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How do you spend your salary?

Only good thing about being a part of the cubicle nation is your monthly paycheck. It all comes down to your salary. You will say that you’re working out of sheer joy but who are we kidding? We all work for money. I know there are other motivations such as the good old “ego” and “self-esteem” but money plays a major role in our work life.

One of the biggest mistakes our education system does is not teaching how to manage your money. Instead, we learn about the capital of Uzbekistan and the mother tongue of China (it’s Mandarin by the way! not Chinese) when all we have to do is a simple Google search. Rather than learning valuable skills, we become human encyclopedias thanks to our “great” education system.

This has left the common Sri Lankan with no knowledge what so ever about finance and investing. That is the reason for lot of debtors in Sri Lanka. No matter how much we earn, we somehow manage to spend every rupee at the end of the month.

And if we are not saving and investing for the future, we could be in real trouble. These bad spending patterns may lead you to become a lifelong debtor. You will die with a negative balance in your account. Sounds so interesting right?

What can you do about it? is planning to take you on a journey of managing your finance towards financial freedom. We hope you will stay throughout the course to understand everything about finance management and investing. You don’t have to be a workaholic who gets a monthly paycheck to do this. Even if you are still studying and having some part-time gigs, same goes for you. Learning about finance and investing is required for all human beings. Otherwise get ready to sacrifice your peace of mind when you are old!

Identify how you spend your salary

There are so many posts in the internet on how to do this, but nothing is related to the Sri Lankan context. Our financial system is different than what is used in USA. So this is the first post of a series of articles on managing your income and expenses. It all starts with learning how you spend your salary.

My expenses

Before making plans and jumping into investing, it is important to identify how you spend your salary/income. You can use the following template to track your expenditure.

Your monthly expenses

Do this right now. Get a piece of paper and write down all your monthly expense. Try to be specific as possible. If you are eating an ice cream daily, add that as well. For certain areas like “entertainment” assume to the closest value. I mean it. Do it right now!

Now, compare it with your monthly income and see where you stand. According to my income/expense analysis, I should have saved Rs.10,000.00 each month but I have not saved a rupee since I started working.

 Salary gone

This is the first step into financial freedom. Knowing where you spend your money. Next post will be about understanding the difference between saving and investing in Sri Lanka.

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If you want to start investing in Sri Lanka, we have practical workshop for you. It’s called Investing Essentials. To learn more and join the next workshop, click here.

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Nishan De Silva

Nishan is the founder of He is a Blogger, YouTuber, Coach, Speaker, and Entrepreneur.

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