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Mallvin Rajamohan

02 May 2022

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Should I set up a 2nd bank account for monthly expenses/checkings account as a 21 y/o student?

I'm a 21 year old student waiting to enlist into NS. I have a OCBC frank account where I have all my savings and where I also make debit payments from with my debit card for things like subscriptions, if I go out with my friends, investing etc. should I set up a second bank account as my checkings account so I have 2 separate entities I.e one for savings and another for expenses? Would love to hear your advise and how you go about doing it too. Thank you!

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nigel

25 May 2022

Setup another bank account, then setup a standing instruction to auto transfer the funds to your new account and dont touch it. Afew afew years you'll be so glad you did so.

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Vernice Ng

05 May 2022

Community Manager at Seedly

For me, I have 2 bank accounts - one for savings, one for expenses. It's efficient for me as I kinda do a 'forced' saving for myself in the savings account (meaning I really never touch the savings account at all) so I make sure that I do not over spend as well! Hope this helps :)

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1M45

02 May 2022

it helps to have the second account. Easier, u no need to keep track manually.
i use dbs, every ...

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