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​Taking stock of your finances
​Taking stock of your finances

2 min. read

Knowing where our money goes helps us manage our cashflow better. Find out how to keep track of your income and expenses, and when to cut back on your spending.

Key takeaways
  • Before you take on more liabilities, you need to ensure you have enough resources to meet them.
  • Think hard about what you really need and can afford before you commit.
  • Review your spending and make a concrete plan to cut back if you need to.

Do you spend more than you earn? Before you start managing your money, take a closer look at your current cashflow.

You need a clear understanding of where your money is going, to assess the health of your finances.


Take the Financial Health Check and find out whether you're in good financial shape. You'll also get a customised plan with steps you can take.

Keeping track of your income and expenses

Take these steps to have a better idea of where your money goes:

1. List down all the income sources

Make a note of:

  • Your salary
  • Interest earned from savings
  • Income from investments, such as dividends and coupon payments

2. Make a second list of your expenses

Write down:

  • Your household and personal expenses
  • Loan repayments (e.g. housing loans, car loans)
  • Credit card bills
  • Health and life insurance premiums
  • Taxes, etc.

3. Add up the expenses

How much of your income is left over after your expenses? Use our Budget Calculator to help you. If your income is not enough to cover your expenses, examine your spending habits to see if you need to cut back.

Now that we have a good idea of what we spend our money on, let's take a look at how we can manage our money to meet our needs and goals.


Are you spending within your means?

Use this checklist to take stock of your spending habits. Can you answer 'yes' to all of these? If so, your spending habits are healthy!


  • I spend less than my income.
  • I save at least 20% of my income every month.
  • I pay my credit card bills and other debt obligations in full and on time every month.
  • I review my budget regularly.

Last updated on 13 Jan 2023