Should I open a dedicated secondary savings account to transfer my quarterly insurance payment? - Seedly
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Asked 3w ago

Should I open a dedicated secondary savings account to transfer my quarterly insurance payment?

Contemplating if a secondary savings account is required for insurance payment.

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My answer to this question would be,

How organised are you in your spending? How much mental note do you wish to use?

For me, I use credit cards to pay off my insurance payment. If there is no choice, then giro. Having a spending and saving account definitely helps because you can do expense tracking.

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Hey there! You might want to convert your payments to annual payment if you have the budget for it since usually premiums paid in installments are generally a bit more expensive due to interest. But yes it is good to comparmentalize your savings and expenses to keep track!

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Generally I have two bank accounts - one for salary and savings, while the other for GIRO and expenditure. You can check out how I do my budgeting here:

More Information:

How to create a Monthly Budget

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

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