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Anonymous

07 Jun 2019

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I'm 28 next year, 3k take home pay how do I budget my monthly expenses?

A little background: I pay the bills for my parents which is about $500-600 monthly. I pay my tuition fee loan at $500 per month, left with 8k. My insurance monthly is about $370. My phone bill is $24 a month. About to have a wedding in a year's time.

My current budget: $400 for food (I settle almost all meals myself). $100 for travelling (ezlink, seldom grab/cab). $250 RSP savings per month.

Would like to know how to allocate better.
Thanks

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Loh Tat Tian

07 Jun 2019

Founder at PolicyWoke (We Buy Insurance Policies)

I think you meant the following. But anyway, we draw up a total expenses first.

$600 for parents/bills
$500 for tuition loan (8k balance)
$400 for insurance
$400 for food
$150 for transport and HP
$250 RSP

Total expenses is about $2,300/month

Leftover $700 *12 = $8,400.00

1) Can check what is the loan percentage?
2) why did you start on RSP
3) Emergency fund settled?
4) How much are you looking at to spend for wedding?

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