The Employees Provident Fund (EPF) together with the Social Wellbeing Research Centre (SWRC) of University of Malaya, has unveiled the Belanjawanku: Expenditure Guide for Malaysian Individuals and Families.
Launched by Finance Minister Yang Amat Berhormat Lim Guan Eng on Monday (4 March) at the EPF Learning Campus, the Belanjawanku provides estimations of minimum monthly expenditures on various types of goods and services for different households residing in the Klang Valley that will allow Malaysians to attain a reasonable ‘standard of living’ or well-being.
It also provides a comprehensive guideline encompassing allocation for basic necessities, social participation, recommended savings, loan repayment and emergencies.
Here's the minimum amount of money Malaysians need per month to cover their expenses according to the Belanjawanku.
A single, public transport user needs RM1,870 Food: RM550 Housing: RM300 Healthcare: RM30 Transport: RM200 Utilities: RM100 Personal care: RM70 Social participation: RM150 Discretionary expenses: RM130 Annual expenses: RM90 Savings: RM250
A single, car owner needs RM2,490 Food: RM550 Housing: RM300 Healthcare: RM30 Transport: RM770 Utilities: RM100 Personal care: RM70 Social participation: RM150 Discretionary expenses: RM130 Annual expenses: RM140 Savings: RM250
A married couple without children needs RM4,420 Food: RM870 Housing: RM870 Healthcare: RM70 Transport: RM1,020 Utilities: RM290 Personal care: RM100 Social participation: RM200 Discretionary expenses: RM300 Annual expenses: RM300 Savings: RM400
A married couple with one child needs RM5,730 Food: RM1,300 Housing: RM870 Healthcare: RM100 Transport: RM1,030 Utilities: RM300 Childcare: RM650 Personal care: RM120 Social participation: RM240 Discretionary expenses: RM380 Annual expenses: RM340 Savings: RM400
A married couple with two children needs RM6,620 Food: RM1,550 Housing: RM870 Healthcare: RM120 Transport: RM1,040 Utilities: RM310 Childcare: RM1,150 Personal care: RM140 Social participation: RM250 Discretionary expenses: RM390 Annual expenses: RM400 Savings: RM400
An elderly couple needs RM3,090 Food: RM850 Housing: RM700 Healthcare: RM130 Transport: RM500 Utilities: RM290 Personal care: RM90 Social participation: RM170 Discretionary expenses: RM130 Annual expenses: RM230
Also present at the launch event was EPF Chairman Tan Sri Samsudin Osman and other EPF’s top management, dignitaries from various ministries and government agencies, representatives from the Financial Education Network, academicians, and university students, among others.
EPF Chief Executive Officer Tunku Alizakri Alias said: "The underlying motivation for developing Belanjawanku is the problem of low financial literacy, rising cost of living, and over-indebtedness among Malaysians. Money is an essential component of economy and we are confident that the Belanjawanku serves as a practical reference and foundation for money management.
"This guide will also be adopted by our Retirement Advisory Service (RAS) officers in providing our members financial guidance and advice, complementing what is essentially a flagship EPF service. We expect Belanjawanku to form the bedrock of strong financial well-being, leading to a better quality of life in the long term."
About the Belanjawanku
The Belanjawanku project was commissioned by the EPF as part of its financial literacy programme, and the detailed research was done by the team at SWRC, led by its Director, Emeritus Professor Datuk Dr Norma Mansor.
The research involved a survey and focus group discussions comprising of researchers from local universities, representatives from the EPF, Credit Counselling and Debt Management Agency (AKPK), Economic Planning Unit, the National Wage Council, NGOs, Bank Negara Malaysia, and experts from industries, which include financial institutions, financial planners, nutritionists and reference persons of specific households residing in Klang Valley.
Belanjawanku will be routinely updated to reflect the change in prices, with versions exclusive to other regions to follow. BelanjawanKu booklet and pamphlet can be downloaded for free from EPF website. The pamphlet is also available at all EPF counters within the Klang Valley.