2016 will be a critical year in my life as I began to take a more active approach to achieving my financial goals. Let’s evaluate how I fare and set new goals for 2017.
Income – Evaluating my source of money
Total income (after CPF deduction) for 2016 is broken down into 4 main categories:
- Salary – 67.4%
- Bonus – 30.5%
- Benefits – 0.9%
- Others – 1.1%
Benefits are subsidies which I received from my company for qualified spending on my well-being, such as insurance, air ticket, dental etc. As I am tracking these spending under my ‘expenses’, the corresponding subsidies have to be tracked under ‘income’ so that my ‘savings’ (income – expense) will tally.
Others are additional ad hoc income from special events, such as doing paid survey, red packets and IPPT award.
Analysis of income
A significant portion of the income comes from …