Expense: Tracking and Reduction

Before I was able to reduce my expense, I need to know where I am spending my money. I have been diligently using Expense Manager to track my expenses for 2 years. i.e. I would key in the spent inmy handphone after every meal, after every haircut, etc. The last review of my expenses was at the end of 2017. The output of the expense review would go into the selection of the credit cards.

Below is a summary of my expenses for Year 2017 and Month of Aug 2018. I have included my profile and lifestyle as a reference.

My profile

  • 30-35 yrs old. Male. Single. Lives in Singapore. Works as a consultant. Flies regularly. Gyms at Safra Energy One. Usually eat hawker food. Last Starbucks coffee was a few weeks ago.

Summary for 2017

  • Most of the outgoing cash flows for 2017 goes into the allowance for my parents.
  • There are huge unnecessary spending on
    • Grab/Uber rides (approx. $91/mth).
    • Phone bills (approx. $98/mth).
  • Excluded the non recurring expenses such as holidays, new furniture, etc.

Summary for Aug 2018

  • Most of the outgoing cash flows for 2017 goes into the allowance for my parents.
  • Overseas spending in foreign currency that can be claimed (approx. $1500 – $2000/ mth).
  • Focus on Grab/Uber and phone bills
    • Grab/Uber rides (approx. $70/mth). I had disciplined myself to take public transport more often.
    • Phone bills (approx. $38/mth). I had since changed to a SIM only plan
  • Excluded the non recurring expenses such as holidays, gym membership, etc.

Breakdown of the monthly expense for Aug 2018

moneybullandthinkingbear - Expense 1

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