Been doing some financial research for the past few months - From reading investment blogs & forums, watching financial documentaries/books to comparing the interest rates of different local banks.
Now that I've been working for 1 year+, I think it's really time to look in these. Feel that it's already late, but better late then never, right?
Financially, I think I'm doing pretty well. At the very least, I'm completely debt free.
These are some of the financial actions I've taken in the past year:
- Consolidated and organized the insurance policies from childhood (Thanks mum).
- Purchased a private H&S insurance plan.
- Closed down redundant bank account.
- Diligently keep track of my expenditures for 6 months.
- Accumulated a healthy, more than recommended amount of emergency funds.
- Set aside the emergency funds into 2 of the highest interest rate saving accounts in Singapore (No plans to touch them from now on)
- Saved up a pot of investment fund that I think is now sufficient to make meaningful and efficient investments.
- Created a new securities account on a new platform (which I think is better than the old)
- Brought my first "Precious Metal"! (small one lah)
...
Now, the plan for the new year will of course be getting started in investments. Allocation, diversifying, learning about different securities...... It will be fun~
Tuesday, January 14, 2014
Friday, January 03, 2014
Cash Flow Statement
Sometime back (when I started working), I embarked on a mission to track my expenses. I feel that it's kind of important to know how much excess $ I have each month to save/invest.
It's really interesting once you get a substantial list of data, when you can start answering questions like: How much money are you spending on average on breakfast/lunch/dinner? How long can a month salary last based on your expenditures?
These insights into data... It's sort of like personal Business Intelligence! (My field)
...
It was EXTREMELY PAINFUL when I first started doing it, but I'm glad I managed to persevere and churned out half a year worth of data.
I've decided to omit all "major purchases", since they'll mess up what I really want to know - how much is my basic regular expenses.
Do give it a try (don't have to do it for life, just for like 3 months* or so) - I think it'll be worth it.
Estimations and intuitions are never that accurate compare to cold hard facts.
For example, I now know that 1 month of salary can roughly last me 6 months. From that, you can estimate how long your "emergency funds" can last you if you lose your job. Isn't that not only interesting, but extremely useful?
*Note: The more months you do it, the more accurate it'll be!
It's really interesting once you get a substantial list of data, when you can start answering questions like: How much money are you spending on average on breakfast/lunch/dinner? How long can a month salary last based on your expenditures?
These insights into data... It's sort of like personal Business Intelligence! (My field)
...
It was EXTREMELY PAINFUL when I first started doing it, but I'm glad I managed to persevere and churned out half a year worth of data.
I've decided to omit all "major purchases", since they'll mess up what I really want to know - how much is my basic regular expenses.
Do give it a try (don't have to do it for life, just for like 3 months* or so) - I think it'll be worth it.
Estimations and intuitions are never that accurate compare to cold hard facts.
For example, I now know that 1 month of salary can roughly last me 6 months. From that, you can estimate how long your "emergency funds" can last you if you lose your job. Isn't that not only interesting, but extremely useful?
*Note: The more months you do it, the more accurate it'll be!
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