{"id":8760,"date":"2014-03-17T16:38:29","date_gmt":"2014-03-17T08:38:29","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=8760"},"modified":"2024-04-17T17:44:36","modified_gmt":"2024-04-17T09:44:36","slug":"partitions-you-need-in-your-finances","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/partitions-you-need-in-your-finances","title":{"rendered":"4 Partitions You Need In Your Finances"},"content":{"rendered":"

\"Budget\"<\/a><\/p>\n

A study published in the Journal of Marketing Research<\/i> finds that people are more likely to feel guilty about finishing ten small bags of popcorn than one big tub of it \u2013 even if the quantity of popcorn in those ten bags <\/i>is the same as the giant tub.<\/p>\n

In order for people to be more aware of how much they spend, partitioning the money into smaller parts can encourage better self-restraint when it comes to spending.<\/p>\n

Follow these steps to help guide you on how to set up these partitions you need in your finances:<\/p>\n

<\/span>1. Monthly financial commitments
\n<\/strong><\/span><\/h2>\n

This will make up your monthly loan commitments and recurring bills, such as car loan, house loan, phone, Internet, and other utility bills. If possible, set up a standing instruction with your bank to pay these bills automatically every month.<\/p>\n

<\/span>2. Emergency fund<\/strong><\/span><\/h2>\n

A contingency or emergency fund is important for unfortunate instances, such as job loss, health problems, etc. The general rule of thumb for contingency fund is to save at least three months\u2019 worth of income. Set aside money each month to ensure you have this fund ready as soon as possible.<\/p>\n

<\/span>3. Financial goals<\/b><\/span><\/h2>\n

<\/b>Set a plan to achieve your financial goals. If you are planning to save to buy a house, be clear of how much you need to save and by when.<\/p>\n

<\/span>4. Other expenditures<\/b><\/span><\/h2>\n

<\/b>Now that you have your monthly obligations and savings sorted, you\u2019re free to use what\u2019s left for your meals, groceries and entertainment. If you partition your remaining money into categories, such as transport (petrol, toll, parking, or bus fares), food, and entertainment, you can monitor how much you are spending in each category and where you can cut back to better manage your finances.<\/p>\n

<\/span>Surely, there\u2019s an app for this.<\/b><\/span><\/h2>\n

Like many things in life, there\u2019s an app for this. There are some great apps and sites that will help you manage and partition your finances like Toshl Finance<\/a>.
\n<\/a><\/p>\n

 <\/p>\n

<\/span>Find more apps to help you manage your finances with our list of <\/b>7 apps that can you save money effectively<\/b><\/a>.<\/b><\/span><\/h3>\n

<\/span>Dreams of becoming a millionaire are not entirely far-fetched if one is willing to shed old habits and mindsets. Here are the <\/b>do\u2019s and don\u2019ts to becoming a millionaire<\/b><\/a>.\u00a0<\/b><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"

Unable to keep track of your finances? Here are 4 partitions that can help you get a firmer grasp on your money. <\/p>\n","protected":false},"author":9,"featured_media":8761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[218],"tags":[219],"class_list":["post-8760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-management","tag-bi"],"acf":[],"yoast_head":"\n4 Partitions You Need In Your Finances | iMoney<\/title>\n<meta name=\"description\" content=\"Unable to keep track of your finances? 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