The Monthly Budget

[jacko 8,822]

In my environment of living on savings, a few years ago I set myself a monthly budget, a spending limit.

If I don't keep to it, I will need to schedule my death sooner.

I look at the bank balance on the 1st, and see how we are on the next number one. A substantial figure I thought at the time, well surely sufficient if not generous! It was a nice round number easily guessed. In Thai baht of course, what use would other currencies be. Damned good I didn't set a sterling limit, Brexit would have made that impossible last year.

 

It swung my mood, as on day one, her indoors gets her spending money. Twenty five percent gone already!!

 

On the 24th or so I would get quite optimistic, being below budget, perhaps a night out. Of course I had always forgotten the electric bill is due, as well as pool service!

The darned credit card bill too, I had used it to stay on budget, but like many do, I was only deferring the inevitable.

 

Where does it go....the weekly massage, the 2- 3 nights out, or maybe 4. Meals out, usual household bills, something broke, truck needs gas.

 

It used to be easy, but I lately find I chip it or bounce over......

 

 

Living here isn't so cheap any more! How is your budget doing?

Edited March 22, 2017 by jacko

[Bullfrog 2,224]

Well my life here still hasn't settled down....I don't think it ever will mainly because of me!!

 

I started getting my Army pension in December with the long term aim of living off it, with savings as a back up, but I can't even attempt it yet as my eldest son visits me in April and I will take a 3 week holiday in August so quite honestly this year will be impossible to even attempt at sticking to a budget..

 

I moved down here about 4 years ago and the "concrete table" culture appeals to me - It's how I lived up country for 16 years so why not here?. It is what I enjoy in life...and yes I do eat somtum with sticky rice with my hands! I also like Buttsy's, AJs, New Plaza and anywhere else I can sit and talk bullshit whilst drinking cheap beer....

 

In the mornings at 06:30 a food cart comes past my house on the way to Wat Dum so I get first choice of 5 or 6 different dishes at 20 baht a pop. Again it is what I like so it is perfect for me but perhaps not for everyone...

 

Hopefully next year will be more stable and I'll let you know how the budget is going..

Edited March 22, 2017 by Bullfrog

[teelack 9,646]

I sympathise with you. I have some help with a very good free budgeting programme called Ace It is a US programme but easy to download your own currency and away you go. At the moment I have all my known costs and income to the end of June inputted and a few guesses. This progamme allows you to have two accounts linked for free (say current and savings). With the amount of travel that I do I find this almost essential.

[Bullfrog 2,224]

I also have to say that I have curtailed my 45,000 baht a month wine at home expenditure......

[Kev 178]

I also have to say that I have curtailed my 45,000 baht a month wine at home expenditure......

Yikes that is a LOT of Wine!!!!!!

 

Now it is only 40,000 bahts a month - LOL - only kidding.

[Bullfrog 2,224]

Yikes that is a LOT of Wine!!!!!!

 

Now it is only 40,000 bahts a month - LOL - only kidding.

For about 5 years I was quaffing at least 2 litres a day....until 4am one day last April and I asked my daughter to call an ambulance....

[Butch 3,456]

Hi all

I know I'm not an expat in LOS but I can relate the situation of a good friend. Back in 2001 he retired with a not insignificant lump sum of cash, stuck it in the bank at just under 9% PA and enjoyed the fruits of that interest at 73 baht to the £.

 

Today, the lump is smaller, the interest on UK ISA's at the moment is less than 1% for most of them and we all know in which direction the exchange rate is going. His income is less than 1/4 it was back then, but he has had 16 years of fun off the back of it!. Times are hard now and set to get tougher.

 

However, even when we're in gainful employment and earning money we still need to budget, whether it's home in the UK or in the Philippines, and the budget gets adjusted to the lifestyle we have. It's the difference between making "frivolous" purchases and boxing clever. The Philippines is nowhere near as cheap as it was a few years ago.

2 years ago I could hire labourers for 300 peso per day and provide food and drinks plus a decent sized meal to take home for their family, now the price of labour and materials have more than doubled and despite unemployment being high, the high demands are still there. A 3000 peso weekly shop is now 6k.

 

That said, SEA is still a great place to live and I envy you guys lucky enough to stay there full time. I'm sure you wouldn't want to swap places with myself doing the 60 hour week (although I've fucked my leg so off work at the moment), 5 AM starts, cold , wind, rain, Feminazis, Political correctness, asylum seekers, nosey neighbours and self righteous jobsworths.

 

2 litres of wine a day?? Jesus Bullfrog, did you have shares in a vinyard or something?.

Edited March 22, 2017 by Butch

[yselmike 397]

Hi all

I know I'm not an expat in LOS but I can relate the situation of a good friend. Back in 2001 he retired with a not insignificant lump sum of cash, stuck it in the bank at just under 9% PA and enjoyed the fruits of that interest at 73 baht to the £.

 

Today, the lump is smaller, the interest on UK ISA's at the moment is less than 1% for most of them and we all know in which direction the exchange rate is going. His income is less than 1/4 it was back then, but he has had 16 years of fun off the back of it!. Times are hard now and set to get tougher.

 

However, even when we're in gainful employment and earning money we still need to budget, whether it's home in the UK or in the Philippines, and the budget gets adjusted to the lifestyle we have. It's the difference between making "frivolous" purchases and boxing clever. The Philippines is nowhere near as cheap as it was a few years ago.

2 years ago I could hire labourers for 300 peso per day and provide food and drinks plus a decent sized meal to take home for their family, now the price of labour and materials have more than doubled and despite unemployment being high, the high demands are still there. A 3000 peso weekly shop is now 6k.

 

That said, SEA is still a great place to live and I envy you guys lucky enough to stay there full time. I'm sure you wouldn't want to swap places with myself doing the 60 hour week (although I've fucked my leg so off work at the moment), 5 AM starts, cold , wind, rain, Feminazis, Political correctness, asylum seekers, nosey neighbours and self righteous jobsworths.

 

2 litres of wine a day?? Jesus Bullfrog, did you have shares in a vinyard or something?.

The first bank here in the Netherlands is now quoting zero intereste on saving account's,the rest will follow.

[Bullfrog 2,224]

2 litres of wine a day?? Jesus Bullfrog, did you have shares in a vinyard or something?.

It was my most recent weapon of self destruction. I had a period on seesip degree (lao khao) but it doesn't make things go away..

 

Now I'm a 5 bottle a day man......of soda water...

[MM 6,562]

Budget? What's that?

[js007 795]

I never have been much of a person to stick to any kind of budget. But I'm about to move back to Thailand or somewhere in SE Asia and, perhaps a budget would be a good idea.

 

When in Thailand, I seemed to spend as much as 150,000 baht a month. The US dollar is a little higher now, so that's not as much, for me, as it was a few years ago. In any event, the 150,000 figure was based on staying in guest houses or hotels, eating out every meal, and otherwise just doing whatever I wanted to do. Maybe this time I'll rent a condo. That's save some money. And I've cut back on my alcohol consumption, so that's another savings. All things considered, it's nice to know that I could live on next to nothing, if I had to. I'm hoping it never comes to that, but then again, I'm 65. I think I can make it through the next 20 years or so, assuming the nuts don't blow up the world by then.

[midlifecrisis 4,048]

I had thought about living over there but knowing my weaknesses I think I was wise not to.

[TheFiend 1,181]

I've got 5 years to go before hitting my retirement age (60), but thanks UK government interference I can't plan or budget anything to do with with my pensions for the next 12 months or so!!!! :banghead

 

One thing I do know is that my existing pension(s), up until now, are protected.... That can't be taken away from me.... That is going to be the worse case scenario I will have to work with.as a base line for my retirement in Thailand

 

And as it stands I would be able live quite comfortably in Thailand on that base line figure.

 

My State pension and any inheritance or proceeds from my property in the UK are not going to be taken into consideration in my budgetary planning for retirement.

Edited March 22, 2017 by TheFiend

[losgrad 264]

A budget or financial plan makes financial decisions easier and your goals obtainable. We are adaptable.

 

I've read many internet forum posts where guys advise others to just go for it, live here, don't plan, just enjoy until your money is gone.... I know we won't live forever and some have health issues that may give them a determinate lifespan, but we must each find the balanced plan that supports our lifestyle for however long we have...

 

From the first month of living in Thailand with my Thai wife, i have given her a monthly household budget and against all stereotypes, she pays all of our condo bills, food, weekly entertainment and saves for bigger household purchases. Initially, i provided her the monthly budget in weekly portions, then monthly and for many years now, annually.

 

Separately, i provide myself a monthly 'entertainment' budget and save for major purchases like vehicles, home renovations (house in USA, condo in Thailand), annual travel (2-3 trips a year to USA and holidays - daughter in Hawaii, eldest son in California and youngest on the US East coast). Just returned from a trip to Japan and China.

 

Although the cost of living in Thailand has increased along with negative currency exchange rates, since retiring almost 8 years ago, my expendable income has increased due to various income sources. However, now i have no other planned income increases (unless i rent out my US home or work) so i'll have to plan and adjust my expenses accordingly.

 

Financial health is only one part. We must also take care of our physical/mental health and our relationships. On all parts, I am healthier now than i was 20 years ago. I only plan on 15-20 more enjoyable years, but will always be prepared to adapt and adjust as contingencies may arise, e.g. Thai wife divorces me, then i'll give her all Thai assets which is same as my death so need to expedite :).

 

Plan, prepare, implement and adjust.

 

Chok Dee!!

[TheFiend 1,181]

You never know when you will die..... so I just enjoy each passing day

 

Someone I worked with retired 2 years ago with a very decent pension..... he only got to enjoy his retirement for 2 years as his funeral was 3 weeks ago....

[atlas2 4,329]

When Gawd Elpus said to me earlier this week; 'Why don't you just fuck off and die?'

 

.......It did cross my mind that both things are certain to happen.

 

The Fiend rightly says, 'enjoy every day as we never know when it all comes to an end'........Part of that enjoyment is not having to worry about money.

 

I keep to a budget that is intentionally more than adequate.

 

I physically draw out a month's money and divide it into equal daily amounts. If I overspend one day it will reduce the next day's spending.......Most often I underspend and that builds another nice pile of reserve money........which pays for the bits and bobs of living here. ....car insurance......air-con service......gym membership, even flights.

 

Keeping to a budget makes me feel a good boy. And that helps to make me happy.

[jacko 8,822]

You never know when you will die..... so I just enjoy each passing day

 

Someone I worked with retired 2 years ago with a very decent pension..... he only got to enjoy his retirement for 2 years as his funeral was 3 weeks ago....

Something along those lines prompted my relatively early retirement.

That and what was going on wrt Islamic terroroism.

[Gary 4,119]

After I retired, I really had no realistic idea how much I was going to spend. I had lived here more than five years but the company I worked for furnished everything including my utilities and a car. After I retired, I kept a very detailed spread sheet and kept track of every baht, even baht bus fares. I lived exactly like I wanted to. My entertainment category was by far my biggest expense and if necessary that was where I could have easily cut back. Fortunately I didn't have to cut back.

 

After several months of keeping the spread sheet, I decided that I could use some of my savings to buy a vehicle and a condo. The condo saved me even more money and I was able to wait until I was 65 to get the maximum Social Security. I have never looked back. I am by no means wealthy and I have a healthy surplus every month from my pensions. Life is good.

 

I would hate to have to live within a budget. I like to think that I planned carefully.

[atlas2 4,329]

My only big expense is my 18 year old son........School fees....Flights over to him and flights for him to come here.

Now he's on a gap-year and working as a barman in London.........(It's his half-Australian blood). Saving me a fortune.

 

On a budget connected matter.

 

I opened an account for myself last year to put money aside each month into my own health insurance. For the last 10 years I've been paying and never claiming on the Ex-Pats group health insurance. About 35,000 a year. Had I instead put that small amount away each year I'd have 350,000 in the bank.

As I'm 65 this year I can no longer apply for the group insurance and as you all know individual premiums sky rocket at my age.

 

I shall instead put about 10,000 each month into this account and once a year the premium that I would have paid. It's a gamble........I'm hoping it pays off.

 

Does anyone else do this?

[Gary 4,119]

When I first retired, I bought health insurance. The company I bought it from had a clause that said they would never cancel me because of age. They said nothing about pricing me out and reducing my coverage. They even added a deductible, If I remember correctly it was the first 20 percent that I would have had to pay. At age 65, I cancelled the policy because of the outrageous premiums and they had reduced the maximum payout to 1.25 million baht. I can pay that much myself. I might add that I had one claim and that was appendicitis. Now at age 72, I am way ahead of the game. I do have a nest egg put away that would be used for any major medical emergency. If I never need it, my son will inherit that money. Yes, you should always have a plan "B".

[jacko 8,822]

My only big expense is my 18 year old son........School fees....Flights over to him and flights for him to come here.

Now he's on a gap-year and working as a barman in London.........(It's his half-Australian blood). Saving me a fortune.

 

On a budget connected matter.

 

I opened an account for myself last year to put money aside each month into my own health insurance. For the last 10 years I've been paying and never claiming on the Ex-Pats group health insurance. About 35,000 a year. Had I instead put that small amount away each year I'd have 350,000 in the bank.

As I'm 65 this year I can no longer apply for the group insurance and as you all know individual premiums sky rocket at my age.

 

I shall instead put about 10,000 each month into this account and once a year the premium that I would have paid. It's a gamble........I'm hoping it pays off.

 

Does anyone else do this?

If you are talking of the Expats Club Group plan, it can be renewed up to the age of 75.....and a first application can be made up to 69.

The premium jumps about 21% at 66. (Based on old prices). I will find out in May I guess when I renew. Point being you can have insurance until much later and best to stay in.

[atlas2 4,329]

If you are talking of the Expats Club Group plan, it can be renewed up to the age of 75.....and a first application can be made up to 69.

The premium jumps about 21% at 66. (Based on old prices). I will find out in May I guess when I renew. Point being you can have insurance until much later and best to stay in.

 

 

Thanks it's likely the same plan as I renew in May. I was told last year it would be an individual insurance and that persons over 64 and a half couldn't join the group plan....We'll see.

[wacmedia 277]

Hi,

 

Most people were happy when they could get a decent amount of interest in the bank. These days seem to be over.

[midlifecrisis 4,048]

Hi,

 

Most people were happy when they could get a decent amount of interest in the bank. These days seem to be over.

 

In the USA it is based on the Federal Reserve interest rates which have been near zero for years. The Fed has announced a 1/4 point increase and possibly two more before the end of the year. Savings and bonds should start having a better return over time if the trend continues.

 

The days before the crash were the hey day. I doubt I will see that again in my lifetime.

[js007 795]

 

In the USA it is based on the Federal Reserve interest rates which have been near zero for years. The Fed has announced a 1/4 point increase and possibly two more before the end of the year. Savings and bonds should start having a better return over time if the trend continues.

 

The days before the crash were the hey day. I doubt I will see that again in my lifetime.

 

Some stocks have a decent dividend, if you're willing to invest for the long term and can handle the inevitable ups and downs of the market. Take a look at some of the utility or phone stocks. ED, PEG, T, VRZ, etc. Even Microsoft and Apple pay dividends these days. Any of these would beat what you get at the bank. There's just the risk of your capital.

 

Right now the markets are so crazy I don't know what's going to happen. So don't take anything I say as "advice."