What is your savings per mth??
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DesertWind:
Once, I tried to determine what were our \"fixed\" expenses. I divided them up into House, Car, Others & Kids.MMM:
The other day, hubby was asking... what is your per annum now? I was like :? I can only remember last year's figure.
Hi MMM,
And you are an accountant?
Joking lah! I also an accountant and also cannot remember what is my per annum. Even per month can only remember the take-home part!
As for savings, recently then adopted the \"save before you spent\" advice by putting on giro transfer a sum of savings first. With that, nowadays I don't even bother to track the expenses already because in the past it was after tracking then save! Wonder why I have not done this earlier? :idea:
:celebrate:
If got to a point where I simply got depressed counting how much I spent each month that I simply gave up ...
In essence, I save hardly 5% of my monthly income. And we as a family don't really spend extravagently.
My savings actually comes mostly from my bonuses.
Gecko
Gecko -
My husband and I are both accountants too. However, I've quitted my job to become a SAHM after my daughter was born.
I think an effective way to save is to prepare a set of accounts for the family finances. I started this after watching Korean dramas where the wives would keep the books for the family finances.
I used to prepare a balance sheet and a cash flow statement every calendar year. The balance sheet states all the assets & liabilities, eg bank balances, CPF balances, cost of house net of outstanding loan, investments, etc to enable you to assess the net position you are in. I also prepared sub-schedules for the bank accounts, credit card and daily expenses(categorised) to keep track of our expenses.
Every month, I would compare the expenses against the budget I worked out at the beginning of the year. If it exceeded, I would review the reasons for the overrun and write explanatory notes. The same applied when there was excess savings. I would take these into account when I prepared next year's budget. End of the year, I would ask my husband to 'audit' the accounts. Hehe...
I used to budget 1/3 for expenses, 1/3 for investments & insurance, 1/3 for savings. Bonuses are extra savings. We used to be able to save decently when we did this. Besides helping to improve savings, it also enabled me to monitor his spending, in a good sense. For eg, my husband actually bought air tickets for his biz trip using his personal credit card but forgot to claim for it. It was uncovered when I updated the accounts.
However, I've not been updating for the past 2 years. :oops: Time to revisit the files. -
pummanuel:
Serious ? Audit too ? :shock: Wow . . I'm impressed, to say the leastI think an effective way to save is to prepare a set of accounts for the family finances. I started this after watching Korean dramas where the wives would keep the books for the family finances.
I used to prepare a balance sheet and a cash flow statement every calendar year. The balance sheet states all the assets & liabilities, eg bank balances, CPF balances, cost of house net of outstanding loan, investments, etc to enable you to assess the net position you are in. I also prepared sub-schedules for the bank accounts, credit card and daily expenses(categorised) to keep track of our expenses.
Every month, I would compare the expenses against the budget I worked out at the beginning of the year. If it exceeded, I would review the reasons for the overrun and write explanatory notes. The same applied when there was excess savings. I would take these into account when I prepared next year's budget. End of the year, I would ask my husband to 'audit' the accounts. Hehe... -
pummanuel:
wow! even conduct variance analysis and annual audit ah? obviously your hubby lacks the financial \"controls\" in place to check whether all his claims r duly and timely made right? hehe, the accountant in me just can't resist it! :lol:My husband and I are both accountants too. However, I've quitted my job to become a SAHM after my daughter was born.
I think an effective way to save is to prepare a set of accounts for the family finances. I started this after watching Korean dramas where the wives would keep the books for the family finances.
I used to prepare a balance sheet and a cash flow statement every calendar year. The balance sheet states all the assets & liabilities, eg bank balances, CPF balances, cost of house net of outstanding loan, investments, etc to enable you to assess the net position you are in. I also prepared sub-schedules for the bank accounts, credit card and daily expenses(categorised) to keep track of our expenses.
Every month, I would compare the expenses against the budget I worked out at the beginning of the year. If it exceeded, I would review the reasons for the overrun and write explanatory notes. The same applied when there was excess savings. I would take these into account when I prepared next year's budget. End of the year, I would ask my husband to 'audit' the accounts. Hehe...
I used to budget 1/3 for expenses, 1/3 for investments & insurance, 1/3 for savings. Bonuses are extra savings. We used to be able to save decently when we did this. Besides helping to improve savings, it also enabled me to monitor his spending, in a good sense. For eg, my husband actually bought air tickets for his biz trip using his personal credit card but forgot to claim for it. It was uncovered when I updated the accounts.
However, I've not been updating for the past 2 years. :oops: Time to revisit the files. -
we have only 1 expenditure account for withdrawal of $$, giro payment of bills and other giro payment; dh will balance that account with our cheque book account to ensure that all expenses are captured in that account; that account is where dh input his entire pay. at the end of the month, the bank will send a detailed statement of what are the withdrawals/transfers. i will take a look to see if we save a certain amount (which was rather consistant); but at the end of the day, part of these savings go into sons’ quarterly enrichment fee payment and vehicle repair etc which will reflect an anomaly huge expenditure for that particular months; so essentially the savings comes from bonuses.
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wah, so many accountants here. no wonder!
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24by7mum:
I believe that it is not how much you earn but how much you save. I know of people making 20k-30k pm. but can't save. Spend everything! Living the high life. Others making 5 k p.m. have more savings than them. Of course if you are a saver and you earn more, then you will save more!
i don't quite agree to this statement.
while i agree that there are people who live the high life and no savings at all, there are also others who really can't save much, simply because they don't earn much. There are a lot of examples around.
if a family of four has a household income of $2k - $3k a month, stays in a 3-rm hdb flat. they will need to pay for housing loan, put simple food on the table, grocery, and if the kids are small, maybe full time childcare, or school fees, tuition fees, uniforms, school books etc. transportation is another expense that cannot cut, unless all of them walk to work and to school (can't imagine me walking to and fro work - about 15km journey). The only way to save for the family is to increase their monthly income. -
tree nymph:
The only way to save for the family is to increase their monthly income.
Agree with your disagreement.
but it is really difficult for these families to increase their monthly income.
the only best way out is to think long term and invest in their kids by ensuring that the kids value the opportunities for studies as well as value their parents.
As usual, OT already...:oops: -
jedamum:
True, OT again...
Agree with your disagreement.
but it is really difficult for these families to increase their monthly income.
the only best way out is to think long term and invest in their kids by ensuring that the kids value the opportunities for studies as well as value their parents.
As usual, OT already...:oops:
but what you said is true too, like how our parents invested in us. So that we can earn more and thus a better life... really have to be grateful to our parents! -
tree nymph:
wah, so many accountants here. no wonder!
haha, does it mean accountants more likely to be kiasuparents? shld do a poll and see which industry does most of the kiasuparents fall under! :lol:
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