Thursday 24 April 2014

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How much do you save? A guide to budgeting - PART 2

Posted by Unknown at 7:00 am
If you have read my previous post, you would have the idea of cutting expenses in order to save more. And that is the core 'essence' of budgeting.

 So the next question would be: How to do budgeting? Where should I start? 

 Here's how I will show to you:-

 STEP 1:
Create a monthly budget planner. 
    • Inside this monthly planner, you will include all your expenses and how much do you save. 
    • I will illustrate a simple table for your reference:-




















    • Why do I need budget planner? Of course you do! So that you know how much you spend. And be aware of the unnecessary spending you made every month. See it with your naked eyes only you'll take action.

 STEP 2:
Set a target how much you should spend every month. 
If you can do better, track it by weekly or daily. So that you can take control of your spending.

We can start by daily food expenses:-
  1. Monday - RM 15 (breakfast + lunch + dinner)
  2. Tuesday - RM 15 (breakfast + lunch + dinner)
  3. Wednesday - RM 15 (breakfast + lunch + dinner)
  4. Thursday - RM 15 (breakfast + lunch + dinner)
  5. Friday - RM 30 (breakfast + lunch + dinner). Since we love TGIF, you may set a higher expenses on Friday.
  6. Saturday - RM 100 (food + entertainment)
  7. Sunday - RM 50 (family day)
That makes up to RM 960 a month for food. At least you know where you will spend, you can control your budget more carefully.

*********************

So here you go, a simple step to budgeting. 

Yes I know, I know. Looks simple, but its tougher to get it done.

Isn't it the same to everyone of us? Steps are simple, but the process is the hardest. 

"The only way to do this is to start doing it now! If you wait, you gonna forget about it the next minute."




Do not delay. Do it today, do it right now, after you finish reading this. 

You do this, you are doing better than 90% of fellow Malaysians.

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