet. In this case, we’ll use Anusya Devi because she fits the category quite well. What she does is, cook human sized portions but only consume ant sized bites. This naturally leads to excess food, which I find no qualms consuming on a regular basis. You can’t be picky with what you get, but rest assured, it won’t be crumbs since that’s all that she eats.
3) Make sure-win bets.
E.G.: Sasha, I’ll wager you that I can do the Studgaradok->Mikluyou-Maklaya->Belyaeva->Konkova->Studgaradok circuit in less than 30 minutes. Should I win, you cook.
4) Don’t live up to lost bets.
E.G. : Me: 10 bucks saying Shorty is not gonna suspect we’re bitchin’ about him.
Abilash: Make that 20, of course he knows we’re always bitchin’ about him.
Shorty: *Walks into the room and stares at us* Screw you guys!
Abilash: Pay up bitch.
Me: I was making a mallu bet la….
5) Be as inert as possible! Don’t spend money paying to play futsal, basketball and all those assorted sports! A calorie saved is a dollar earned, or something like that.
6) Make people buy you food.
Me: Tina, buy me this damned NIPS please.
Tina: Sure.
Me: Tina, ask your uncle Jakeman to hook me up with some McD vouchers please.
Tina: Sure, but nowadays he doesn’t wanna give us anymore so might be a bit more difficult.
Me: Tina buy me dinner.
Tina: Sure, would you like chicken or mutton?
7) LEECH BOOZE!
No Example Needed, although I’m not a big enough drinker to even be considered a leech, but if you are, this might be a good tip for you.
So I scouted the INTARWEBZ for a car that would work for me, basically this entire time after my interview. Found some decent choices, looked around till I was finally satisfied. After some negotiations and setting of terms, it eventually lead to me drawing my first cheque ever.
In my next post, whenever that comes, I’ll reveal more about the car and how I went about scouting for it and eventually purchasing it.
Till next time folks!
woahh~~ i’ve never thought about this before. though saving is going to be a little be hard for me… >.<
@Bahiyah Nor – To be honest, anyone could do it. What I usually do is transfer the % of each month i wish to save immediately into FD’s that are bound which would help when those impulsive shopping moments arrive.
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