Expense Management

Expense Management may be a familiar word to many but also an alien word to many.

Do you manage your money? It is perhaps not the most important thing how much you earn but rather how do you manage your money. In terms of money there is only Income and Expense.

Do you manage your Expense? How do you do it? Budgeting is a good way to do it. There are many ways to manage your expenses thru the various tools, i.e. excel, independent softwares/applications.

Compare Mr. A that earns RM10000 per month but without expense management spends 80% of his income with Mr. B that earns RM5000 per month with expenditure of only 40% of his income. Who do you think will end up with more money in the bank in 10 years time?

Do not ignore the importance of time and compound interest. This is where expense management is important. It will decide if you have surplus or deficit.

Few suggested expense management tools available on the internet:

• Expensify >> http://www.expensify.com
• Moneystrands >> http://money.strands.com
• MyFinanceX >> http://www.myfinancex.com
• Expense Register >> http://www.expenseregister.com

If none of the above suits your cup of tea, you can always rely on Excel. Have a go at it. It is powerful, fun and flexible.

 

Tip: Expense Management is a habitual thingy. It requires discipline to do it. You need to make an effort to cultivate the habit. In the beginning, it is difficult (sometimes irritating) but once it is a habit, you cannot NOT do it.