Monday, May 30, 2011

Sources of income

Income
- Monthly allowance from parents: $500
- Income from part time jobs/tuition/internship : $500 to $800

Expenses
- No fixed expenses as mobile phone and internet bills are being paid by parents(lucky me).
- Set a spending limit of $10 per day. This amounts to $300 a month. In this case, I will  be able to save $200 of my allowance and 100% of my income from part time jobs/tuition/internships.

Savings
Savings will be dependent on the type of part time job I work. Normally, I will be able to save at least $500 per month by giving tuition. $150 will be allocated to the investment linked policy fund while the remaining will be deposited into one of the saving accounts.