Anonymous asked 11 years ago
Hi Financial Guru KC Lau,
It’s great to know a person like you out there doing this blogging on personal financing. I have problem managing my money in the last few months when a lot of changes happening to my finance.
Recent events like I had helped my father in law to settle ‘along’ debt, I have new born baby expense, I have a new maid expense, and all the household expense blow up big on me, I have few personal loans/cash advance from bank, I am now feeling overwhelmed by all those financial thing which I don’t know how to manage my finance anymore. Can you please help or guide me?
1. I have owed HSBC bank 40k (20k x 2) with 4.88% annual interest (3 years repayment period)
2. I have owed Citibank 25k (14k for 3 years and 11k for 5 years) with 3.7% annual interest
3. My net monthly income is RM5300
4. I have a car loan which I need to pay RM983 monthly
5. Now I have cash RM46k onhand.
What should I do to steady my financial ship?
I am thinking of using the onhand money to settle the highest interest first (HSBC loan), what do you think?
The rest I have to calculate how to manage the monthly expenses after settle that HSBC, is it right to do this?
Really appreciate your help, thank you very much