General money management tips?

[easyippt]

Hi,

I'm a 30ish bbfa from the edmw section that has a sudden realisation that financial planning is important and something i should start thinking about early. I'm hoping to pen my thoughts in this thread and keep this post updated as it goes along for my own reference - hopefully useful to others as well.

INCOME
Savings
- check out safe avenues with decent returns

EXPENSES
Housing
- room rental 800/month
- plan: unsure at the moment

Transport
- been doing public transport all the way
- plan: get a used car since I need to go around different places sometimes (anyone hooted those 2nd hand 7k/year depreciation cars?).

Daily expenditure
- got to start tracking and eliminating unnecessary things - consider budgeting in the future
- money saving techniques

Parents
- i've been allocating 20% to my parents and it seems like a comfortable number so far

Significant other/kids
- bbfa

RETIREMENT



===================



Priorities for myself
- continue pushing hard in my career
- maintaining good physical health for the future and easyippt
- keep up to date with current affairs and trends
- cut away unhealthy distractions
- diversify skillset and stay relevant
- not forget to have fun

 

[easyippt]

I'll update and edit along the way

 

[lifeislonggamma]

All the best! Hope you will share some good insights with us.

 

[easyippt]

Hope it's the right section to do it at

 

[easyippt]

Haha i've been living a carefree bachelors life thus far and this will just be me and my immature thoughts on what i think money management is about. If anything it'll be a good insight to what a normal bum thinks but please take everything else with a handful of salt

All the best! Hope you will share some good insights with us.

 

[NewInvestor]

What is bbfa?

 

[Wishdom]

Why rental and not staying with your parents?

Sent from Ilovennp using GAGT

 

[easyippt]

What is bbfa?

buibuiforeveralone

Why rental and not staying with your parents?

Sent from Ilovennp using GAGT

Guess I was wanted a little more freedom and it was quite a convenient move since I'm basically staying with some old friends for a minimal fee. They might be moving out in a while though so... might need to go through the process of finding a place again or moving back to the old family pod.

Top 4 links when I did a search. Every author has their own bias but personally I don't really like to borrow even though buying a house is an investment. Stems from my fondness for freedom perhaps.. Might consider buying a place when I can afford it or if I meet someone to settle with.

https://dollarsandsense.sg/4-reasons-renting-home-better-buying/
https://blog.moneysmart.sg/property/buy-rent-next-home-singapore/
https://www.imoney.sg/articles/buy-or-rent/
https://blog.bankbazaar.sg/renting-vs-owning-house-singapore/

 

[limster]

increasing salary is often neglected, even though it is easier to increase your salary than to strike it big in the stock market.

 

[easyippt]

increasing salary is often neglected, even though it is easier to increase your salary than to strike it big in the stock market.

I'm someone that's risk averse and I share the same views on salary and stocks. I think I'm at a stable position in terms of salary and quite happy where I'm at. Probably won't really consider other forms of input other than my monthly wage for now.

I'm somewhat of a minimalist? aka gian png in edmw terms. But I'm enjoying life and here to try and plan out a little further in the future so I can stay happy for longer.

Generally fit and active, I've never had health issues and I've only had basic health insurance coverage. A couple of recent events and "old friends" chatting me up led me to wonder if getting the highest tier health insurance with the rider scheme and all is a good option. Dr Google prescribed me with a few articles, again, could be biased opinions and they aren't in our local context. Haven't really done too much research yet though.

http://theconversation.com/do-you-r...s-what-you-need-to-know-before-deciding-93661
https://www.telegraph.co.uk/insurance/health/pros-cons-private-medical-insurance/
http://www.abc.net.au/triplej/programs/hack/it-is-worth-getting-private-health-insurance/9628172
http://www.abc.net.au/news/2017-09-11/is-private-health-insurance-worth-the-money/8868896
https://www.smh.com.au/money/planni...ealth-insurance-worth-it-20170831-gy7uvq.html
https://www.theguardian.com/comment...ce-is-just-another-way-to-rip-off-millennials

 

[Shion]

I download an excel template to keep track on my monthly expenditures
From there can see which areas I am spending the most, and try to cut it down in future months

For many, food should constitute the largest %

 

[easyippt]

I download an excel template to keep track on my monthly expenditures
From there can see which areas I am spending the most, and try to cut it down in future months

For many, food should constitute the largest %

I made my own simplified excel but a template would be useful. Do you remember where you got yours from?

 

[Shion]

I made my own simplified excel but a template would be useful. Do you remember where you got yours from?

Those templates are readily available. Download them on excel directly.
Or, try here: https://templates.office.com/en-US/templates-for-Excel

 

[xPencilx]

I made my own simplified excel but a template would be useful. Do you remember where you got yours from?

Would suggest you download this app call Toshl Finance on handphone. Quite easy to use and free.

I will key in every single spending no matter how small. Did this for 3 months cumulative before I download the excel file on computer, pivot table to analyse where did my money went to.

 

[xPencilx]

I download an excel template to keep track on my monthly expenditures
From there can see which areas I am spending the most, and try to cut it down in future months

For many, food should constitute the largest %

It's quite useful. For me, after analysis my biggest spend is on car, random car accessories and taobao.

From there i stopped the potion that is a want, not a need.

 

[easyippt]

I actually have this app already downloaded but never got around to using consistently. Thanks for the reminder lol the app really is quite good. Just need to be disciplined.

**** feels refreshing talking about things that matter in life instead of edmw stuff lol

Would suggest you download this app call Toshl Finance on handphone. Quite easy to use and free.

I will key in every single spending no matter how small. Did this for 3 months cumulative before I download the excel file on computer, pivot table to analyse where did my money went to.

 

[JuniorLion]

I'm someone that's risk averse and I share the same views on salary and stocks. I think I'm at a stable position in terms of salary and quite happy where I'm at. Probably won't really consider other forms of input other than my monthly wage for now.

I'm somewhat of a minimalist? aka gian png in edmw terms. But I'm enjoying life and here to try and plan out a little further in the future so I can stay happy for longer.

Generally fit and active, I've never had health issues and I've only had basic health insurance coverage. A couple of recent events and "old friends" chatting me up led me to wonder if getting the highest tier health insurance with the rider scheme and all is a good option. Dr Google prescribed me with a few articles, again, could be biased opinions and they aren't in our local context. Haven't really done too much research yet though.

I'm on the highest tier of Private Medical Insurance + 100% co-rider payment, aka no need to pay a single cent when hospitalized. There are differing views on this and some smart aleck will always put forth his views as the gospel truth.

That said, do what you feel comfortable with. I'm very very risk averse so I'll insure against the most catastrophic event.

 

[BBCWatcher]

A couple of recent events and "old friends" chatting me up led me to wonder if getting the highest tier health insurance with the rider scheme and all is a good option.

Highest? That’s easy: no. That would be an insurance luxury in Singapore. I have no objection to JuniorLion or anyone else buying luxuries. If you can afford it, and if you’ve handled your necessities first, no problem.

I happen to disagree with the government and take the view that an “as charged” public hospital B1 ward Integrated Shield base plan is an insurance necessity, at least for working adults. (Great Eastern currently offers the best plan in that category.) I agree with the government that “zero dollar” riders are ridiculous in Medisave-equipped Singapore, and the government has banned those riders starting in a couple years. A rider that caps annual out-of-pocket/Medisave costs for covered services is probably not a necessity but may be worth considering after nailing down all insurance necessities.

 

[easyippt]

Likewise. I'm leaning towards getting it too. It's honestly quite a big headache relieved knowing you can essentially get everything at private speed.

I'm on the highest tier of Private Medical Insurance + 100% co-rider payment, aka no need to pay a single cent when hospitalized. There are differing views on this and some smart aleck will always put forth his views as the gospel truth.

That said, do what you feel comfortable with. I'm very very risk averse so I'll insure against the most catastrophic event.

 

[Toni90]

As long as u can pay it for the rest of your life then it is ok. Will be very expensive later.