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With rising prices of goods and services in 2023, the average cost of living has increased in the Klang Valley area.
Hawker food prices have jumped by RM2-3, while groceries have also seen a sharp spike in prices, especially for fresh produce.
IRL interviewed 4 people from different backgrounds to understand how much they are earning and how much is needed to survive.
1) Alicia (Content Analyst), Salary: RM3,500/month
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I am a 25-year-old content analyst in Petaling Jaya and I get about RM3,500 a month (about RM45,000 a year).
As someone working in PJ, I feel my pay is barely enough for all my expenses. RM3,500 is much too low for the work I do and the living costs in PJ.
Most of my financial spending goes to my car and study loans, as well as regular maintenance for my car.
I am able to survive and not be too miserable each month, however, my salary is not enough in terms of saving up for bigger things in the future.
As I am still young, I’m always learning new things and searching for side jobs to earn some extra pay and pick up extra skills.
To save RM50k, it would probably take more than 5 years, assuming I do not get any extra income from side jobs.
If I do get a few side hustles, I might be able to hit that milestone in much less time.
On a small scale, I do my best not to succumb to peer pressure and match the lifestyle of my peers or colleagues. I stick to my own timelines and have my own benchmarks for ‘success’.
In terms of my career, I do see myself in this industry for the next 3-5 years at least. I would like to be stable in my job and not move about frequently.
2) Daniel (Civil Engineer). Salary: RM2,200/month
I am a 26 year old civil engineer for a property developer based in Klang Valley. I earn about RM2,200 a month and RM800 in allowances.
Effectively, I make RM3,000 a month. My rent, car loan, insurance, petrol, and food make up the biggest expenses of my measly pay.
It’s definitely not enough to be comfortable in KL. In my estimation, I’ll need about RM5,000 to RM6,000 to feel like I’m paid enough for the amount of work I do.
Due to the rise in cost of living in 2023, I think a fresh grad civil engineer’s salary should be about RM3,500.
Even though the market rate right now is RM3,000 for fresh grads, most people aren’t paid even that – some of my peers received offers as low as mine, but with even less allowances.
With my current earnings, minus all of my expenses, I can roughly save between RM100-RM150 per month. Although it’s not a lot, it is still money saved.
If I can be disciplined enough to save RM150 per month, I’ll need about 27 or so years to save up to RM50,000.
Having said all that, I also have a part-time job driving Grab.
It does not pay much as I only drive whenever I have free time, but it definitely contributes massively towards my savings and my goal of reaching RM50,000.
With this side income, I hope to save up 50,000 in less than 15 years.
3) Vernon (Yoga instructor & Freelancer) Salary: Variable.
I am a full-time yoga instructor. In my spare time, I also work as a freelancer/part-timer for two other jobs.
In this reality, having just one job is not enough to live a comfortable life in PJ or KL.
On average, my yoga instructor job is enough to pay for my expenses (car, house rent, and miscellaneous expenses).
The other freelancing jobs are like my ‘hobbies’; although it’s true that I need them to have more earnings, I do these jobs as my passion.
My monthly expenses are not a lot; however, I am saying this from a place of privilege because I am blessed enough not to have responsibilities like caring for my parents or contributing to them financially.
I will not go into what I earn on the side, but it is in foreign currency and more than sufficient when converted to RM.
I save them up in a foreign bank account and barely touch them.
I’ll probably need only 1 year to save RM50k.
Sometimes, I do indulge in a spot of online retail therapy, but these are all controlled spending and never exceeding any limits.
After I have saved up more, I intend to migrate to Canada or Australia. Once I’m over there, at least with my savings, I hope to start a reasonably good life there and settle down.
4) Margaret (Semi-retired). Pension: RM 2,500
When I started working in 1982, my basic salary was only RM250.
Although I ate lunch from the hawker center and took public transport, it was enough for me.
Life was simpler then: I was single, lived with my parents, and had no major financial commitments.
In the 80s, we could rely on buses to get around. We had no fancy Starbucks, hipster cafes, or bistros which cost an arm and a leg.
We’d have normal gatherings with friends at the mamak stalls, hawker centers, or at each other’s house.
Romantic dates consisted of simple makan, going to the movies, or going to the beach.
My husband and I decided to get married on a small budget in 1990. No fuss or fanfare – because people didn’t have great expectations or demands.
We started with a low-cost flat, cheap and affordable; they were common in the 90s.
A few years later, we decided to upgrade to a 3-bedroom abode when the children came along.
Due to our work commitments, we had two cars, already considered a luxury in those times.
The family grew and we ended up with three kids. I guess we were not very financially savvy parents which did not prepare us for rainy days.
We did not have much savings to begin with, and being saddled with so many commitments it was rather tough and stressful on us.
This was even more so during the economic downturn – my husband’s business suffered and I was jobless for a couple of months.
We really had to learn how to stretch our dollar and eat simply.
Thankfully, the economy picked up and things got better. We managed to settle our housing loans with our EPF savings, our boys completed their studies and are working adults living away from home.
Looking back, we overcommitted and should have saved more for rainy days; but well, it’s water under the bridge now.
Based on our life experience, we took about thirty-plus years to save up RM50,000 in savings.
Both my husband and I are semi-retired today; only doing some part-time work just to occupy our time and earn some pocket money while we are still fit and able.
We travel whenever time and money permits; yet we have to be cautious to ensure we have some savings for our spending during our twilight years.
For more stories like this, read:
At 23, I’m the Only Person Supporting My Family In KL. Here’s How I Survived
Do you have an interesting story? Email us at hello@inreallife.my
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