I've been reading the fiscal journals on this forum for the past few weeks and I was inspired to start one of my own.
I am a single gal, 23, no kids, no debt, living in the Philippines. I've been working as a web developer for 4 years now.
I went to a public university. Worked part time to pay for fees, books, food and transpo. I had full time work in my chosen field during the last two terms in college. Changed jobs a few times and got decent raises. I lived with my parents until a year ago. So, I expected to have a larger chunk of savings by now, but I don't. And the worse part is, I'm not even sure where all the money went.
Granted, two years ago, I did put a sizable downpayment for a pre-selling condo which I plan to live in (once it's built anyway...) Half the time, this seems like a bad move because it's soooo far off into the future (2016), but other times I can't wait to own my own place!
I know I am doing better than most, but at the same time, I know that I can do better. I am starting this journal to keep myself accountable and to track my goals.
Some details, ($1 is approx. P40)
Monthly Income: P42,000 (after taxes and deductions)
Monthly Expenses: P32,000
- Parents: P15,000
- Rent: P12,000 (landlord pays for utilities, cable, internet and condo dues)
- Groceries: P3,000
- Cell Plan: P1,000
- Lunches: P1,000
Cash Savings: P253,000
- Payroll Account: P217,000
- Checking Account: P36,000
- Retirement Fund: 0
No mortgage (yet)
So there's 10k that goes unaccounted for each month. A part of it goes into savings, as I make sure the balance keeps increasing, but I should really track this diligently. I definitely spend too much on eating out and going to movies with friends and the b/f.
By mid next year, my sister will graduate and start working. My brother will go from a private high school to the same public college I attended. That means I don't have to pitch in over 1/3 of my income to my parents! Which frees up so much money for my saving goals.
So as 2014 comes to a close, I'm setting some small goals until the end of the year. This should put me in a better position to supercharge saving in 2015.
1. Track spending and set a realistic budget.
2. Open a savings account for EF, and an investment account for RF.
3. Beef up EF to 250k.
4. Bump up the auto transfer from payroll account to checking account, from 12k (rent) to 16k. This should help curb the frivolous spending, and...
5. Build additional 10k in checking account for RF in January.
6. Look for part time work, or another job that's more... stimulating.
7. Create a Christmas spending budget and stick to it!
Some other things to consider,
- Lease expires end of March. I need to decide if I will stay here (and in my current job) by January 31.
- Should I get a credit card? I pay in cash all the time, and more often than not, lose the receipts or stubs.
- Should I get life insurance?
I am so excited to start on this journey! I've never had a budget before so I really hope I can stick to one!