The MoneySense pages used here set out several budgeting habits and give guidance on each, without ranking them by the attention they demand. A Straits Times report from its InvestMe session on 17 September, published on 27 September, made a similar point: different methods suit different people, from detailed daily tracking to using separate accounts for spending and savings to control cash flow. [1]
Our suggestion is to run the monthly budget check first. Of the three habits it asks for the least ongoing attention, and it produces the two numbers that decide whether you are living within your means: the income you can count on, and your total expenses. One limit is worth stating early: none of the MoneySense or Straits Times material used here reports which method readers keep using, so the attention comparisons below are our reasoning from the documented steps. [2] [3]
Method one: logging what you spend
MoneySense gives two ways to track spending: use a budgeting app, or jot down what you spent, when and how much you paid for it. The second requires nothing bought and no app installed, only somewhere to keep notes. It is also the only one of the three habits that surfaces individual transactions — the $18 dinner, the subscription renewal, the thing bought because it was there. [3]
The page's own questions are what make such a record worth keeping: was it a need or a want, an essential item or something bought on impulse, do you usually buy at first sight? Our suggestion, not MoneySense advice: note every card and cash payment for a fortnight, then sort the list into needs and wants. If the wants column is where the damage sits, you have found something a monthly check cannot show you. What logging cannot do is stay cheap in attention: it asks for attention at every buying occasion. [3]
Method two: keeping savings in a separate account
Separation works on one condition: the money must leave before you spend. MoneySense describes saving first as a commitment to save a fixed amount every time you get paid, held in a separate bank account so that you are not tempted to spend it. Its comparison table draws the line plainly. Under save-first, salary goes to savings first, then must-pay bills, then lifestyle expenses; under spend-first, bills and lifestyle come first and savings happen only if money is left — and the page warns that this pattern could mean there is nothing left for savings. [3]
The account type decides how hard separation is to keep. MoneySense says a current, savings or combined current and savings account suits day-to-day money such as paying bills, while a fixed deposit may suit setting aside a sum as savings. Its table records that savings and current accounts allow deposits and withdrawals at any time, while a fixed deposit does not, and that an early or premature withdrawal may mean no interest or a partial loss of interest. Before opening anything, the page says to check the minimum deposit, the interest, applicable fees, any minimum balance and charges for falling below it, withdrawal limits, and whether you will need the funds before maturity. [4]
Method three: the monthly budget check
MoneySense's assessment guide keeps this one deliberately small. List all income sources: salary, interest earned from savings, and income from investments such as dividends and coupon payments. Make a second list of expenses covering household and personal expenses, loan repayments, credit card bills, insurance premiums and taxes. Then add up the expenses and see how much income is left; if income is not enough to cover expenses, the page says to examine your spending habits to see whether you need to cut back. [2]
Count your income conservatively. MoneySense's Managing your money checklist says to include income you can count on, such as basic salary or rental income, and to exclude money you are not sure you will earn, such as bonuses and commissions. That page also says to adjust your budget if, for example, you get a pay rise or a pay cut, or another addition to the family. Its savings figure is not the only one on the site: that checklist says at least 20% of your monthly take-home pay, the Taking stock of your finances habit checklist asks whether you save at least 20% of your income every month, and Three ways to shape up in budgeting says at least 10% of monthly take-home pay. [3] [2] [5]
The smallest version to run first
Our worked example, illustrative rather than official advice: run the check for one month, then build the expense list from what MoneySense's budget checklist describes — taxes, debts such as loan repayments and credit card balances, transportation, utilities, shopping, food and necessities, plus amounts set aside for insurance premiums, investments and savings. Our estimate, not MoneySense's, is that this is one evening's work. The assessment page then offers four yes-or-no questions for judging the month: do I spend less than my income; do I save at least 20% of my income every month; do I pay credit card bills and other debt obligations in full and on time; do I review my budget regularly. [3] [2]
The order we would suggest: the monthly budget check first, because it produces the income and expenses figures the other habits build on; a separate savings account next, once you know what can be set aside before you spend; and detailed logging as a short diagnostic rather than a permanent routine. If your income is irregular, the Straits Times reported that such budgets can be adjusted flexibly, and that setting aside 'fun money' helps balance enjoyment and financial discipline. MoneySense's resolutions page adds that missing the mark on an odd day will not derail a plan. Read all of this as general methods, not advice about your own accounts. [1] [6]
Read next
Sources
- How to track expenses and manage your budget effectively | The Straits Times
- Taking stock of your finances – MoneySense
- Managing your money | MoneySense
- Understanding bank accounts | MoneySense
- Three ways to shape up in budgeting | MoneySense
- 7 personal finance resolutions you'll be able to keep–and how | MoneySense
BUTLER Magazine Editorial · AI-assisted research and writing, reviewed by our automated editorial team. Sources checked 2026-10-09. Featured image: AI-generated editorial illustration.