Have a go at filling in this worksheet to see where your money is going and decide on what items you might be able to reduce your spending.
Step 1: First, figure out how much money you get each month
Fill in your income information below:
|Take home salary
(The salary amount handed to you after tax, EPF, EIS, & SOCSO)
(Rent, business profits, part-time work)
|Taxes on other income (If applicable)|
Step 2: Have a look at your expenses
If you’ve been tracking your spending with an app, you can enter the information from the app here. Otherwise, fill in what you know.
|High interest debt repayment
(Debt with high interest rates e.g. credit cards, hire purchase loans, personal loans)
|Other loan repayments
(E.g. home loans, car loans)
|Other food expenses
(e.g. takeaway food, snacks, coffees, restaurant meals, etc.)
(Fuel, parking, toll)
|Phone & internet|
(e.g. service fees for apartments, home repairs, etc.)
(E.g. gym, courses, TV streaming subscriptions, etc.)
Step 3: Compare your net income with your total expenses
Are your total expenses more than your net income?
If they are, you could be getting into debt. Look for ways to cut down on your ‘wants’.
If they are not, you are able to save some money each month. You can look at what you might want to save for in the long term.
For more info, re-read Steps 2 & 3 of Planning a Budget and check out our other articles on saving and investing!