1 March 2022

By Lace Llanora

Here are 10 steps for your own monthly money financial routine.

#1 Review your bank accounts
Make it a habit to regularly review your transaction history to see where your money goes and to get an accurate idea of how much money you really have. Reviewing your bank statements regularly can also help you catch unauthorised transactions quickly. For online bank accounts, secure their security by constantly updating passwords.

BONUS: Go Online! Online banking offers around-the clock convenience – giving you the freedom to transact anytime, anywhere you want.

#2 Pay monthly bills on time and pay in full
Most bills, like rent and electricity, have specific billing cycles and due dates. Save yourself from the hassle of paying bills one at a time and the risk of late payments that may incur penalties. Choose a day to take care of everything all at once. Using automatic bill payment can be convenient and it’s a great way to take control of your money.

BONUS: Take advantage of online bills payment like JomPAY to pay your bills conveniently and save important receipts in your computer.

#3 Make a list of your expected income
If there’s one thing this pandemic has taught us, it’s the value of having a side hustle. Make your extra income count by listing them alongside your regular income. If everything adds up, know where all your hard-earned income goes even before they come.

#4 Jot down common expenses for the next month
Examples of common monthly expenses are electricity, internet, and water bills. Don’t forget to account for non-utility expenses like rent, condominium maintenance fees, and if you expect one-off expenses like your car registration or license renewal.

Tracking your spending in different categories can help you get a better sense of which areas are consuming significant chunks of your income.

#5 Pay yourself
"Pay yourself first" means that you should pay your own savings and investment accounts first. It is a simple way to ramp up your savings. Put a certain amount for your savings and investment goals and that will add up over time and help you be prepared for any large or unexpected expenses.

#6 Go back to your goals
Keeping track of your financial goals is no rocket science. Use a virtual tracker to see how close you are to achieving your goals. Download it to your mobile phone and start tracking your spending and have instant control over your spending!

#7 Create a budget for daily and weekly expenses
Having a budget helps you see where your money is going. Be honest and realistic when you’re creating it. Give yourself some buffer. Use how often you get paid as the timeframe for your budget. For example, if you get paid weekly, set up a weekly budget.

BONUS: Using a budget calculator can help you quickly add up your income and expenses.

#8 The 50/30/20 Rule
Follow the popular 50/30/20 budgeting system where you spend:

• 50% for “needs,” such as rent, food and minimum payments on credit cards;
• 30% on “wants” such as trips or entertainment;
• 20% for savings, which can include debt repayment.

#9 Saving up for your kid’s education
The average cost of education is estimated to increase at about two times the rate of inflation annually; a trend that is expected to continue for the foreseeable future. Whether your child is a toddler or teenager, you’ll want to start as soon as possible to ensure a brighter future for your child.

BONUS: Saving for your children’s education can seem daunting. Check out our new Education Calculator to evaluate the savings required.

#10 Upgrade your game with a Financial Advisor
Feeling a little overwhelmed? Sorting through your finances can be intimidating if you’re new at it. To better manage your personal finances, talk to our advisor and let them help you plan ahead for a brighter future.