Have you ever experience this?
Received your salary for the month last week.
This week, 50% of the money gone. Where did the money go?
That is the reason why it’s a good idea to track of our daily expenses whether it’s small or big.
Keep a record depends on your preferences. Maybe keeps an excel file in your computer, have a book to list it all or maybe because you liked your gadget soo much, just Google money management apps. There are tons of apps out there. I personally started using money lover apps to list my expenses. It’s fun and easy to use. Maybe in the near future, I’ll do some review on the apps.
But doing it requires discipline. Yes discipline. I know it’s tough but thinks of what we’re getting out of it.
Because I wanted to
become rich so bad save money and invest so much, these are things I will do in the coming months.
1) Start to track down my expenses.
I never really track my expenses. I did start last year, but as I said discipline is important. So I failed. Now I’m going to start again. And this is a war on myself.
I’m using apps to list all my expenses. Did try to create an Excel file to keep track on the expenses but it didn’t work and it’s boring and not fun at all.
2) Creating a budget!
Yes budget! Need to lead a simple life. Everything is simple. If I can live under budget, that would be perfect. But on the way to saving, don’t forget to have an account where we put some liquid cash when there are needs of cash for emergency. I personally have 4 active accounts. 2 accounts is an account for me to save money for investment purpose, 1 checking account and another account for an emergency cash account
Yes you heard it right! Saving! Without saving I’m soo positive that I’m not going to be able to start my journey. I think the most important to achieve at a financial stability is saving. Try to save as much as you can. Even you don’t want to invest that money because of some reason, saving is good enough to at least achieve financial stability.
I’m not earning much so it’s would be a slow process. I’m planning to save 25% of my monthly salary. So at the end of this year, would really hope I can hit my target.
I’m also eyeing some stocks to buy especially Reits. I’m a person with a very low risk appetite so I think reits would be a very good start since its price is not volatile compare to other stocks but it will provide a steady income stream from its distribution of dividend. And moved further maybe considering of other stocks as well.
So until then, live well and save well!