Tag Archives: manageexpenses

New Chapter of My Life 😍

Hello friends!

Wow, it’s been 10 months since I updated my blog due to workload and stress. Finally, I’m freedom from Corporate World! haha, temporarily 😃

I was thinking, due to economy not stable etc, our daily expensive increase significantly lately. I know I need to do some side income, because daily life these days becoming soo expensive. I’m still survive, because of my minimalist living. But I want more than enough so that I can help those who need it, especially my families.

I’ve seen in front of my eyes how people who used to have millions in their account on surviving mode now. In my country, Malaysia, most people are working in Corporate Company, having EPF (Employees Provident Fund) saved monthly with free contributions from employer, monthly. But, I saw when they reached 55 years old and finished their saving money even before they reached 60. It’s stipulated in my mind that I still need to work even though I reached a mature age of 55 years old to take out my money.

Here is the thing on what usually happened, when someone reached 55 years old, most scammer can “smell” the new money. So, mostly people will fall for scammers. Well, I don’t wanna be such. I wanna build my own business right now, so by 55 years old, it can run itself with minimal supervision.

If you wanna get into business in Malaysia, you need to register SSM (Suruhanjaya Syarikat Malaysia) and choose an appropriate type of business. Well, it was not a smooth process for me, but eventually I managed to get my SSM certificate. Yay!!

So, here we go, bismillah to start my business. 

pssstt, well, I had eventually finished renovating my new home. Will share in the next blog on my new renovated home and share some tips on how to manage new house renovation from the beginning. 🥰

till then, to be continued…

Love, Sofia ❤️

p/s: Notes to my corporate world: 😝

Have you ever think of your retirement plan?

Hey, what’s up everyone? Hope you are all well and in a peace of mind. Insya Allah ❤

It’s been frequently hit my mind lately to plan out my retirement plan. Well, it’s almost 20 years from now, and I think I need to start think about it.

As I walked daily to office, I had noticed that actually I’m forcing myself to go to the office. I was thinking, when my service is no longer required, am I gonna just sit at home, or shall I do something to earn?

Let’s say, from 55-80 years. Most of people are waiting for their employee fund or some pension. Well, I’ve been surrounded with elderly people who even had 1m of saving, however due to poor money management,, the guy need to live as poverty now coz the money is gone on all unnecessary things.

We really don’t know until when we gonna live. If you still alive until 90 yo, how will you manage your expenses during those days? What kind of expenses required? Are you gonna depend on your kids or will you do something to earn?

I think the major issue will be health and food, when we getting older. Food interm of food supplement and medicine. Most of famous diseases among Malaysian are high blood, diabetic melitus, cancer, heart attack and stroke. and another 1 more I was thinking was to make any will. Do I need to make a will, I’m still thinking on that as I had couple of property and funds to take care.

The other thing that trigger my mind. If we die, how about our social media. How do we deactivate all our social media accounts. I guess at least I need to list down how many are there? I need to set everything as preparation for the next life.

Well, I guess for me I will plan out to earn myself by the age of 50. Insya Allah.

Till then, to be continued.

Love, Sofia

Revising My Monthly Budget for year 2023…🥳

Hello everyone!!! It’s been awhile I’m away from blog! Haha..so, here we go. Let’s start with financial planning for year 2023..hahaahaha..yes…for 2023!! Let’s plan for future! LOL

Okay, I’d checked on whatever resource I have, google, youtube…etc. So, I found the rules 50:30:20. It’s kinda interesting to check on. So, I made some calculation and hey yaa!!! I managed to get more savings! Yay!!! Way to go…minimalist lifestyle 🥳🥳

Monthly Budget follow rules 50:30:20 …

For rules 50:30:20, this is the percentage that you need to allocate your monthly income. There are 3 categories, the 50% should be the Fixed Expenses that you will need to pay such as bills, rental, car, internet, tuition fee etc (compulsory to pay). For the 30% of your salary should go to Variable Expenses that you have options not to spend such as eating outside, movie, theme park, present, etc. The remaining 20% should go to your Future Plans such as emergency savings or any possible investment. Well, after the calculation, I had found out that my Fixed Expenses is 54% (slightly higher because I included insurance with investment under this category 😄), my Variable Expenses is 18% (I dont have much things to buy, just lil bit entertainment like movie/eating outside) and for Future plans I have 28% 😃. I think this is good enough. As a minimalist, I always conscious on what to buy so that I don’t waste my money for clutters 😃

Okay, how do I calculate all of these? Haha..im using a simple ratio calculation 😜

Let’s take example, income salary RM2000 and to follow rules 50:30:20 (%).

In this example, when you calculate all your bills (plus other compulsory to pay) and it total up for example RM 900. So, a simple ratio (900/2000) x 100 = 45%. So for those who has salary RM2000, how to calculate is to manage the Fixed Expenses below RM 1000, RM 600 for Variable Expenses and RM 400 for Future plans. 😃

Where to store your monthly receipts for Tax Relief ?

Okay, I usually save in cloud, so easier to trace it. So, Im using Google Drive most of the times. Perhaps, you can have some other storage as well like One Drive. It is not really advisable to store in phone, as Phone can easily spoil then you will need to factory reset and all will be gone.

Okay, next I’m gonna explore how to diversify the savings and investments..till then..to be continue…

Love, Sofia