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Mind Your Money: Budgeting.

Tuesday, October 25, 2011

I have the pleasure of watching "Mind Your Money" on XIN MSN this evening. The first episode is on budgeting. It is basically about managing personal cash flow.

If people were to ask me how I grew my money, I would say that I spend as little as possible and save and invest the rest. So, it all starts with budgeting.

I wrote a piece on wage slaves before which attracted quite a few comments. Obviously, people who spend as much as they make are not about to grow their money since there is nothing left to grow.

If you find that you have been working for a few years with reasonably good income but you are not saving much money, if any, this program could be for you. I think it is quite good for anyone who has never done any budgeting before.

Watch "Mind Your Money": http://video.xin.msn.com/watch/video/episode-1/1gqq74i6l?cpkey=6b6b1cb2-3c96-4fcc-9001-271abc9c19fa%7c%7c%7c%7c&src=v5:share:sharepermalink:&from=sharepermalink


Related posts:
1. Wage slaves should be fearful.
2. Money Management: Needs and wants.

6 comments:

financialray said...

Thank you for this episode.
Saving is the first step for financial freedom and monthly income must have excess to save.
Good idea to jog as a form of recreation. Free and also improve health simultaneously.
If one were a smoker, it is never too late to quit. Can save money and improve health simultaneously too.
Like the TV guest said, $100-300 per month over 10-20 years can easily help us accumulate a substantial 5 figure sum.
Even before saving, get well prepared by starting at the same starting point as everyone else with no credit card debt or gambling debt.

AK71 said...

Hi financialray,

Thanks for sharing your point of view. I agree. Very often, it is just common sense. Unfortunately, common sense is not very common. :(

Musicwhiz said...

I watched all 3 episodes (2 on XIN and one on CNA on TV) and feel that the information imparted and mentioned is very rudimentary. The celebrities are basically roped in just to increase viewership and many of the so-called rules for budgeting and saving, and for credit cards and loans are really basic and can be found on most personal finance websites. Frankly I am surprised more Singaporeans do not surf over to such websites and read the information for themselves!

Examples are:-

1) Save at least 10% of your salary every month (in addition to CPF Contributions of 20%)
2) Keep DSR to less than 35% of your salary
3) Ensure spending is less than you earn

I really thought all this was supposed to be common sense, and that everyone should be practising them. But apparently from the calls that came through, common sense isn't all too common (I echo AK71's point on this).

Regards,
Musicwhiz

AK71 said...

Hi MW,

Out of the five million people in Singapore, three million are locals. Out of these three million, about half of them are working adults, I guess. That is 1.5 million people.

If these people were to all surf personal finance and investment blogs, our blogs' readership numbers would shoot through the roof.

Blogs with the largest readership numbers are those in the same vein as Xiaxue's, which of course is not saying anything bad about tabloids. They do serve a purpose, I am sure.

On a perverse note, if everyone were prudent and rational, then, we wouldn't get a chance to buy things on the cheap in times of crisis. ;p

Anonymous said...

Different ppl different perspective.

AK71 said...

Hi Anonymous,

Yes, of course. It is like the story of the grasshopper and the ant. :)

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