Monday, 2 May 2016

Financial Review FY2015

Before I stepped into the workforce, I have already planned my personal finance in detail. From weekly budget, to saving targets, to when I am projected to accumulate my first S$100k. Over the course of the year, I have made some revision to my financial plan as I gain better grasp of my spending habit.

Fast forward to today, 10.5 months have past since my first day of work and I have managed to hit my first-year saving target of $33,000 earlier than I expected. During this period, the stock market have also presented various opportunities which helped me expanded my investment portfolio from $4.2k to $24.1k. Hopefully, more of such opportunity will arise over this volatile year.

Expenses wise, about $1,190 was set aside each month for fixed expenditure which include insurance premium, telco bills, utility bills, transport fares, and family contribution. My variable expenditure, which consists of dining and entertainment (D&E), was about $115 per week. Bulk of the D&E expenses went to dining as my gf and I don't really have any expensive hobbies nor do we shop frequently. A large dip in expenses is usually a pretty good indicator of when I had an argument with my gf. /sweat


In my quest to build up my passive income stream, I have picked up various tricks along the way to maximize my dollar.
  • Ditch your kids savings account and set-up a high interest current account (e.g. OCBC 360, UOB One, or BOC SmartSaver)
  • Use a credit card that best suit your spending habit. With the right card(s), the cash rebate can be significant
  • Use ShopBack to enjoy greater discounts from a wide selection of online stores
  • Participate in various government initiatives, such as Travel Smart or National Steps Challenge, for monetary rewards. These initiatives reward you for doing what you are already doing everyday such as taking MRT or walking
While these little tricks may seems to earn you insignificant amount each time, cumulatively, it can be quite substantial. To date, I have earned over $400 from doing the 4 things above.

For the next financial year, starting June, I have set a higher saving target of S$43k. Assuming no change in spending habit or any large unexpected expenses, this should be a relatively easy target. I also hope the new financial year will bring more investment opportunities so I can deploy my idling fund to work hard for me. 

1 comment :

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