facebookHow do you manage your bank accounts? Do you keep your money in one or two accounts or segregate them based on different goals? - Seedly

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Anonymous

04 Aug 2020

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Saving Hacks

How do you manage your bank accounts? Do you keep your money in one or two accounts or segregate them based on different goals?

Currently reading the barefoot investor and it advocates opening up seperating accounts and setting up a standing instruction each month.

  1. Daily expenses (60%)
  2. Splurge (10%)
  3. Smile (10%)
  4. Fire Extinguisher (20%)

How do you manage your money in terms of needs, wants & savings/investments? Do you have a seperate account to segregate them?

Discussion (13)

What are your thoughts?

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  • 10K in Singlife account 2.5%
  • Rest of my savings in Standard Chartered JumpStart 1%
  • DBS for expenses, salary crediting & online purchases

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 $!!

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.

  1. DBS Multiplier - Salary crediting + Expenses + Savings

  2. SCB JumpStart - Emergency funds

  3. 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.)

I have separate accounts to segregate them so I wonโ€™t mix my spending and savings account and I wonโ€™t have the urge to spend more than whatโ€™s 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)

Since I'm still a full-time student and not working part-time unless its school holidays, I have 2 accounts for now.

  1. Standard Chartered Jumpstart (1%, was 2% before covid-19) for savings

  2. 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.โ€‹โ€‹โ€‹

Tried setting up addtitional accounts and using a spreadsheet to manage the cash but it wasn't worth...

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