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Tracking my expenditure

Since my university days, I have been tracking my expenditure by writing down my expenses on a daily basis into a notebook. At the end of each month, I will tabulate my monthly expenditure, to see whether I have spent beyond my monthly allowance from my parent. If I burst my budget for the month, I will consciously cut back on my spending in the next month.

This has become a habit till today. I find this practice helpful in making sure that I do not spend beyond my budget set for each month. With this habit, I also do not spend away my bonuses when such lump sum payout flows into my savings account -- as there is no reason for me to spend more that month since I have been living within my budget for the past months. 

As part of my effort to reduce expenditure, I have been eating only at hawker centres, unless it was a gathering with friends or special occasion. As such, my expenditure on food has been reduced. I also terminated my integrated shield plan for medical expenditure (as I think MediShield Life is sufficient to meet my needs), and recently received the refund from the insurance company.

I shall continue to find ways to reduce my expenditure!


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Reduce expenditure

With an intention to lower my expenditure, I decided to go through my expenses in detail and to see which areas can be calibrated downwards.
Food. Due to my working hours and lifestyle, I eat out everyday for all my meals. From now onwards, I will eat at hawker centres or coffeeshops as the default. Going to restaurants or cafes should only be for gatherings with friends and special occasions. With this approach, I believe my food expenses will be lowered.
Mobile phone. My current mobile phone plan costs $30 per month. I will start to do some research and if possible, to transit to a plan that is cheaper.
Transport. I drive a second hand car which will come to the end of its 10-year COE lifespan by the middle of 2019. The monthly payment for the car loan, car insurance, parking fees at home and at the workplace are all fixed and cannot be lowered. I can try to reduce my expenditure on petrol by driving in a more economical manner, and I aim to drive less whenever possible.
Apartment. I ha…