Hello Grasshoppa,
Based on the recent PM announcement, most Malaysians are benefiting from the Covid-19 Economic Stimulus Package. Today, I will be breaking it down on the estimated amount of money that each household income is able to receive. Just a brief sharing which I’m sure many of you are aware of, Malaysian household incomes are split into 3 groups which are B40, M40 & T20 or Bottom 40%, Middle 40% or Top 20%. 
How Much Can B40, M40 & T20 Potentially Receive?
As per the table above, I am splitting it based on B40 singles with below RM2000 income, B40 singles with income between RM2000-RM4000, married B40, M40 & T20. As you can see, B40 group is getting the most money among all the income classes. Although EPF i-Lestari is withdrawal of our own account 2, I am sure that many Malaysians will withdraw it during situation like this. Withdrawal of your EPF account 2 under i-Lestari package is RM500/month for 12 months.
With the deferment of housing loans & car loans, Malaysians are also able to save an estimated amount based on the below. I am using estimation amount based on RM150,000 loan amount for B40, RM300,000 loan amount for M40 & RM700,000 loan amount for T20. Of course each amount varies based on the actual housing price & loan tenure. Car loans estimation is also based on different car range & the amount may vary base on each case. These are the potential amount that you are able to save each month for the next 6 months.
So if you look at the above figures, B40 will save RM6,900, M40 will save RM13,200 & T40 will save RM27,600. Since it is only a deferment, it means that you will have to pay your loan for an additional 6 months on top of your current loan deadline. Some people may spend it wisely or some will splurge with it. Remember to plan ahead. A time like this is crucial for better financial planning.
There are also other benefits that each Malaysian will get during this period which you can refer in my previous post. How Can Malaysian Benefit From Covid-19 Economic Stimulus Package.
Conclusion :
With the money that you will potentially get from the Covid-19 Economic Stimulus Package, my recommendation is for you to use it wisely. As the Covid-19 situation is uncertain & we wont know how soon it will stop, it is definitely affecting many countries economy. There might be a potential recession during this period. Avoid any impulse buying & plan your spending well. If you have extra cash, instead of going for online shopping for goods that you don’t need, you may start to shop for some potential stocks. There are plenty of good stocks out there that currently on bargain. I may have repeated this before about investing during period like this although some may disagree on this. Most important of all, diversify your investments & do not put all your eggs into 1 basket.
With new cases everyday, I personally think that there will be additional extension of the MCO. Most of us may work from home & I am sure we have plenty of time to do something extra. It may be from spending time with our family or sharpening your kitchen skills. You may also keep yourself fit and occupied during this period by doing doing some home exercises, signing up for online courses or reading more books. You may also choose to play some games or catch up with your Netflix series. The choice is yours. I wish all of you to stay safe & sound and remember, stay home. If you need to go out, practice social distancing & wear your mask.
OSS!
