I took my first steps in managing my personal finance perhaps a little late I felt. It was only after I graduated I started to get serious about managing my finances.
I started with recording my monthly expenses, going through my current insurance plans, talking to insurance agents and getting another bank account besides POSB to help improve my savings.
There are times managing it alone can get quite tough, especially when I don't have a lot of friends to talk to about managing finances.
Fortunately a year ago, my cousin introduced me to Seedly, and now I am starting to write and read more about personal finance here! :)
Asking myself why is the family so poor?
You’ve already taken the first step by posting here. Being serious about it and committed to it is as important if not more important than the Tangible stuff like saving, investing etc. Start reading up more and setting some goals will be useful too.
Creating and managing budgets
Wondering how to stretch every dollar!
Record my expenses!
When I noticed that I don't have any money left at the end of the year in 2017. That was a shock for me to absorb this as I was sure that what will I do in 2018. I had the plan to change my flat and to buy a car but unfortunately, I had nothing saved. Then I asked around, did internet research, read a lot of blog and books and website on how to save money. As I don't have any luxurious habits where I spend my money yet I didn't have even for an emergency.
I started separating $10 a day for 2 weeks, then $20 for the next 2 weeks till $50. I had to take money for an emergency once. After 3 months I had $1540 saved in my cookie jar.
I talked to a few advisory services and bought 5 penny stocks 5 ETFs and 5 stocks of REITs. Nothing expensive. After 3 months my $ 1540 was giving me about $700 a month. Today I have $5640 extra saving apart from my cooking jar and my saving account and salary.
In January I am shifting to a better apartment. and I am have registered a car, and even after that I have saved about $2200 and I will invest in big stocks.
This is the advice I gave myself and I am still improving in it.
Looking at my bank account and wondering where my money was going!
Maintaining a piggy bank! Eh, it works okay!