In October 2003, the Singapore Government launches a national finance education program called MoneySENSE. This article is for those who missed it for various reasons. It will tell you a gist of what the program was about, while concentrating more on life insurance coverage.
It is important for families to set up family budgets. Most of us do not realize it but just having savings in the bank is not enough. Hence, every family should ideally set up a family budget. An easy way to set it up is through the following steps:
- Create a list of all your monthly income
- Create a list of what you plan to spend (targeted expenses) and a list of your actual monthly expenses (what you spend). If your expenses are not incurred monthly, prorate them on a monthly basis.
- Set aside a fixed amount of savings every month. As a guide, you should ...