Investment Moats

  • Home
  • High Yield Dividend Stocks
  • My Current Portfolio
  • About
    • Advertise / Hire Me
  • My Resources
    • Build Wealth Foundation
    • Active Investing
    • REITs Investing
    • Redesigning Your Life
    • Retirement Planning
  • FREE Calculators
    • Dividend Stock Tracker
    • Stock Portfolio Tracker
    • Cost of Car Ownership Online Calculator
    • Wealthy Calculator
    • Property Investment Calculator

How to create a budget plan in 10 easy steps

January 13, 2008 by Kyith 32 Comments

The work posted here shall not be reproduced in full in another site. Please seek my permission if you want to post this.

 By Drizzt

Introduction

I was asked during the last 2 months by friends a horde of questions with regards to finance.

  • Should i start investing now?
  • What should I invest in?
  • Do you have an agent that can recommend to buy insurance?
  • Which sector is good to invest in?

No doubt the investment fever has really caught on with many. However, I see it as a natural progression that after having quite abit of fun with life after starting out work, its time to think about investing for their future.

My advice is first to recommend that they get their financial house in order, before thinking about all these plan. Some doesn’t want to miss out on the fun in the stock market, while others feels awkward when one doesn’t have any form of insurance.I would prefer that they think about budgeting before they start planning for such things.

I decide to instead be proactive and write about the way I plan my money. To me, its not just about getting right advise about budgeting and money management. What is important is also about setting up your infrastructure to plan, monitor and evaluate.

Many focus too much about the plan and evaluate, without touching on how to monitor. We are seeing alot of good opensource tools that we can use to help us achieve this, and here I will show you how its done.

Why Budget?

Before you can think about investing or buying insurance, you need to think about funding for these 2 items in the long run. Lets just say that buying a whole life policy is not a 1 year 2 year affair. You will be paying for almost 20 years to probably when you are 65 years old (And it can get even longer then that!)

To grasp you can commit long term cash to such items, you will need to have a strategic budgeting plan for your family or your combined disposable income.

Where does budgeting go into your overall plan? In my opinion, it should be done after you setup your Financial Mission Statement and Defining your Goals. When your goals are defined, you

  • can then find out if your spending within your means at the moment
  • find out how much you can spend to fund your goals
  • whether you have existing debts that you will need to clear before some goals can be achieve

 

Do note that budgeting, like the rest of the items in your financial plan, is something that you need to monitor and change when the need comes. It takes commitment and discipline.

Once you have effectively set out your budget, you can then consider your other immediate needs, namely insurance and investments.

[Read more…]

Filed Under: Money Management, Personal Finance Tagged With: buxfer, Debt-Snowball Method, gnu cash, microsoft money, mint, Personal Finance, quicken, ToDoList, wesebe



About Investment Moats

Kyith Ng is the founder of Investment Moats, which mentors you on wealth management towards Financial Independence

Investment Moats shows how you can build wealth through stock market investing, dividend income investing through a value based approach. And then to distribute wealth.

Be enlightened on how you can live a fulfilling life while building wealth.

You can find Kyith on Google+ as well

Read more…

Subscribe To Investment Moats Today

I share more of the nuances that keeps me alive in wealth building and life on Facebook!
REIT Training Center

Best Articles

  • Singapore High Yield Dividend Stocks for Income
  • Free Online Stock Investment Portfolio Spreadsheet
  • 5 Steps to Compound Wealth via Dividend Income
  • My Insurance Philosophy
  • Get Rich – Pay Yourself First
  • Should you buy Blue Chips at ANY price?
  • I built my Wealth by following this Wealthy Formula
  • How much u need to reach Financial Independence?
  • My advice to those 20 year old starting their Financial Independence journey
  • Beginner’s Guide – How to Buy and Sell Stocks, Bonds, REITs and ETFs in Singapore

Stock Valuation and Fundamental Analysis

  • How does price and dividend affect each other?
  • Understanding how Free Cashflow works
  • Net Profit, EBITDA, Operating Cashflow and Free Cashflow in Dividend Investing
  • Choosing the best high yield dividend stocks for your portfolio
  • Stock Buybacks and Dividends: Are they good or bad?
  • How to analyse an airline stock
  • Find the Dividend Cash King among telecom

Blogroll

  • 8percentpa
  • Drizzt's Income Investing
  • Eat Dream Love – SG Premier Travel Food Review Blog
  • Financial Horse
  • Giraffe Value
  • My 15 Hour Work Week
  • SG Invest Bloggers
  • The Finance SG

Money Management

  • Budget Babe of Singapore
  • Bully The Bear
  • DIY Insurance – Insurance your own way
  • Heartland Boy
  • Invest Moolah
  • [email protected] Talk
  • My Housing Loan.SG
  • SG Wealth Planner
  • Singapore High Yield Income Investing
  • Singaporean Stock Investor
  • Wealth Buch
  • Wealth Journey

Value Investing

  • Donmihaihai
  • Margin of safety
  • Musicwhiz Value Investment
  • Re-ThinkWealth
  • SG Dividends
  • SG ThumbTack Investor
  • Small Cap Asia
  • The Asia Report
  • Value Edge

Copyright © 2018 · Investment Moats ·