How do you manage your/family finances?
Posted: Fri Sep 11, 2009 3:05 pm
Hi,
A very interesting read from 3Boys from the Health thread about how one obtains 'peace of mind' when it comes to managing one's family expenditure.
Just a thought that came:
And I wonder how parents out here manage your own or family savings/expenses/investments?
Personally, I don't think it's how much you make. The difference is how much you manage to save in what I would term - net savings.
I didn't know that I haven't been saving up until I signed up for the POSB MySavings account. Since last year, after contributing to the family's joint account, I put 0.25 of my net income into MySavings as a form of forced savings since my only expenditure is only on books & food & transport (i don't shop at all). It came as a surprise to me how much I've saved over the past one year when I first hit my 5 digit in mysavings .
I offered to sponsor my parents to a Taiwan trip with 4K of my savings, but it got rejected . Hey, but I think they are happy that I offered.
We've been driving a van (from my previous failed business), lived in a 3-room flat and yet squeeze out a room to rent to a tenant for the past 4 years. Now with a comfy 5-room, we squeezed out a room to rent. Soon, we'll be moving to a bigger unit, rent out the whole unit but we'll still squeeze out a room to rent in our new house. We've just upgraded our van to a cheap 2L car. Nothing fanciful, just simple living in our own comfort zone.
We just learnt to go for our Malaysia drive trips and target to visit Taiwan every year. Cheap trips, but it's happy and fulfilling when I get to travel to Malaysia as a family and yet spend time with my hubby in Taiwan.
We wear simple clothes, and my wardrobe is dated 3 years back . I have only 2 bags to inter-change from and 5 pairs of shoes - track shoes, slippers & 3 high heels. I think I'm a disgrace for most women . But I am a happy simple woman .
A very interesting read from 3Boys from the Health thread about how one obtains 'peace of mind' when it comes to managing one's family expenditure.
Just a thought that came:
And I wonder how parents out here manage your own or family savings/expenses/investments?
Personally, I don't think it's how much you make. The difference is how much you manage to save in what I would term - net savings.
I didn't know that I haven't been saving up until I signed up for the POSB MySavings account. Since last year, after contributing to the family's joint account, I put 0.25 of my net income into MySavings as a form of forced savings since my only expenditure is only on books & food & transport (i don't shop at all). It came as a surprise to me how much I've saved over the past one year when I first hit my 5 digit in mysavings .
I offered to sponsor my parents to a Taiwan trip with 4K of my savings, but it got rejected . Hey, but I think they are happy that I offered.
We've been driving a van (from my previous failed business), lived in a 3-room flat and yet squeeze out a room to rent to a tenant for the past 4 years. Now with a comfy 5-room, we squeezed out a room to rent. Soon, we'll be moving to a bigger unit, rent out the whole unit but we'll still squeeze out a room to rent in our new house. We've just upgraded our van to a cheap 2L car. Nothing fanciful, just simple living in our own comfort zone.
We just learnt to go for our Malaysia drive trips and target to visit Taiwan every year. Cheap trips, but it's happy and fulfilling when I get to travel to Malaysia as a family and yet spend time with my hubby in Taiwan.
We wear simple clothes, and my wardrobe is dated 3 years back . I have only 2 bags to inter-change from and 5 pairs of shoes - track shoes, slippers & 3 high heels. I think I'm a disgrace for most women . But I am a happy simple woman .