Every person has their way of keeping money. Here's mine.
1. I pay myself first.
I set aside a minimum of 20% of my paycheck (gross). The moment it is credited to my employee account, I take a mental note of how much 20% is and round it up to the nearest hundred. I set this aside (mentally) and discipline myself not to touch it.
2. I have my biweekly allowance.
Since my paycheck arrives biweekly (ours is every 10th and 25th of the month), I automatically get a fixed amount which goes into my wallet. This amount is based on a budget I made that will supposedly cover my daily expenses, like food, transportation, leisure, etc. How much this is, I won't disclose. ;-)
3. Plow back extra money into my savings.
At the end of the two week period, any extra money that I have goes into my savings. This is after I have paid any bills, loans, and whatnots.
4. Create a separate account for emergency fund.
This I still have to follow religiously. I created a separate account where I can put my emergency fund. Part of my savings goes here.
5. Finally, I spend wisely.
I shop around before I buy. Every major purchase I make is made with a decision. I'm allergic to impulse buying.
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6 comments:
aaaahhhhhhhh.... no smart comments yet but darn... so this is how you do it....@_@....so disciplined lah.... kulbaan ku if ever mag review na me dra for cpa... you might get a heart attack knowing on how messy my budget is....ahahahaha. will visit your blog always nang! wehehehe. keep it up.... so informative....@_@ I LIKEY. :D
i bet you're the only person in the entire philippine archipelago that can do this... o_O'
bam, keep posted. i'm working on an interview with our mentor, mama. :-)
zclan,
you'd be surprised to find out that some have stricter habits than this one.
bongga, eds..i didn't know you're into economics/accounting na rin :) as for me, i try to set aside at least half of my paycheck into my savings account..at least, for one of my two biweekly paychecks. the other paycheck is more than enough to pay for the rent with room to spare for bills and and splurges :D
egani sars, ngaa man nag engineering ko man... :-)
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