Where does your PAYCHECK GO?
This article is contributed by the Financial Trainers of MasterYourFinance.Com at the invitation by Cosmopolitan Magazine to write about how the average Singaporean girl should use her monthly income for a money related article. Below is an extract of the article in the November issue.  
 
Scrimp all month but still wind up poor?  Read on for Cosmo's cash-controlling tips.
 
It's payday!  Chances are, you know how much money will hit your bank account (down to the dollar).  But then what?  Instead of tracking what's going where, you pay your bills and splurge the rest on dinner, drinks and ....
 
But, good news!  There's a simple way to take control and stop feeling powerless as your account balance inevitably shrinks every two weeks, and you end up having only bread and water every meal for the rest of the month.
 
Wealth Educator, Eileen Tan, from MasterYourFinance.com, wants you to remember these three numbers: 40, 30, 30.

Use them to divvy up your paycheck to take care of your essentials, your future, and your shoe collection too.  Here's how.
 
First, 40% of your take-home pay - the amount that hits your bank account after CPF has been deducted - should cover necessities like mortgage (&/or allowance for your parents for providing a roof over your head); as well as must-haves and must-dos such as groceries, transit to and from work, and utilities.  Nope, "essentials" like cable aren't included!
 
Next, 30% of your pay should go towards your future, including paying down any debt you have (student loans, credit cards), saving for retirement, and building an emergency fund (with at least 6 months of living expenses).  This stuff might sound boring, but it's a big deal!  If debt is stressing you out or you wish you had the money to quit your job or you want to spend your silver-haired years jet-setting, here's the cash to do just that.
 
Okay, deep breath, there's still plenty of paycheck left over for the fun stuff.  The remaining 30% should go towards living your life - shopping, movies, manicures, whatever.  If you have your essentials and your future on the right track, this is yours to play with and enjoy - no judgement.  

Example on Where Your Money Should Go
The median salary of an average Singaporean is $3,000 a month*, which means after the employee CPF deduction of 20%, $2,400 hits the bank account. Here is how to spend it:

40% on ESSENTIALS: $960
$350 - Allowance for Parents
$250 - Groceries
$200 - Transport
$160 - Utilities

30% on YOUR FUTURE: $720
$250 - Student-Loan Payments
$250 - Retirement Fund
$120 - Emergency Fund
$100 - Insurance

30% on FUN STUFF: $720
$200 - Restaurants / Bars
$150 - Shopping / Entertainment
$150 - Personal Care (Hair, Makeup, Spa, etc)
$100 - Travel
$50 - Mobile Phone
$50 - Gifts
$20 - Charity