Money matters

Six rules of managing our $

From our net income (after deduction of EPF and SOCSO and plus any other side income), invest:

1. 10% for Financial Freedom Account

2. 10% for Long Term Expenses Account

3. 10% for Education Account

4. Max 55% for Household Expenses Account

5. 10% for Recreational Account

6. 5% for Charity Account

1. Financial Freedom Account

- is an account that you save your money to settle your debts one day when you retire

2. Long Term Expenses Account

- is an account that you save your money to buy something needed (but not urgent) eg. car deposit, house loan deposit, laptop, etc.

3. Education Account

- is an account that you spend your money to educate yourself, upgrading your knowledge. It may be attending seminar, buy books or magazines etc.

4. Household Expenses

- is an account that you spend for your house rental, car monthly installment, credit card, petrol etc.

5. Recreational Account

- is an account that you spend your money to appreciate yourself. For example, you can use this allocation to treat your family at 5star restaurant etc.

6. Charity Account

- is an account that you spend to thank Allah for giving you the rezqi..Alhamdulillah

Think before you act and buy, Spend necessaries only, not indulgence