EPF’s Budget Guide for Singles

The minimum monthly expenditure to lead a meaningful and sustainable life for a single person without a car in the Klang Valley is RM1,930, according to EPF’s Belanjawanku 2022/2023 guide released on 13 June 2023. And this includes a monthly saving of RM250 besides expenditure for rental, medical needs, transportation, utilities, personal care, social participation, and discretionary expenses. For those who own a car, the estimated expenditure is RM2,600.

The guide includes minimum living costs for various sizes of households in the capital cities. The highest minimum is in the Klang Valley while the lowest is Alor Setar in all the categories which are differentiated by those with cars or using public transport.

EPF said Belanjawanku is an expenditure guide providing estimated minimum monthly expenses on different types of goods and services for various households to help them plan their personal and family budgeting to achieve a reasonable standard of living.

The guide was carried out in collaboration with the Social Wellbeing Research Centre of Universiti Malaya (SWRC) to provide estimations of minimum monthly expenditures on various types of goods and services for different households.

For a married couple with no children, the minimum requirement for a decent life in the Klang Valley is RM4,630 and it goes up to RM5,980 if the couple has a child. It said a senior couple could do with RM3,210 a month while a single senior citizen only needs RM2,520.

The data also shows that 47% find it difficult to set aside RM1,000 for emergency use. The data suggests the need for Malaysians to improve financial literacy to strengthen their financial and future retirement well-being.

The guide has been adopted by EPF’s retirement advisory service officers in providing members financial guidance and advice, forming the bedrock of strong financial well-being and better quality of life in the long term.

Reference:

EPF’s budget guide says RM1,930 enough for singles to live in Klang Valley, K Parkaran, FMT, 14 June 2023