Saturday, May 25, 2013

Mid-Year Resolution Review













One of my resolutions this year was to get my finances order, specifically:

  1. paying off all debt
  2. cash savings for a rainy day
  3. investing in some local insurance / forced savings scheme
I thought 1 & 2 could be done concurrently, after which I could focus on 3. But after re-looking at my budget as well as the events lined up for this year, it looks like number 1 is number 2's rainy day. 

In order for me to meet my goals, I've had to rework my budget so I only spend about 15% of my income on day to day operations, while the rest is funneled to bills and pre-planned big expenses. 

Easy to work out on excel but has proven to be quite challenging to do in real life. Lots of things and experiences I'd like to spend on which I've had to be especially choosy with. I find myself spending a lot of time at home as the minute I step out of the flat, money can't help but pour out. I think its the ban on traveling which has been especially hard as I love love love to explore and travel. Because I've been quite fortunate to do this frequently over the last few years, not having taken a trip after 6 month is making me a little crazy. Every time I've had to turn down an invitation to travel with people, I want to strangle myself just a little. 

The good news is, after June (which will be my tightest month yet), I would've sorted 75% of my number 1 goal, which I'm quite quite excited about! Nothing makes your heart do a little cartwheel like seeing zero balance on a statement!

The discipline and hard work is far from over though, so wish me financial luck as I dive into the second have of the year. 

As for my OTHER new year's resolutions... well, that's another story. How are your new year's resolutions going? 





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