Managing My Salary

Hello lemonade 🍋

I would like to share how I manage my salary. The financial conscious started when I first got my job, my first salary and had to pay everything on my own rather than depending on my parents and scholarship.

I used the 50/30/20 rules. What is this rule? The salary is divided into 3 main categories and I go about it from there.

50% for Needs

30% for Wants

20% for Saving & Investment

For example, my first salary back was RM4500 per month.

50% - Needs RM2250

Car loan: RM900

House rent: RM400 - I was staying at hostel so it’s cheaper

Mobile plan & internet: RM300

Car petrol: RM200

Food: RM450

30% - Wants RM1350

For parents: RM500

Vacation fund: RM500

Entertainment & Books: RM200

Skincare/clothes: RM150

20% - Saving RM900

ASB: RM900

Sometimes I bought gold and save less in ASB

If I use up in one of the catagories more than what I plan, I will try to reduce from other catagories but try to not disturb Saving category.

Hope this help you to manage your salary 🤍

#lemon8sharing #moneyhacks #moneymanagement #moneytips