Time passes by quickly
One moment, you graduate from School…
And the next thing you know, you are a working adult responsible for yourself…
Meeting the partner of your dreams, getting married…
And then BAM, you are now responsible for a family.
Typical Singaporean Scenario:
I’m just assuming the average scenario here for you because it’s a common scenario that if it doesn’t apply to you, you are bound to know someone applicable to this.
If you are blessed with more salary or children, feel free to adjust this daily budget according to your comfortable means.
Of course, this daily budget does not include fixed monthly expenditure such as conservancy fees (for HDB) or maintenance fees (for Condos), etc.
As for the budget you can play around with… Read on!
Identifying Your Expenses: Luxury vs. Necessity
When you are single, it is easy to enjoy life because our responsibilities are more open.
But now that you are having a family, it should be time to plan your finance proper.
And it is easy to take expenses for granted because being involved with more people increases the miscellaneous costs.
Major monthly expenses and their average daily costs:
That’s already easily $51-$72 per day! Not counting the other categories listed.
Once you identify the different categories and the amount of money you are spending on that…
It is time to find lower cost substitutes or cut certain expenses!
Finding Lower Cost Substitutes/ Cut that expense entirely.
When you are accustomed to doing an action, it easily becomes a habit.
And the last thing you want is to develop a bad habit right?
So let’s get started with some simple questions to ask yourself to reduce expenses:
Can you survive without it? This question is often-time accompanied with biased opinions,
But if you are serious about saving more money, you must think with your brain. Not Heart.
Your favourite coffee from that fancy cafe?
The expensive cereal you have been endorsing?
Food is a major culprit of expenditures, and it’s not easy to catch ourselves indulging on it.
You need to draw the line between living to eat, and eating to live.
Is there anything else as accessible but at a lower cost? If you reeeaally cannot give something up (such as the above-mentioned coffee) , try substituting it for something else at a lower cost.
A few things you can do is to:
Explore different places to eat and shop for groceries.
Take some time to compare prices at supermarkets.
Consider childcare alternatives.
Compiling New Budget
Now that all that is done, it is time for you to update that table above.
And then total up your daily expenses.
Did it add up to $50 yet? If not, try your best to shave it further!
Remember, the less you spend on everyday expenditure…
The more you save up for emergencies, or have some extra spare cash for special occasions.
Let us know if you succeeded in the comments below!
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