Advertisement
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?
13
Discussion (13)
Learn how to style your text
Reply
Save
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.)
Reply
Save
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)
Reply
Save
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
Reply
Save
Tried setting up addtitional accounts and using a spreadsheet to manage the cash but it wasn't worth...
Read 9 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Products
4.8
782 Reviews
Maximum Interest: 2.50% p.a. for balances up to S$50,000
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
4.4
321 Reviews
4.7
212 Reviews
Related Posts
Advertisement
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 $!!