A few years back I went to Singapore with a friend and attended a seminar by T. Harv Eker. Hoping some of you are familiar with it, it's Millionaire Mind Intensive (MMI).
Basically you have to have 6 jars. These 6 jars are:
Financial Freedom Account ( 10% )
-money you cannot use except for investments and must make sure that the money will grow from this account. It cannot be used for spending.. This is the mother of all investments or the HEN where you can expect eggs to come through profit. If you spend the money on this jar, it's like killing the hen and expect that no more money will come to your pocket.
Long-term saving for spending account (LTSS – 10%)
-money you can use for big purchases such as a home or for travel.
Necessity account (55%)
-this is for everyday purchases. Include in this one your rent, food, utilities etc.
Education account (10%)
-for furthering your education. You can use the money to buy books or attend seminars which could help your personal growth.
Play account (10%)
-money you can use to splurge on yourself whenever you want to and not feel guilty. Everyone deserves a treat for themselves.
Give Account (5%)
-what goes around comes around. We must always learn how to share what we have.
Here's how I did before:
15th 30th
FFA 1000 1000
LTSS 500 500
NEC 2000 2000
EDUC 500 500
PLAY 500 500
GIVE 500 500
Sigh... This was before... I know I cant do this now because I have to pay back my parents for the money we borrowed during the wedding. And imagine 2000 for necessities? That's because I was still living with them. Now I have accumulated more bills to pay for myself such as mobile, electricity, internet.
How's your budgeting so far?
My expenses yesterday:
taxi fare - 70
rice (with baon kse) - 12
-----
82
Basically you have to have 6 jars. These 6 jars are:
Financial Freedom Account ( 10% )
-money you cannot use except for investments and must make sure that the money will grow from this account. It cannot be used for spending.. This is the mother of all investments or the HEN where you can expect eggs to come through profit. If you spend the money on this jar, it's like killing the hen and expect that no more money will come to your pocket.
Long-term saving for spending account (LTSS – 10%)
-money you can use for big purchases such as a home or for travel.
Necessity account (55%)
-this is for everyday purchases. Include in this one your rent, food, utilities etc.
Education account (10%)
-for furthering your education. You can use the money to buy books or attend seminars which could help your personal growth.
Play account (10%)
-money you can use to splurge on yourself whenever you want to and not feel guilty. Everyone deserves a treat for themselves.
Give Account (5%)
-what goes around comes around. We must always learn how to share what we have.
Here's how I did before:
15th 30th
FFA 1000 1000
LTSS 500 500
NEC 2000 2000
EDUC 500 500
PLAY 500 500
GIVE 500 500
Sigh... This was before... I know I cant do this now because I have to pay back my parents for the money we borrowed during the wedding. And imagine 2000 for necessities? That's because I was still living with them. Now I have accumulated more bills to pay for myself such as mobile, electricity, internet.
How's your budgeting so far?
My expenses yesterday:
taxi fare - 70
rice (with baon kse) - 12
-----
82
Yesterdays remaining budget:
260
- 82
------
P178
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