Thursday, May 6, 2010

Money Planning


I have pretty bad financial planning. I used to work in a bank, worked on various short and long term financial budgets and plannings for years, and received numerous credits from them. However when it comes my personal financials, it's screwed. I have today done up a simple spending ratio table (% spending/income) based on my monthly expenses for my own easy reference. This is not the first time I did this, but I think I should stick it up to a dashboard to remind myself every now and then of my current improper spending manner (since years ago), and the minimum desired stage which I'm tempting to reach. It is not some kind of mission impossible somehow, just need little more control and determination. My monthly spending ratio:


Spending Ratio
Items CurrentDesired
Investment0%18%
Housing Loan0%0%
Hire Purchase14%20%
Credit Cards15%5%
Other Loans33%0%
Insurance5%5%
Jasper Boy14%14%
Meals7%7%
Petrol & Tolls5%5%
Others (clothing, skin care, glossaries)6%6%
Savings0%20%

100%100%

How about you?

Few reminders for myself:

(i) first priority - pay bills first;

(ii) force save some money no matter how small the amount. Make it a habit;

(iii) do a shopping list before step out of the house;

(iv) try to plan ahead and buy items from sale;
(v) keep record on what and where the money was spent;


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