![]() If you have an existing budget, review it from time to time to make sure it still works. Control your money, so that it does not end up controlling you.Track your spending, so you can put aside money for your long-term and short-term goals.Live within your means and meet your basic living expenses.Setting up a budget is also a great way to get a quick snapshot of where your money is coming from and going. It can help you manage your savings, income, spending, debt and other liabilities prudently. Or you could jot down what you spent, when and how much you paid for it.Ī budget is a good savings and spending plan. You should take steps to curb your spending if it is keeping you from achieving your goals.Ī simple way to track your spending is by using a budgeting app. ![]() Do you usually buy at first sight? Or do you compare prices to see if you're getting the best deal?.Was it a need or want? Was it an essential item or was it bought on impulse?.They could be more expensive (but not necessarily better) substitutes for your needs or just non-essential items, like a new pair of shoes to add to your collection.Īs a guideline, always prioritise spending on your needs over your wants: What you want can wait until you have met your goals!įor example, think about something you bought recently: These are things you can’t live without, like food or utilities. For the rest of your income, use a budget to help you manage your expenses.Ĭonversely, a spend-first-save-later pattern could mean there is nothing left for savings.īefore you start tracking your spending, take an honest look at how you spend your money. Ideally, you should save at least 20% of your income every month. Saving first ensures that you save a portion of your income every month. Must-pay bills and lifestyle expenses first.Here's the difference between the two spending patterns: Use our Savings Calculator to see how much your savings will add up to. You should keep this amount in a separate bank account so that you are not tempted to spend it. It is a commitment to save a fixed amount every time you get paid. Saving first and spending later is a good way to increase your savings. (Our handy mini-guide, My Money Book, is available for download in English, Chinese, Malay or Tamil) ![]() The key to being financially secure is not how much money we make, but how well we manage it. What is the first thing you do when you receive your pay? Do you keep track of where your money goes every month?Ī good job and a dream income could still be insufficient if we don’t know how to handle our money. ![]()
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