In_5_Years_Time

In 5 years time, I am a senior billing officer who earned RM5000 a month. I am married career women with two kids, Ariel and Shaun. They are in the age of 1 year old and 2 years old respectively. I have a double –storey house which situated 10KM from Kota Kinabalu town. I paid a monthly installment of RM800 for the house. Besides, I also owned a Toyota Vios and paid a monthly installment of RM600 per month. Since that my children haven’t entering the school yet, I have the reason to save more money as I do not have to pay for their school fees and other educational obligations. What I can do is to put aside money for their education later when they start entering a school life. For the time being I just need to focus on the expenses regarding their clothes, milk, and medical care. Also, their toys which I considered as miscellaneous expenses in the cash budget statement. My short term monetary goals are home renovation, vacations and build a swimming pool for my children. I will use my savings and income from investment to achieve these goals. I would like to do some renovation to my current house since I plan to have another child. I need a room for the baby. My target within two years is to accumulate around RM20000 because I and my husband are planning to go for vacations in Europe. My long term monetary goals will be buying a new house, new house and also to save money for my children education later. My children will be in kindergarten in 4 or 5 years time therefore I need more funds to pay for everything. I plan to send them to a Chinese school which means I have to disburse extra money since the school fees in a Chinese medium school are quite costly compare to Malay medium school. My spending pattern for a year shows a fluctuation trends. I spend more money in December since we have to celebrate Christmas and more money will be allocated for new clothing, foods etc. Which mean less money will be saved during this time. My fixed expenses will be the mortgage payment, loan payments and also Insurance premium. Normally, I spend less than what I had budgeted. Even though I spend more than what I had planned on certain items, I will make sure that at the end of month I still have surplus rather than deficit.