I did a budget review yesterday. Results not good. In deficit after savings. Haiizz. How to start off my investing liddat. Need to tighten the belt now. And best-source for my purchases.
Anyways, back to the the budgeting. Next step is to list out all your expenses. All your monthly bills, transport, makan, subscriptions, insurance & $$$ for your love ones; all the monthly expenses. For those with monthly loans for housing after cpf deduction, do include them. If you don't have an exact amount, have a habit to keep track of your expenses. I use a mobile app for this. U can use an excel sheet which you must key in at the end of the day or a small notebook which you can write down. Personally, a mobile app is the easiest. Since February, I have been keeping track of all my expenses. :D Now just need to maintain it.
That's all for expenses. This I think this is the tough part. The rest onwards should be easy.
Sunday, May 6, 2012
Friday, May 4, 2012
Income
Ok, how did i start this. Of course first, if possible, attend any financial courses, talks and seminars your workplace sent you. Its a good start. Not to forget CPF talks and seminars too. Reading books helps too. I usually get books from local authors so I can relate to the stories or scenarios. Our excellent public libraries are world class. Do visit them and of course clear any debts u have with them. : ) The internet is also a great source of info. Blogs, wiki, even FB posts are sometimes quite informative.
The first part of FP was budgetting. The start of budgeting was quite an eye opener for me. I get to see all my expenses, my debts and liabilities and of course, my savings. Yes, I do save at that time tho not regularly. To start, you need to do the following:
- Find out your income
List down your monthly income. Your take home pay. You may want to include any sideline business or recurring income you might have. For bonuses, you can put it in too but for my case, I normally shove a nice round number to my savings account. The rest I will keep for spending. Like the new Galaxy S3 if have been eyeing all year long. :D
http://www.youtube.com/watch?v=D683O1YeozY&feature=share
I nak!
The first part of FP was budgetting. The start of budgeting was quite an eye opener for me. I get to see all my expenses, my debts and liabilities and of course, my savings. Yes, I do save at that time tho not regularly. To start, you need to do the following:
- Find out your income
List down your monthly income. Your take home pay. You may want to include any sideline business or recurring income you might have. For bonuses, you can put it in too but for my case, I normally shove a nice round number to my savings account. The rest I will keep for spending. Like the new Galaxy S3 if have been eyeing all year long. :D
http://www.youtube.com/watch?v=D683O1YeozY&feature=share
I nak!
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