I have decided not to list down my passive income in this blog due to various reasons. However, I am still very happy to share my expenditure here.
Maximizing your income is part and parcel toward financial independence. I am trying to increase my passive income by doing a few new things and hopefully these would bear fruits in near future.
Some readers emailed me arguing that maximizing income is far more important than saving towards financial independence, I certainly agree with this provided you do not fall victims to upgrading your lifestyle once you earn more. It is human nature to spend more once they earn more!
Therefore learn how to save more before you learn how to earn more!
Expenditure
I finally managed to bring my kids for camping in July 2020. For the camping trip, we only spent MYR 131.9 for the whole trip which included the site and camp rental( MYR120) and mosquito repellant ( MYR11.90). We managed to pack our food to the campsite. My kids were trained to be as independent as possible and be grateful for what they have.
| Camping | MYR131.90 |
| Groceries | MYR619.05 |
| Food | MYR768.73 |
| Pet | MYR139.82 |
| Gardener | MYR100 |
| Cleaner | MYR480 |
| Mum Pocket money | MYR2000 |
| Gift/Donation | MYR334.60 |
| Management fee | MYR2112 |
| Utility | MYR416.78 |
| Transport/Petrol | MYR109.05 |
| Movie/Entertainment | MYR24 |
| Others | MYR578.10 |
| Total | MYR7814.03 |
| Saving Rate ( after mortgage+tax) | 42.69% |
There are a few new expenditure this month.
- Since I and my wife started to be busy again, we didn’t manage to clean the house as often as during the MCO period. Our cleaner would come weekly to clean the house for us and she charges us MYR120 per cleaning.
- I and my wife managed to go and watch a movie this month, we spent MYR24.
- Even though our income has dropped, I did not revise my tax installment ( CP500), therefore my monthly saving rate has dropped significantly to less than 50%. Basically, what I earn monthly almost 40% goes to paying tax now.
- I pay every quarter for about MYR2112 for my mum’s townhouse maintenance fee.
- I gave away MYR300 to a charity organization.
My kids hate camping !
My kids hate camping! They couldn’t sleep well because there was no air conditioner and comfortable bed!
I always believe it is of vital importance for your kids to taste hardship first before they can be a better person.
Train your kids when they are young. They must understand they shouldn’t take everything they have for granted!
They need to work hard and save smartly as their parent if they want to succeed in life!
“Mum Pocket Money”, Love it!