I believe many of us do not track our expenses. At the end of the month, we wonder where we spent our money. Keeping a booklet in our pocket or in the handbag to keep track of our expenses daily is a good start. Don’t forget to bring along a pen!

Always remember to set aside your savings FIRST, before you start spending your money. Better still, siphon out a fixed percentage ( e.g. 20% ) from your savings account to another bank account is one way to discipline yourself to save. Lock up the bank book and the ATM card so you will not be tempted to use the savings.

I have compiled a list of major expenses for you to keep track on a monthly basis. Hope this will help you further to track your expenses.

1. Home expenses – Power Supply, Phone, Maid, Property Tax, Fire Insurance, Management Fees, Rental ( if applicable)

2. Family Expenses – Parents, spouse, children allowances, food, medical, clothing, school fees, tuition fees, school bus, childcare.

3. Personal Expenses – Clothing, recreation & hobbies, personal care, grooming care, gym fees, newspaper/magazine subscriptions, club membership, handphone bill, alimony, etc…

4. Transport – Car monthly repayment, petrol, car park coupons, motor insurance, servicing, ERP charges, public transport.

5.  Insurance – Home Content, accident, medical, travel, term.

6. Gifts & Donations – Charity, Church offerings

7. Luxury Items – Vacations, SCV, Mio TV, Entertainment

8. Income Tax

9. Housing Repayments – Principal and interest

10. Other Miscellaneous expenses.

Add all of them up and you will get your monthly expenses accounted for.

Make sure your Income is MORE THAN your expenses!

Financial Planning is a discipline, call me and I will help you get the best out of the rest.