Worksheet

Have a go at filling in this worksheet to see where your money is going and decide on what items you might be able to reduce your spending.

 

Step 1: First, figure out how much money you get each month

 

Download editable template here.

Fill in your income information below:

 

INCOME AMOUNT (RM)
Take home salary

(The salary amount handed to you after tax, EPF, EIS, & SOCSO)
Other Income

(Rent, business profits, part-time work)
Minus:
Taxes on other income (If applicable)
Net income   

Step 2: Have a look at your expenses

 

If you’ve been tracking your spending with an app, you can enter the information from the app here. Otherwise, fill in what you know.

 

EXPENSES AMOUNT (RM)
FIXED EXPENSES:
Rent 
High interest debt repayment

(Debt with high interest rates e.g. credit cards, hire purchase loans, personal loans) 
Other loan repayments

(E.g. home loans, car loans)
Insurance
COMMON EXPENSES:
Utility bills
Groceries
Other food expenses

(e.g. takeaway food, snacks, coffees, restaurant meals, etc.)
Daily travel

(Fuel, parking, toll)
Phone & internet
Home-related costs

(e.g. service fees for apartments, home repairs, etc.)
Clothing
Other expenses

(E.g. gym, courses, TV streaming subscriptions, etc.) 
TOTAL EXPENSES  

Step 3: Compare your net income with your total expenses

 

Are your total expenses more than your net income?

 

If they are, you could be getting into debt. Look for ways to cut down on your ‘wants’.

 

If they are not, you are able to save some money each month. You can look at what you might want to save for in the long term. 

 

For more info, re-read Steps 2 & 3 of Planning a Budget and check out our other articles on saving and investing!

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