Anonymous

04 Jun 2020

∙

Is it a good idea to use my standchart cashback debit card for daily expenses, considering that it's linked to my Jumpstart main savings account?

I use my jumpstart account to deposit most of my money that comes in so would it be wise to use that money for daily expenses as well? Help!

Standard Chartered Cashback Debit Card Standard Chartered JumpStart Account

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Pang Zhe Liang

04 Jun 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

For accounting purposes, I will suggest for you to consider setting up two bank accounts - 1) salary account; and 2) expenditure account.

Generally in your case, your Standard Chartered JumpStart account may become your salary account for wealth accumulation purposes. Thereafter, I will set up a separate bank account for expenditure. This is for the purpose of keeping my cash flow neat.

I have explained in greater detail in my guide on how to create a monthly budget.

How I do My Budget:

How to create a Monthly Budget

I hope it helps!

I share quality content on estate planning and financial planning here.

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