Finally Got My New Home

Hi All,

As mentioned on my blog title, I finally bought my new home! Although it nearly clear all my funds but to me it is a big step for me! Like mentioned before, I am unable to purchase HDB, so before anyone asked, I have bought a resale condo (850 square feet).

This is a happy moment for me but also a mountain of debts coming for me as well since I am taking 30 years loan. With this, I have finally settle one of my goal which I kept mentioned in my blog since last year and the goal I had for myself (the green bar on the right), has been clear and will be updating the target bar soon for my portfolio.

So when will I be continuing my financial portfolio? should be early next year and will start my ball rolling again. Finally for a few months later, I can resume my portfolio and go forward to my passive income.

So this post will end here, and I will explain more on my purchase of property process in the next post so that you will have a better idea on what to expect when purchasing a private property.

So see you next time!

Big Event and Year 2017 Update

Hi Everyone,

It's been a while since I have update this blog, mainly due to preparation of my big day (my wedding) which leads to insufficient free time to update my blog.

2016 has been a fruitful year for me because there are several happy event took place. First is my wedding and ROM, it was a wonderful event with my wife as we prepare really hard for this (day and night preparing all the things that we need during the actual event). The reason why we are so busy is because we did not hire any event planner thus, we have to do all the planning all by ourselves. The reason why we did not hire any event planner is because of cutting the unnecessary cost and also since wedding is a once in a lifetime event, we should be the one prepare for it so that it will be meaningful to us when we look back after 10, 20 or even 80 years later (if we are still alive).

Second event is that I have revive this blog in around mid of 2016 (May 2016), this is because I want to keep track and share by journey with the readers once again. The journey in 2016 is pretty good and I hope I can maintain it in the future.

Third event is that I have created my own financial tracker (web platform), which helps to monitor my savings, it is called  Big Saving Small Planning. Below is the sample screenshot

Last but not least, I have managed to save 100K cash in December 2016 and my total net worth now is around 140K!

For the year 2017, as I have mention quite a number of times last year, my main target it to purchase 2 bedroom condo. Although the current cash and CPF that I have might not be able to pay the down payment, well, I still have few months more to go. Nothing is impossible for me, I shall go for it and clear this target of mine :)

That's all for this update, will update my report card soon!

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).

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

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

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

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.

What To Do If You Are Too Lazy To Keep Track Of Your Expenses?

Hi Everyone!

In order to build your own passive income, it is always important to save more money while you are working so that you can invest those savings into different instruments for good returns. So in order to build your own portfolio, you will need more money in order to generate decent amount of passive income to support your monthly expenses, in order word, achieving financial independence. 

So most of the people would suggest to start monitoring your own expenses in order to achieve your monthly saving goals. At the start, you might be able to diligently keeping track of your expenses however, it might died down after a certain period of time (I have to admit that I, myself have experience this kind of situation before). 

So I asked myself, what should I do in order to maintain my expenses while not keeping track of it?

Well, there is a way to do that and we use to do that when we are in schools (especially in primary and secondary school), do you have any idea on how to do that yet?

Live like a Student and Save like a student

So there are a few things that you need to do because after all adults and children/teenager are different as adult, we have liabilities that we need to take care of, like house debt, bills and etc. So there are a few things that you need to do!

Set aside some of the money for fixed expenses

So, before you start your saving journey, do make sure that you write down all your fixed expenses and set this amount of money at one side in order to pay for your fixed expenses. This is rather simple and straight forward.

Note down the monthly expenses that you would spend

Before you start living like a student, set your target monthly expenses for your travel, food and entertainment. This is important because this is the sum of money that you will be spending for the month without touching the rest of your income.

Split your income into various account

Once you have listed down your fixed expenses, monthly personal expenses and savings, split them into different account for segregation.

Set daily allowance for yourself

So after the splitting is done, now is time to live like a student! If you recall, when we were a student, we used to receive allowance from our parents for weekly or daily expenses. So now you will have to live like a student, set a daily allowance for yourself. For example, your daily allowance is $10, so you will have to go to the bank to receive your $10 allowance at the start of each day. This will ensure that you won't overspend and you will be able to maintain your monthly expenses and you do not need to diligently keeping track of your expenses.

So what do you think of this strategy? I will be adopting this strategy after I settle my down payment for my condo next year. So if you find that keeping track of expenses is not your style, do try this method. 

Understand Yourself Before Starting Saving/Investment Journey

Hi Everyone!

Today's topic is about understanding yourself before you start your investment/saving journey. This is important because it can greatly affect your portfolio and the returns that you can generate.

These are some of the questions that you can asked yourself or make sure that you know about yourself before getting started.

1. Is Your Determination Strong Enough To Complete Every Task?

This question is important because financial saving/investment requires determination before you can reach that financial goal of yours. The reason is because in order to reach the financial goal via saving/investment, you would need to give up some of the excessive lifestyle that you are currently enjoying in order to save up some money to build your first pot of gold.

Initially, you might be able to have some determination to work towards that, but maybe few months down the road, you might think otherwise. You will feel that you are tired of saving money, tracking your own expenses and etc, which eventually goes back to your normal lifestyle where you spend or overspend the money that you earn for each month.

So determination is very important so to ensure that you won't give up half way. Personally, I have been through that stage before whereby I was too lazy to keep track of my own expenses for about 2 months, and after which when I resume on tracking my expenses (without any changes in my daily spending), I actually spend more than what I should have. So I quickly set myself a target, goal and expenses tracking website to ensure that such things will not happen. 

2. Risk Appetite

There are tons of investment/saving tools out in the market whereby you can make your money work for you to earn more returns. So you will have to asked yourself, what is your risk appetite. 

For low risk, you can go for banks with high saving interest like OCBC 360, UOB One or BOC, together with SSB, STI ETF, CPF Top Up and probably fixed deposit.

For high risk, you can go for tradings, invest in shares, FX and etc. 

So it really depend on your risk appetite. However, if you are new to investment, do not go all in at the very first time, set some amount that you can lose and try it out first before increasing the limit of your money. If not, you might lose all your money at one shot.

3. Lazy or Hardworking

Depends on whether you are hardworking or lazy. If you are hardworking, it would be best for yourself to manage your own portfolio. However, if you are lazy, then it would be best to get one agent, middleman or fund manager to handle your money for you. 

The reason is because monitoring your portfolio can take up a lot of your time which makes you have lesser time to slack around in the house, even during your weekends. So if you do not have such time for monitoring, it would be best to ask a middle man to manage it for you (by paying them some commission or price - depending on what you buy, could be insurance saving plan, STI EFT and etc.)

So these are the three things I find that it is important to asked yourself before you start your saving/investment journey. So what is your view about this? Do comment below!

POSB Launch Saving Programme For National Service Man or NSF?

Hi Everyone!

Good news! There is a new POSB Programme for National Service Man! I am included! Yay! Oh wait.. Let me take a good look at this article again.. POSB Launches Savings Programme for NSmen

Alright, it is for NSF rather than NSmen, there is a serious mistake written on the Channel News Asia website which is quite misleading for NSmen.

Definition:

NSF: Singapore Man / Permanent Residence who are currently serving their National Service

NSmen: Who are operational ready, in other words, completed their 2 years of National Service.

So this program is really good for NSF to save their monthly allowance so that they can build their own savings when they are serving their nation. Under this programme, NSF will get an interest rate of 2 per cent per annum on their monthly contribution to their saving account for the entire duration of their full time national service period.

Below is the diagram for NSF saving programme

Source: http://www.posb.com.sg/personal/deposits/savings-accounts/posb-says

My opinion:

For those who are not financial savvy or don't want to take risk in investment, this will definitely be a good tool for you to grow your savings. However, do take note that only your monthly NS contribution will be taken into account for the 2% growth, other than that, it will not be counted in the 2% interest. 

It will be great for officers who are getting huge allowance as they can contribute more to their saving account to earn 2% per year. Let's say if an officer contributes (after expenses) $900 per month, which gives around over $2,000 worth of interest. Of course, for the others, you can still save and earn interest from this programme. So it is certainly a win-win situation whereby it helps you grow your wealth when you are serving your nation.

This is certainly NOT for NSman!

5 Things You Should Do When You Start Working

Hi Everyone!

The purpose of this post is to share my personal experience on the things that I believe you should do in order to save extra income when you start working. This is just my personal experience in terms of the things that young working adults should do in order to have some savings for future expenses like wedding, house, car, family and etc.

Also, one more thing, you do not need to earn substantial amount of money in order to build your saving fund. You can either start small or if you earn less. If you earn more, save more, that's simple. Of course, don't worry about catching up with your peers or friends who are earning more than you. Go at you own pace when following the things that I mention, don't rush! Because slow and steady also can win the race. Well the race is the goal that you set for yourself in terms of future expenses or retirement fund.

Here we go!


1. Track Your Spending

This is the first thing that you should do when you get your first job. It is important to set a spending budget for yourself so that you can set aside some money for your expenses and the rest will go to your saving account. 

When you do your expenses planning, do make sure that you try it out for 2 to 3 months to ensure that the amount that you allocate will not disrupt your daily activity or making yourself uncomfortable. Also don't go too extreme whereby you drink plain water for your lunch rather than getting a good meal for yourself, don't ever do that. It is always better to set a reasonable amount for your expenses.

I started off quite late as during the first few months of working, I did not keep track of my spending and I just spend whatever I could without thinking about building my own savings. However, after reading some financial post and forum, I realize it is important to have such habit in saving money, thus, I started keeping track of my savings in spreadsheet and soon after I create a website to monitor my own savings. (As shown below)

2. Having Spending Account and Saving Account

A continuation on the first point, after you have your expenses finalized, create two account, whereby one account will be using for your monthly spending, and another account will be using for pure saving. This will ensure that you won't accidentally touch those money that you plan for saving. Of course, if there is an emergency needs for using extra money, do go ahead and spend it. 

My personal experience for this part is that I tend to overspend with no control if I mixed my saving and spending account together as one. Because when you see that there is sufficient funds in your account, you will unexpectedly overspend and exceed your budget for the month. Of course, I realized it during my 3 months trial period and decided to split them up into 2 different accounts. 

3. High Interest Saving Account

A continuation to the previous point, the next thing you need to do is to do some research on the type of account that enables you to earn higher interest. There are several banks offering quite an attractive interest rate with conditions applied to enable you to earn 2% to 3% interest per year.

Banks like OCBC, offers OCBC 360 account whereby you can earn up to 3.25% per year or more as shown below

URL for more info: http://www.ocbc.com/personal-banking/accounts/360-account.html

UOB One account also offer similar type of interest rate, with up to 3.33% per year as shown below

URL for more info: http://www.uob.com.sg/personal/deposits/chequeing/one_account.html

Bank of China also provide similar type of interest rate as well, with up to 3.15% or more per year as shown below

URL for more info: http://www.bankofchina.com/sg/pbservice/pb1/201510/t20151023_5857863.html

Of course there are other banks which provides saving account with good interest without much activities required like CIMB, Standard Chartered bank and etc. So do the necessary research to see which one suits you the best before applying.

Currently, I am using OCBC 360 (lazy to change) and UOB One account as I have exceeded $60,000 in OCBC 360 so the excess amount I move it to UOB One account. Currently I am earning around $125 dollars per month (on the interest itself), which basically covers my concession card per month or 3 to 4 bills being covered.

4. Investment in Shares and Bonds

If you are comfortable and understand very well regarding the risk in shares and bonds, I would suggest you to go for it. However, do not treat it as a gamble by trading, no doubt that you can earn quite a huge sum of money (if you know how to trade) but you can burn badly as well because no one can predict the market movement. So go for low risk low return first, slowly build your dividends so that you can make money to work hard for you. 

For starter, I would suggest going for Singapore Saving Bonds  or if you want higher returns then you can consider STI ETF (there is a risk for STI ETF as share price might drop due to bad economy, just like shares) .

For Singapore Saving Bonds, it is risk free as the capital is guaranteed (read more about it at http://www.sgs.gov.sg/savingsbonds.aspx). Although the returns is pretty low but you can put some money in it for diversification in your portfolio. The best thing about this is that there is pro-rated interest rate when you withdraw before the interest due date.

Personally, I have invested $5000 in Singapore saving Bonds and around $2,800 in shares, which gives me about $108 per year. Although is quite little but slow and steady wins the race!  

5. Set Your Goals!

Rather than aimlessly building your saving fund / retirement fund, try to have some short term goal and long term goals in mind so that at least you have a target to achieve in every milestone that you have set for yourself! This makes it more interesting to measure how far you can go and whether at the end of the day, will you be able to achieve those goals that you set for yourself! It is like gamification whereby you make the process like a game in order to achieve your goals in building up your saving fund / retirement fund.

Personally, I did my own goals in order for me to have a target to aim for. My long term goals are listed in this URL: https://jyklmoneyblog.blogspot.sg/p/goal.html and my short term goals are listed in the website that I have created as shown below

So these are the 5 things that I believe you should do when you start working, as it will help you to build your funds for your future! Do share with me some of your tips or other methods so that we can learn from each other!

May 2016 - Expenses Result

Hi Everyone!

As promised, I will lay down my expenses for this month to see how much I fare for this month. So the result is as below. Other than Entertainment (exceed by 50 cents), the rest of the category are still working quite well. Of course, for this chart, the month of May might be a bit off because I officially started off a bit late. So as part of a trial for this financial saving web that I created, I will provide a more realistic result from next month onwards.

However, I am still happy with the result because other than bills (which I left out around $80 due to early entry), the rest seems to be quite stable. For this month, I am quite happy with the result.

Based on the graph above, my expenses break down are as below:

1) Travel: $120 (Planned) VS $120 (Actual) - I bought adult concession so the amount is fixed

2) Food (Weekday): $160 (Planned) VS $80 (Actual)

3) Bills: $120 (Planned) VS $29.90 (Actual) But if we add the $80 bill in should be around $109.90

4) Entertainment: $120 (Planned) VS $120.50 (Actual)

5) Others: $580 (Planned) VS $465.96 (Actual)

Overall: $1,100 (Planned) VS $896.36 (Actual)

That is awesome for me to achieve this result and certainly I can look forward to save even more however, there is wedding expenses that I need to take into consideration. But overall, I am happy with the result as I have achieve what I have set for myself.

So this is the report card that I have produced for this month, hope June will be a better month for me. 

Financial Freedom

Hi Everyone!

Below is my video that I created on Financial Freedom. This video is for beginner and also my aim as well.




This video shows my spreadsheet that I am using to keep track of my own finance and spending.

Just created UOB One Account Today!

Hi Everyone!

Today I just create UOB One Account and will be fully utilize it next month because I still need to wait for my UOB one credit card and have to make GIRO arrangement for three phone bills. So I will have to wait till November before I make any move.

The below is the illustration on what I am going to achieve.

I will satisfy the credit card portion and the 3 Giro transaction criteria in order to get the maximum amount of interest that I will get. This will give me 2.432% without including the rebate. It is better than OCBC 360 as OCBC 360 only gives 2.2% (Max) by fulfilling 3 criteria. 

So, am I going to close my OCBC 360 account? 

My answer is NO. The reason I am not closing this account is because I am greedy, I want the best of both world. for OCBC 360, I will try to get more bills to pay as now I have 3 telephone bills, one internet bill and one credit card bill. So I will need just one more, probably OCBC credit card bill in order to fulfill the 3 transactions. Adding to that, I will still be crediting my salary to OCBC 360. 

As I mention in my goal, I aim to have $100K cash, but I won't be focusing so much on stocks because I will need the money in two years time. So most of my cash are in banks which gives me 2% interest per year on average. 

Of course, I have set some cash for stocks because I want to generate more passive income (as much as possible) in order to hit $2400 per year.

Getting around $1.4K from UOB and around $400 from OCBC (basic projection, might be more or might be less, depending how much I invest in stocks). Dividends I hope to get around $600 in order to hit my target.  

Starting Off a New Start

Hi Everyone!

It's been a long time since I have write any post here. The reason is because of my busy schedule and a change of a new working environment. Yes, I have change my job.

So now I have some spare time to write some post which will write down my progress for investing.

As stated on the right side of the blog, the total passive income that I have earned this year (until September) is more than $2000!

This is certainly amazing and still got three months left. The leftover passive income that I can look forward for is 3 months of interest by OCBC 360 and SGX dividends, which provides the estimate of around $250++.

This year is a starting year so there is still a long way to go. Next year is a brand new year, which I aim to get around $2400 passive income which gives me around $200 per month extra!

Now, there is a twist in this scenario for next month whereby I have enough funds to move my money from OCBC to UOB account one. So the reason why I would do that? Let me do a calculation for you

Lets say if I have $60000 in my ocbc 360 account and I shift $51000 to UOB account which left 9000 in ocbc account.

Action need to be done -> Salary and bills to OCBC, credit card and bills to UOB.

$51000 -> $1216 per year
$9000 -> $153 per year

Total $1369 per year

However, if we put all in ocbc account

Action need to be done salary, credit card and bills to OCBC

$60000-> $1320

So you can see the difference, $49 more per year. But certainly, if you have more income coming it will be better to have two account (total up to $11000 earning safe interest)

With the month income just from this itself is around $114 per month. Which is quite good for me, extra $114 per month which is good, not including my dividends.

So next year, I am to get $200 per month for my passive income and also my target cash saving for next year before December would be $80000 to $85000.

So I have around $20000 more to go before I hit that target and we do a simple calculation, it would mean $1667 per month in order to hit this target.

That's my update. Do check out my updates next week as I promise, I will do a write up every month to keep my reader update about my status.

OCBC 360 New Changes

Hi Everyone,

From today onward, there will be a some changes for the requirement for getting the interest.

This is how OCBC 360 works previously

By satisfying these requirement, you are able to obtain 3.05% pa. The capital limit for this is $50,000. Many people had been benefited from this, me too as well, although is just 5 months, but is better than nothing at all. However, in April, OCBC announce the new changes for these requirement which changes the whole game on how we going to play it in order to maximize the benefit from it.

So whats new about OCBC 360? The picture below will show you everything that you will need to know about the new OCBC 360 bonus interest catalog.

There are a few things to note, firstly the capital limit increase to $60,000. Great isn't it! However, the downside is that the interest bonus for bills and credit card spending seems to drop by half. As a person like me who do not get insured or invest with OCBC, I would probably only get 2.25% (0.05% is the based interest). In order to see how much I will earned from this bonus interest, I will do a simple calculation on the calculator that OCBC provides.

Let's say I have the based amount of $30,000 and include salary, bill payment, credit card payment and 1% incremental from previous month.

As you can see, the interest that I will get is $58 per month. Well it may seems small amount but if your balance is lets say $60,000, you will get $116.28 per month, which is still not too bad. So is up to your decision whether to stay with OCBC, For me I would because nothing much changes just that I will get lower interest bonus and also need to spend more for my credit card. Well, lets see how this goes :D

Strategy Plus a Little Update

Hi Everyone,

First for the update of my passive/side income this month which is over $200++!!, $280 to be exact. The main portion comes from the profit after I sold my DBS shares and also the money that I have received from OCBC 360 interest. For OCBC 360, next month will be the final month for me to get the 3.05% interest, which is quite a pity since 3.05% is quite a good interest rate for us to get. But what over is over, we can only look forward to what I can do with the 2.05% or probably more depending on the two additional criteria that OCBC will be announcing in May 2015. Up to date, I have successfully achieve my target of having $120 passive/side income per month which is quite a good achievement for me. Will continue to monitor my own progress to ensure that I will it the target for the next 8 months.

OK! After a mini update on my status, now I will talk about my strategy, my strategy in investment and savings. The reason why I talked about this topic because I have heard from many people in the forum talking about their strategy in terms of investing. Some people want fast cash, which is why they bet on pennies while the others might have other strategy. Although newbies might have the urge of getting fast cash, thus, betting their money on pennies. But for me, I am going for blue chips and reits partly because of dividends and partly because of stability. However, I am still learning on investment, thus, I only put less than 30% of my cash to investment while rest of my cash sits in the bank to collect fat interest (one more month to go). 

So I believe slow and steady wins the race, so lets get down deeper, am I a long term investor or a trader? I believe my style is more towards a hybrid because my main goal is still dividends however, whenever a share or a counter (depending on what you used to say), hits my target point (one year worth of dividends + a bit of profits), I will let it go, which is what I did to DBS. The reason I do that is because firstly is to get my realized gain and secondly, I want to get the additional money to reinvest to gain more interest early. For example, lets say 2.05% for OCBC bank and I put $180 (profit from DBS) in it, with the compound interest, I believe I can get extra few dollars in a few months time. (I am measuring based on the time where I gain the yearly dividend from DBS. Although is just few dollars, but money is money. Certainly, reinvesting is also good but one more point I will take into consideration is the dividend rate as well as the volatility of the shares. DBS is too volatile for me so I prefer to shift to OCBC instead, a rather stable and less volatile than DBS.

Each people have their own way of investment, for me, I think betting on blue chips and REITs will be the best for me to start with :D How about you?

Conservative or Aggressive

Hi Everyone,

I am been looking through my portfolio management tools by DrWealth (If anyone still does not know what is DrWealth, do check out my previous post http://jyklmoneyblog.blogspot.sg/2015/03/drwealth.html), the analysis that I have gotten is pretty unhealthy in the sense that I have more cash flows than the amount that I have invested in shares. 

As you can see the graph above, that is my overall portfolio that I have currently. more than 70% of my portfolio are cash and only less than 30% of my portfolio are in investment. Certainly, this has indicate that my portfolio health is rather unhealthy but the reason why I have so much cash is because of OCBC 360. Because with OCBC 360, it gives me 3.05% returns every year, which is pretty good as compare to other banks. The risk of this is much much much lower than investing in shares. 

Although 3.05% wont be able to beat the inflation rate but for me, I am quite a conservative person. So I prefer this strategy first until OCBC 360 remove this promotion. After that, then I will focus more in investing in stocks and open other bank account to gain more interest.

Personally, my investment fund wont exceed 45% of my total portfolio because I am a super conservative person and I am still new to shares and investment, it will be wise for me not to go all out if not I will get myself burned!

So how about you? Are you an aggressive or conservative type of investor?

Review on Expenses Manager Application

Hi Everyone,

If you remember that previously I have blog about a android application called "Expenses Manager" which helps to keep track of our daily expenses and the balance that we have based on our monthly salary (Certainly, the users will have to key in these information by themselves). 

I started using this app on Sunday which is the day that I download the application which I have blog about it on the very same day. As I have mentioned previously on the reason why I used this app is because I want to save money for the future of purchasing HDB flat. 

In my previous calculation, I also mentioned that it is quite expensive if my girlfriend and I went ahead to purchase a resale flat as the down payment would be around 100K to 150K depending on the price of a four room flat.

So during this week, I have trained myself to spend less than $10 during the weekday including transport and lunch (since I seldom eat breakfast and I eat dinner at home). If breakfast and dinner is included, $10 will definitely will not be sufficient because traveling alone cost me $4 per day, which eats up 40% of my budget per day. 

However, I have achieve the goal of spending less than $6 for Monday and Wednesday (which is today) buy purchasing a $1.60 bread for my lunch. However, its not the case for Tuesday because of a welcoming dinner, and the total amount I spend for that day is $20.53, that's certainly quite a lot! 

But nonetheless, it is a good start for me, afterall I still need to socialize a bit when I am still young in order to build up my network which will be beneficial for my career in the future and also to meet more new people, especially when they help me out a lot.

So this app is really good at helping me keeping track on my spending and also a way to remind myself not to spend too much. This can also help me to lose weight as well since it stops me from eating too much food and it keeps me healthy!

I will do a spending and saving allocation in my blog soon - under Expenditure and Saving right after I finish writing this blog. 

For this app is a good start for me and there are lots of features that you can play around with. Well, for me I don't really use the other features because my only goal is not to hit $1000 for my spending.

If you have a desire to save money, why not download this app and keep track of your own spending and place a budget limit with this application to remind yourself not to overpsend and save more!

Do you have what it takes to save at least 50% of you net income (after deducting CPF).

Earn well, spend well and save well!

 

Expense Manager

 Hi Everyone!

As you know I am currently saving for my marriage (Wedding and HDB), my girlfriend and I started to conduct a review on the things that we spend (including food, clothing and etc.). We decide to spend little on stuff like food, instead of going restaurant, we go for hawker center, and for movie, we will watch movie on Sunday because of her M1 (1 for 1 offer) and cheap and fun activity like cycling and etc.

For me, I want to ensure myself that I will only spend $10 on the weekdays (per day) and $20 for weekend. This is to ensure that I can control my budget well and when I do a calculation, with the standard of 20 working days and 4 weekends (8 days), which will gives me a total of $360 for expenses. Entertainment I will spend at most $50 per month and bills which i paid are around $150. Giving my mum $300, this will gives me a total of $860 and round up to $900 + $100 for emergency fund (act as buffer) so the total of $1000.

In order to keep track of my expenses, I have downloaded Expense Manager to ensure that I spend below $1000 for every month so that I can build up my savings to met my goal!.

 

I just downloaded the application today, so I cannot really give any review on this application. I will do a review on this application next week. So do check out for the review!