Comments on: Gain Control Of Your Money

By: First Steps: From Zero to Hero | Nanz Inc.com : Do Life Better

First Steps: From Zero to Hero | Nanz Inc.com : Do Life Better — Wed, 28 Oct 2009 03:55:50 +0000

[...] money needs transformation in order to for bills to be cleared. Find a source of motivation to control your spending e.g. I want to save up enough money for my children’s education. From there, cut [...]

By: Maynas Eric Chua

Maynas Eric Chua — Sat, 24 Oct 2009 19:44:13 +0000

Thanks Clemence for posting the question and thanks aL.C, that was great

By: Clemence Ko

Clemence Ko — Sat, 24 Oct 2009 17:37:17 +0000

Oh. I get what you mean. Thanks a lot for clarifying my doubts.

By: Name

Name — Sat, 24 Oct 2009 17:27:55 +0000

Hi Clemence,

In the earlier part of the article, it was mentioned that our expenses falls into 10 main categories:

"Giving (to charitable organizations, or church etc)
Saving
Income tax
Shelter (house payments)
Household expenses (like food, clothes, cable TV, Internet broadband)
Transport expenses (car payments, gas and other expenses)
Fun and entertainment
Insurance
Debt and miscellaneous (like the education loan you are still paying off)
Business expenditures"

Number these categories up and file ur receipts according to the categories they fall under for easy reference in future.
Eg: tax deductibles - business related,
these who also allow you to see where your biggest expenses are at a glance.

Cheers.
aL.C

By: Clemence Ko

Clemence Ko — Sun, 18 Oct 2009 02:58:35 +0000

I am also guilty of overspending too. Filing receipts is a very good idea. Will do that from now on. At least I know where my $ go when I see all those receipts.

I learn a new thing too today. That is – If you get tax deduction for business expenses, and you can produce your receipts for your printer, scanner, laptop, maybe even a box of pens, you can claim these expenses the next time you file your taxes, because you have proof of your spending. (Of course, your items must be directly related to your business or work).

That I never knew about. Very invaluable lesson learn today. By the way I don't understand this – Prosperous people always write on their receipt a category number. What is the category number for? Anyone here care to enlighten me?