In a survey done in 2008, only about 28% of Malaysians have a monthly budget. Either you are extremely rich that you cannot be bothered to keep track of your money or you do not have any money or income to keep track of in the first place, you have no desire whatsoever to do it. However most of us fall somewhere in the middle rung, meaning we are not so rich as to completely disregard where our money is going.
People normally make excuses when it comes to doing a budget planner. The work is tedious, it is a useless exercise, my income is too small, etc. They start to complain even before they attempt to do it. The bad thing is you also hear them lament “I don’t know where my money went!” or something similar. You hear this complain often enough even from people who earn a decent income.
Well, to this people, they better listen up. This is where a budget planner becomes handy and useful. A budget planner helps you plan your day to day expenses. The fact is everyone spends money daily such as when you buy food, when you make a call, when you switch on the fan, etc.
Having a budget planner helps in the following ways:
- It shows your spending pattern. Maybe you have been spending 20 percent of your income on the lottery and you did not realize it yet.
- Assist you in doing proper allocation of your money. For example, 10 percent on food, 15 percent on savings, 10 percent on debt repayment, etc.