As full time employee, we love the moment when our salary comes into out account. It sound like a moment of triumph and a reward for our hard work in the office. We then quickly use the money for the things we will like to spend on. Items like food, clothes, Holidays, the latest electronics gadgets etc.
However, at the end of the week, we left with nothing. I recalled on one of my ex colleague would resort to eating cup noodles that was supplied in the office for his 3 meals.
Today, I would like to share how I managed my salary into different account. This is just a guide but and not definitive.
I split my account into 3 type of account
1) Salary Account
2) Pay yourself first account
3) Investment Account
4) Saving/ Emergency Fund Account
Salary Account (DBS Multiplier Account)
As I just joined a new company, I immediately applied for DBS Multiplier Account as it give a much better interest rate as compared to OCBC360 account. The account can be done online when you have a DBS/ POSB account online.I help to earn at least 1.85% over here.
Pay yourself Account (POSB)
I usually put 10% over here for expenses for personal development and things I want to get.
Investment Account (Standard Charted Bank)
I used the Standard Charted Online trading account for trading stocks. I opened this account in 2014. I use it to trade SG and Overseas ETF at a lower commission rate.
Emergency Fund account (CIMB FastSaver)
Here I put away 6 month of expenses while it help to give 1% interest. No fuss!
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