Expense Record

One of the action I need to take is to make CMS. I need to record all of daily expense in a small note book (555 book). When do I need to apply this CMS? I need to apply this CMS after my platform ready. Platform can called ready when Overdraft already approved and can use it.

Today I apply this practice even my OD still not approved. I apply this activities as practice before actual time that I need to apply and it is not a wrong action. In our life, we need to do this activity at any time, not only limited to a period of time.

Why we need to make record of all of our expense daily?

From daily expense record, we can use our money effectively. Meaning of use money effectively is we can achive our goal that we already set up before and we can manage our money efficiantly. We can minimise usage of money to get maximise benefit of products.

With practise of CMS we can create our attitude to make saving of our money and control our expence. We can know our flow of money, for what purpose we use our money and percentage of our money use by category such as for food, health, wealth, safety, dress, cosmetics etc.

We also can know which shop give cheaper price for the same product and same quality. From this knowledge we can use minimum amount of our money to get maximum benefit of the product or service.

Back to the my CMS today. From morning my expense record follow as what I expect. But in the afternoon around 12:00, I received a call from my friend fiancee inform that my friend have road accident and now he is at Salam medical centre. There is nobody to help him, its only me. He is my hometown friends, my hometown neighbour.

I go to the clinic, I need to pay clinic bills (RM170.00) and also to pay for ambulance to send him to Hospital (RM200.00). Also pay RM20.oo to the person help to sent him to the clinic.

I follow him to the hospital and go back at home on 8.00 pm after he sent to ward from emergency section.

What I want to say here is not my expense to help others but I want to highlight the unexpected expense. What happen when this situation happen? Also what happen when this situation happen to ourself or relatives? This situation will effect to our financial planning. And if amount for this situation is too big it will effect our financial freedom.

Action for financial freedom

Money always not enough. With small income its not enough and I think if my income increase to certain level it will be enough. But after reach or more than that level it still not enough. Why?

Age become older income increase but money still not enough. Need to take some action.

Some action already taken. One of the action is to have CFP advise on finance status and make solution.

On 11th Feb 2007 attend workshop on finance revolution speaker by Aziz Ibrahim CFP.
On 1st Mar 2007 at 23:45 1st appointmet with mr Aziz.

Today activities follow as per action plan to the financial freedom. I have to take leave to arrange all of this action.

At the morning go to Bank Rakyat to withdraw loan which already apply and approved before. Loan apply for RM30,000 but after some deduction can get RM27,400. Withdraw RM27,000 cash. After that go to PNB to invest all amount in ASB. Plus some amount already have in ASB account I ask to make in certificate form of RM34,000. Then get the certificate. I go to RHB bank to make OD against ASB. All work in Bank Rakyat, PNB and RHB are smooth without any problem. For the result of OD in RHB bank need to wait until next week. RHB only take copy of ASB certificate and IC. Once approved they will ask for original. Hopefully can approved.

Then I go to Maybank to cancell ASB loan. Bank officer inform it will take about one and half month to settle. During this time, they still deduct monthly loan repayment from my account.

Afternoon time I take lunch at home. After lunch I go to Hong Leong bank at Klang. Purpose is to ask letter for EPF withdrawal to reduce housing loan. Bank officer inform it take about 2 weeks to get letter from HQ. After that I go to KWSP to take application form of withdrawal EPF.

All the job done as per action plan.

At the evening (6.30 pm) received good news. Citibank bank officer call me to mention that my application of readycash credit card already approved. The card will courier to my home address soon.