Episode Details

Today's case study is someone with $7,200/m income but has not saved up much yet. There are goals coming up soon such as marriage and possibly migration. 

Question: I have little to no savings but I am looking to get married in 2-3 years time and migrate overseas to where my fiancé is. 
My fiancé on the other hand had just switched career and thus doesn’t have much money. 
I recognise that wedding, marriage, migration are all huge expenses and I am very worried that I won’t have enough to tide through. 
I have began some budgeting but I feel lost and I don’t know if I am going in the right direction.
How can I save better so that I can fund my 2-3 years life milestone?

What can be done financially? Is it too late to save up?

Details on personal finance situation
- Around 30yo with take home pay $7,200
- Single and engaged & also exploring migration
- Fiance has not saved up much yet also and may be furthering studies
- $900/m in savings plans and $400/m in insurance plans
- $1,300/m to family
- Personal expenses of $2,000 (Of which $500/m is on grab)
- Net savings about $2,600/m recently achieved from cutting back on food, transport and shopping cost of which $500/m is towards investments

HOW TO BREAK THAT PAYCHECK TO PAYCHECK CYCLE
1) Track your spending - what is fixed cost what is variable cost
2) Create budget – LIMITATIONS. Instant gratification
3) Be accountable to someone

OPEN THE DIALOG OF BORROWING MONEY EARLY
Check if possible to borrow from family and be transparent about it. 
Don’t wait until last minute.

As a couple be transparency about your money. 
Start a joint account. How much can we contribute. 
What are our dreams? Why are we making sacrifices? What rewards are in for us?

#personalfinance #savingmoney

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