Expenses For Oct 2015

Hi Everyone!

As today is the last day of October 2015, I have do a summary of my expenses.

Travel: $140
Food: $313.45
Entertainment: $185.45
Bills: $113.14
Mum’s Allowance: $120
Others: $8.70

Total: $880.74

This is a good start for me as my projected (amount set aside) expenses is $970, which is $89.26 lower than the targeted amount.

So certainly, I over-estimated my expenses as I did not really adjust my lifestyle (in order to reduce expenses). This can be adjusted but I will not do that for now as these coming few months, it will be a busy month because is the year end period! I will need to spend some extra money for some other stuff like gifts and etc.

This is a first step for me and I believe that I can do better and try to cut down whatever cost I can but will not disrupt my lifestyle so much that I make myself uncomfortable.

Savings and Expenses

Hi Everyone!

Personally, when I started having my SGD$100,000 goal before I hit 30 years old, I start allocating how much should I spend and how much should I save for each month in order to maximize my savings.

When I read through various blogs, forums and some experiment, I have come to my own conclusion on how to actually save money progressively. The reason why I suggest to newbie (in controlling expenses) who wanted to save more money to go for progressive saving method as compared to big bang changes.

At first, I start saving 40% of my salary (After CPF deduction) and spend 60%, at the end of the month, I find myself to have around 10% leftover and I put this 10% to my saving account. Then next month, I set 50% savings to 50% expenses and it goes on and on and I finally find my comfortable ratio which is 70% (savings) to 30% (expenses). This is a good start for me as 70% of my salary goes to savings is really a big WOW!

So I will be using this ratio 70:30 until I got married. Because I believe that after I got married, the ratio will change drastically. The reason is because of house installment, family expenses and etc.

So how about you? What is your comfortable ratio right now?