Malaysia
Monthly Budget Template for Malaysia
Track your income in MYR, manage EPF contributions, PCB tax deductions, and everyday expenses, all in a Google Sheets template you own.
In Depth
EPF at 11%, Graduated Tax Rates, and RPGT on Property
Malaysian employees under 60 see a combined EPF contribution of 23% to 24% of wages, made up of an 11% employee share plus 13% from the employer on wages up to RM5,000 or 12% above that, directed to the provident fund before take-home pay is calculated. On top of EPF, PCB (monthly tax deduction) is withheld against Malaysia's graduated income tax rates, which for the 2026 year of assessment run from 0% on the first RM5,000 of chargeable income to 30% above RM2,000,000. For most salaried workers the effective rate sits far below the top bracket, but the combination of EPF and PCB still leaves a substantial gap between gross and net pay. SOCSO at 0.5% of wages, capped at RM29.75 a month, and EIS at 0.2%, capped at RM11.90, add smaller deductions.
The ringgit has fluctuated against major currencies in recent years, and that movement feeds through to imported goods and international commitments. For Malaysians with overseas financial obligations, whether education fees for children abroad, family support or foreign-currency debt, exchange rate swings can shift monthly costs unpredictably. Tracking those lines separately in a budget is one way to see when currency movement is quietly absorbing discretionary spending.
Property owners face Real Property Gains Tax at rates tied to the holding period, from 30% for disposals within three years down to 0% from the sixth year for Malaysian citizens. On the household side, subsidy retargeting has moved from proposal to practice: diesel moved to a targeted scheme in June 2024, electricity tariffs were restructured in July 2025, and RON95 petrol moved to a targeted pricing arrangement from late 2025 under which eligible Malaysian citizens pay a lower pump price than everyone else. Fuel, electricity and food are therefore categories where the budgeted figure can move for policy reasons rather than personal ones.
Malaysia
Budgeting in Malaysia: What's Different
Malaysia's financial system has features that shape how budgeting works. Knowing what they are makes it easier to set up a template that matches how money actually moves through a Malaysian payslip.
EPF contributions reduce your take-home pay
Malaysian employees under 60 contribute 11% of monthly wages to the Employees Provident Fund (EPF), and the employer adds 13% where monthly wages are RM5,000 or below, or 12% above that. From age 60 the employee rate drops to 0% and the employer rate to 4%. Since October 2025 foreign workers are also inside the system, at 2% from each side. The employee share means credited pay is roughly 89% of gross before income tax, so budgeting from the amount that actually lands in the bank gives a closer picture. The EPF contribution schedule sets out the current rates.
Progressive income tax with a wide set of reliefs
For the 2026 year of assessment, resident income tax runs from 0% on the first RM5,000 of chargeable income through bands of 1%, 3%, 6%, 11%, 19%, 25%, 26% and 28%, reaching 30% on chargeable income above RM2,000,000. Monthly PCB (Potongan Cukai Berjadual) deductions approximate the annual liability. Reliefs include RM9,000 personal relief, RM4,000 for approved provident fund contributions, RM3,000 for life insurance, RM10,000 for medical expenses, RM7,000 for tertiary education fees and RM2,500 for lifestyle purchases. Tracking qualifying expenses through the year is what makes those reliefs easy to total at filing time.
No GST, but SST applies to some items
Malaysia replaced GST with the Sales and Service Tax (SST) system. Service tax is charged at a standard 8%, with a reduced 6% rate on food and beverage, telecommunications, parking and logistics services. Sales tax on manufactured goods is 5% or 10% depending on the classification, and the scope of both taxes was widened from 1 July 2025. For budgeting purposes, prices you pay already include applicable taxes.
Malaysian cost of living varies significantly by location
Living costs in Kuala Lumpur differ substantially from Penang, Johor Bahru, or East Malaysia. Housing, transport (car-centric in most areas), and food (from hawker stalls to restaurants) are the main variable categories. A budget tailored to your specific city and lifestyle gives the most useful picture.
SOCSO and EIS are mandatory contributions beyond EPF
Beyond EPF, Malaysian employees contribute to SOCSO (Social Security Organisation) and EIS (Employment Insurance System). The employee SOCSO share is 0.5% of wages, capped at RM29.75 a month under the RM6,000 wage ceiling, while the employer share is capped at RM104.15. EIS, which started in 2018, provides unemployment benefits and re-employment assistance at 0.2% of wages from each side, capped at RM11.90. SOCSO's Non-Employment Injury Scheme began phasing in from 1 June 2026, starting at 0.75% of salary and stepping up over its first years, as summarised in the PwC Malaysia tax summary. These deductions are small individually but add to the gap between gross and net pay.
RPGT applies to property gains based on holding period
Real Property Gains Tax (RPGT) in Malaysia is charged on profits from selling property. For Malaysian citizens, the rate is 30% if disposed within 3 years, 20% in year 4, 15% in year 5, and 0% from year 6 onward. Non-citizens face higher rates and longer holding periods before the rate drops. An exemption applies for gains up to RM10,000 or 10% of the chargeable gain, whichever is greater. Holding period is therefore one of the larger variables in the outcome of a property disposal.
Get the Template
Getting Started
Your First Steps With a Malaysian Budget
Switch the currency to MYR
There's a currency setting at the top of the dashboard where you can switch to MYR or RM. The calculations stay the same, so only the display changes.
Enter your after-EPF, after-tax take-home pay
Use the amount actually credited to your bank account after EPF and PCB deductions. Your payslip shows the breakdown, and the net pay figure is the one the budget runs on.
Customize expense categories for Malaysian life
Add categories relevant to your situation: rent or home loan, utilities (TNB electricity, water), mobile and broadband, petrol and toll (Touch 'n Go), car loan and insurance, groceries, eating out (mamak to restaurants), medical expenses, and insurance premiums.
Track tax-relief-eligible expenses
For the 2026 year of assessment Malaysia offers reliefs for lifestyle expenses (up to RM2,500), medical expenses (up to RM10,000), education fees (up to RM7,000) and more. Adding a note or tag to qualifying purchases during the year keeps them in one place when filing season arrives.
Plan for annual and seasonal expenses
Road tax and car insurance renewals, annual medical check-ups, Hari Raya or Chinese New Year spending and school reopening costs all land in particular months. Spreading them across the year in the template is one way to see them coming.
See It In Action
What the template looks like
Browse through the template to see the dashboard, the entry sheets, and the summaries it produces, all adaptable to your local financial setup.
- Built-in currency selector
- Calculations update automatically
- Visual summaries of your numbers
- No setup required
Dashboard with income, expenses, and savings at a glance
Log transactions with automatic categorization
Set targets per category and track actual spending
Visual breakdown of where your money goes
Track savings goals alongside your budget
Monitor progress toward financial goals
Fully customizable expense, income, and savings categories
Common Questions
Monthly Budget Template for Malaysia - FAQ
Does this template use Malaysian ringgit?
Yes. Switch to MYR or RM using the currency dropdown in the header. The formulas work the same in any currency, so only the display symbol changes.
Should I track EPF contributions in my budget?
EPF is deducted before your take-home pay, so it doesn't need a budget line if you enter net salary as income. Voluntary self-contributions come out of disposable income instead, so those usually sit as their own line.
How do I handle variable income like commissions or bonuses?
Add these as separate income lines in the months they arrive. For commissions that vary monthly, one approach is to use a conservative figure as the baseline and treat stronger months as a bonus on top.
Can I track PTPTN loan repayments?
Yes. Add PTPTN as a debt repayment category. On salary deduction it is already inside your take-home pay, so it needs no line. If you pay it separately, a monthly expense line keeps the balance visible.
Is there a Malaysia-specific version of this template?
The template is the same worldwide, designed to be customizable. This page explains how to set it up for Malaysian finances. You can rename categories and adjust the template to match your specific situation.
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Download instantly and start managing your finances, or contact us to design a custom template package for your needs.
Tax rules, rates, and contribution limits change, and official publications can themselves lag behind the law in force. We review these figures on a best-effort basis against sources we consider authoritative, but we cannot guarantee they are current, complete, or that better sources do not exist, and nothing here is tax, legal, or financial advice. For decisions, the relevant government authority is the reference.