Monday, November 7, 2016

What Happen If You Are Unable To Track Your Expenses

Hi Everyone,

As you have notice, for the last few months, I am unable to produce my expenses results due to forgetfulness and also tight schedule due to wedding and moving into my new house (there are tons of things to do, so if you are at that stage, do note that it will take a lot of your time).

Image result for overspending

Understanding the fact that tracking of expenses can be quite tough as the days goes by, especially if you have other things to focus on, you will slowly neglect this activity. So some of the readers might feel that this will disrupt your saving journey and will eventually lead to overspending. This concern is legit because not many people can control their spending (including myself) without the help/assist of tools (tracking expenses tools).


So what can we do to solve this issue?

There are a few methods that I have suggested previously which can be useful in tackling this issue.

1) Having a Spending Account and a Saving Account

Image result for bank account

When you start working, do remember the first thing to do is to apply for two bank account, one is for saving and another one is for spending. So my friends asked me before, having two accounts is quite troublesome so why not just put it in one account instead?

Putting all your money in one account is convenient but it will be convenient for them to overspend as well. For your saving account, go for those account which gives high interest and for spending account, it would be best if can go for account without minimum sum required (but it's quite hard, so have to maintain $500 in the account)

2) Credit Card Limit

Image result for credit card limit
If you depend on credit card for your spending, there is a way to control it which is specify your credit limit. Like myself, my credit card spending limit is $1,000 per month. This will ensure that I will not overspend and eat into my savings.

Certainly, putting a limit can be restrictive especially if you are purchasing big ticket items like furniture, ring and etc. So if you really need to purchase big ticket item, get another credit card, and that credit card can only be use if and only if you are purchasing big ticket item. (And don't let your wife hold on to that card... if you know what I mean hahaha)

3) Allowance

Image result for allowance
The final method is to live like a student, as I have mention in my previous post, live like a student and draw allowance daily ($10 to $15 per day) before you start your day. This will ensure you that you only have that sum of money to spend everyday, so you won't exceed your monthly expenses.


So, with these methods (choose either one or choose those applicable ones, all if needed) you can skip the chores to keep track of your expenses.

Monday, October 31, 2016

Personal Passive Income and Expenses Monthly Report - October 2016

Hi Everyone,

This month was a good month for me because I manage to save more money due to my increment. It was certainly a good jump in my salary and poof! my saving increase from 76% to 79%! I did not clear any of my goal and at the same time, I cleared my wedding ring installment! (Which means my expenses will go down by $450 per month!)

This post will be a very short one because this is another month whereby I did not keep track of my expenses. The reason is because there are too many things to handle and due to the tight schedule, I did not manage to monitor my expenses. (Probably for the next 2 months as well)

Not to worry, I will start tracking my expenses in 2017! A brand new year with a brand new goal! (Property!)

As for my passive income, well, it's constantly increasing which I believe I can hit $2,000 mark by December 2016!


150K progress - October 2016

As of now, my savings is around 79%. 21 more percent to go before I hit my target, which boils down to around $31,500 more to go!



Conclusion - October 2016

3% jump is indeed a huge jump but the coming month will be a tough one for me because of the wedding expenses kicks in. So might see a drop in next month's saving progress report. But wedding is a once in a lifetime thing, so who cares! (push it till December 2016, where my bonus comes in)

Tuesday, October 25, 2016

POSB Cashback Bonus

Hi Everyone,

I believe most of you have heard about POSB Cashback Bonus program introduce by POSB (obviously). After reading the requirements online, I find that this might be a good way for me to earn some cashback if I buy my property next year and get a loan from POSB. If I manage to do that I think this will be an additional passive income for me!

The requirement as shown in the picture below

Image result for posb cashback bonus

So if I were to get it, I will be aiming for these three requirements, 1) Credit Card, 2) Home Loan Installment (condo loan) and Investment (Invest Saver). 

I did a rough calculation (Just an estimation)

Spending $100 - Credit Card
Home Loan $1800 per month
Investment - $200 per month

With the above, I can earn about $36 per month, which I think is good. Because with this $36, it is another avenue where I can earn additional income and use it to save up for my investment. So if you have home loan and intend to do some investment (invest saver), do try this out. With this small amount of investment and spending (credit card), coupled with home loan, make use of this to earn more!

Certainly, if this program still available (mid of 2017 or late 2017), I will certainly go for it!

Friday, September 30, 2016

Personal Passive Income and Expenses Monthly Report - September 2016

Hi Everyone,

This post might not contain much information regarding my expenses because I was too busy this month with my wedding preparation that I did not keep track of my expenses. On top of that, I guess I over spend too much this month as well which is due to wedding expenses.

For my personal target, I have cleared my passive income of $1,500 in the year of 2016! Another target down. Hopefully I can hit $2,000 worth of passive income by the end of this year. (Probably should add that in!)


And this is the result of my current passive income for the year 2016! Although it is still quite little to some of you but I am slowly building up my passive income starting next year and more results can be seen.



150K progress - September 2016

As of now, my savings is around 76%. 24 more percent to go before I hit my target, which boils down to around $36,000 more to go!



Conclusion - September 2016

Even though I manage to hit one of my personal goals in September 2016, but the savings for this month is pretty low, only manage to increase the savings by 1% (for 150k target). Hopefully I can save more in October (aim to save around 2.5k if possible).