Monthly Payment Checklist

I have been using the payment checklist
for more than a year. Initially I thought
of having a list to record all my monthly
expenses, it serves as a reminder to make
sure I always clear off the bills within the
grace period. Usually credit card company
gives 20 days grace period before any
interest incurred.

In fact, with the record,it enable me to
have a better understanding on my monthly
expenses. If we do a little bit analysis on the
data, we are able to see our expenditure
pattern. Example, I can pin point the month
which I need most cash due to car insurance,
house owner insurance, medical insurance,
road tax etc. I always aware about the utility
usage trend, try not to switch on the air-con,
light unnecessary.

Also, through this kind of habit, we are able
to tell where our money spend each month,
when to reduce and how to improve?

How to create a montly payment checklist?

Well it is very simple, get a piece of blank paper
1. Divide into 2 columns
-Column on the left mark with "Payee",
-Sub-divide the column on the right into 12 smaller
column for January to December
-Add a column with "Amount" in between
"Payee" and "January" column

2. List down all the monthly expenses
3. Estimate & write down the maximum
expenses under "Amount"

Your checklist is ready. Start to fill in the blank
every month to see your expenditure pattern.
Indeed, I planned my yearly cash flow based
on the monthly payment checklist. Now, I am
more confident about my cash flow because I can
foresee the expenses for the next few month.
Allocate the money accordingly to
avoid any complication at last minute.