AHEAD of today’s Budget 2024 announcement, most Malaysians are anticipating goodies from the government to ease their financial burdens, and, if possible, help them save more.

The Statistics Department’s Employee Wages Statistics report showed the median wage for 6.45 million employees in the formal sector was RM2,600.

Considering salary differences across states and urban districts, the pay range for most ordinary Malaysian groups was RM1,800 to RM7,500.

However, rising living costs and soaring inflation have taken a toll on most Malaysians, especially those in the B40 and M40 groups.

The Malaysian Insight spoke to different working-class people, with most finding it hard to keep some money aside every month for savings.

Muhammad Hakmie Hakeem Mohd Amin, 26, p-hailing rider

Married with three kids, Hakmie, a p-hailing rider, is the sole breadwinner and survives on a monthly income averaging RM2,500.

He said besides rental (RM500) and utility bills, the bulk of his expenses are for his three young children, with monthly costs coming up to RM1,000. He also looks after his elderly mother.

Hakmie said he did not have bank loans to worry about but owns a motorcycle and an old Proton Saga car, for which he pays monthly maintenance.

Hakmie said saving money was impossible as he often lacked funds to get through each month.

Ahmad Dzulhilmi Ismail, 37, insurance agent

Residing in Bukit Jalil, Kuala Lumpur, Dzulhilmi’s monthly expenses sometimes breach RM4,000.

Among Dzulhilmi’s largest commitments were his house loan and various expenses for his two children, which could go up to RM3,000.

Dzulhilmi allocates nearly RM1,500 for his two children, with one in preschool and the other in primary school.

He also pays RM600 monthly for his car loan, RM400 for utilities and other bills, and RM600 for kitchen expenses.

Earning nearly RM5,000, he blamed rising living costs and the higher overnight policy rate for his inability to save at the end of every month.

“I used to pay a house loan of around RM1,200, but now it is RM1,500.

“Although fuel and electricity rates did not increase, prices of other goods have gone up.”

Mahathir Abdul Rahman, 41, tennis coach

Mahathir, being the sole breadwinner, said he cannot save money as he has high-value commitments.

He owns two houses, for which he pays RM6,500 per month.

He rents one of the units for RM2,800 monthly, however, which lowers his commitment.

Married with four children, Mahathir also owns a car, for which he pays RM1,900 monthly. His monthly kitchen expenses average RM1,000.

His other expenses include RM320 monthly for his children’s tuition fees and RM240 for his water filter.

Mahathir said he has been attending classes to become an insurance agent so he could earn more.

Kevin Paul, 33, aviation supply chain manager

With Kevin and his wife both drawing nearly RM5,000 monthly, it eases the burden on him.

Kevin, who lives with his mother, wife and a one-year-old son, spends the most on household expenses.

Kevin and his wife spend nearly RM2,000 on their son, including for food, diapers and babysitting.

He pays close to RM1,900 for his house and car loans, and another RM600 for utilities, fuel and toll.

Kevin, who plays the guitar, said he manages to add about RM1,000 to his savings by performing at gigs.

But he said the rise in living costs and goods prices were impacting how much he saves every month.

“I used to save nearly RM1,500 before but this has shrunken to RM1,000 because of the high costs.

“If the government removed subsidies, the impact would be worse,” he said.

Tharma Seelan, 35, construction engineer

Tharma earns a decent monthly wage, enabling him to support his family of five, which includes his elderly father.

However, Tharma said he felt he was walking a tightrope as he was employed on a contract basis, with yearly renewals given according to the availability of projects.

Being the sole breadwinner, Tharma’s monthly expenses add up to nearly RM6,000, including his mortgage, car loan, expenses for two children aged four and three, monthly groceries, and insurance for him and his family.

Tharma said his earnings let him save RM500 monthly, but even that was not consistent due to unexpected expenses.

He said rising living costs have impacted his lifestyle, but added that it was quite economical to have monthly expenses of RM6,000 considering he lives in Kuala Lumpur.

Cynthia, 37, teacher and private tutor

Cynthia is unmarried and is the third child among four siblings. She earns close to RM5,000.

However, Cynthia said saving was near impossible given she had a huge monthly loan repayments.

Renting a house in Kota Kinabalu costs Cynthia RM1,200, and she pays RM700 for her car loan.

She also pays nearly RM1,000 for her sister’s education, contributes to the family’s monthly expenses, and bears her parents’ medical expenses.

“My brothers are married and have their own families to look after. They certainly contribute to the family, but not much.

“My mother’s sister, who is a widow, is also staying with us. We also have dogs to feed. Money can get tight,” she said.

Cynthia said she tried to save RM300 to RM500 a month when she could. – October 13, 2023.