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Anonymous
Currently reading the barefoot investor and it advocates opening up seperating accounts and setting up a standing instruction each month.
How do you manage your money in terms of needs, wants & savings/investments? Do you have a seperate account to segregate them?
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It depends on whether you can manage your expenses. If you can't, it would be better to have a seperate account for expenses.
For me, I can manage my expenses very well since I'm a low spender. So my expenses and savings are put together in one account.
DBS Multiplier - Salary crediting + Expenses + Savings
SCB JumpStart - Emergency funds
OCBC 360 - Kinda not in use now (Opened as a FRANK account during poly days. After I started working, OCBC converted my account to 360, providing an option to opt out as well.)
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I have separate accounts to segregate them so I wonโt mix my spending and savings account and I wonโt have the urge to spend more than whatโs in my spending account.
When my income comes in, I like to pay myself first and I find it very useful. So after I pay all my bills, I will set aside around 40-50% to savings (some % goes to DCA in ETFs) and the remaining are left to spend.
1) POSB savings account (Expenses)
2) Standard Chartered JumpStart 1% (Savings)
3) SingLife 2.5% (Savings)
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Since I'm still a full-time student and not working part-time unless its school holidays, I have 2 accounts for now.
Standard Chartered Jumpstart (1%, was 2% before covid-19) for savings
OCBC Frank Account for expenses
Since its still HBL now, I don't spend much since I'm mostly at home so i capped my spendings account to $100+ and transferred the excess to Standard Chartered account. If there's any part-time job payments, it'll be deposited to OCBC account then I'll transfer the necessary amount to SC Jumpstart to avoid confusion. I restricted SC Jumpstart with a "money in only, no money out" policy unless there is a fixed deposit with a higher interest rate than the 1% Jumpstart is giving.โโโ
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Tried setting up addtitional accounts and using a spreadsheet to manage the cash but it wasn't worth...
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So every month, I will put in the amount of money I can spend into my DBS MasterCard, I use it for meals/grocery/online shopping! :)
While the other 2 cards are just to save $!!