pLaNeT kUchiNg

May 20, 2009

Bajet Kewangan ANDA!

Filed under: Pandangan Bebas — planetkuching @ 7:01 am

The good news is: budgeting is no rocket science. Here are 6 quickie tips to help you budget and plan your way to financial freedom:

Track Your Expenses – Keep a detailed recording of everything you spent on. By the end of the month, total up the various categories of spending. You’ll be amazed how much you actually spent on the unnecessary items.
Overestimate Expenses – Always overestimate rather than underestimate so that you don’t get caught off guard. This is especially true when budgeting for planned expenses.
Be Accurate & Organized – Don’t make wild guesses. If you’re not sure how much you spent on your favourite Starbucks Iced Caffe Latte, dig out its receipt to confirm the amount. By the end of each month, you’d want to know how much you end of spending and how much money was actually put aside into savings.
Regular Reviews – Ideally, reviews of your budget should be done on a monthly basis. You’ll need to decide how much time you need to spend in order to go through reviews of your bank account balances, expenditure records to gauge your spending patterns as well as evaluating whether you’re on or off track to achieving your overall financial goal.
Shopping KPIs – Set your own Key Performance Index (KPI) even when it comes to shopping. Make a list of what you need (be sure to do your stock takes first) and stick to that list. Conduct your own price checks and record down which place offers you the lowest price for a particular item. Never buy on impulse as it can break your budget.
Economical Options – Instead of spending your weekends at shopping malls, you may want to opt for a change in lifestyle that is healthier and more beneficial to your pocket. Try packing your own food and go for picnics to enjoy more quality time with your loved ones or give up memberships at an exclusive club house or gym and run that extra mile around a park. You might be able to add RM100 or more to your savings plan.

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