Hi peeps, just wanna share smtg that I have learnt smtg over the weekend. If you are having some problems trying to save up , you might just want to try smtg new:
Have different savings/current accounts for different purposes. It helps to make things clear - like how much you actually have in the diff accounts.... Use the Nett salary that you earned monthly and distribute/allocate it proportiately to the below mentioned accounts:
1) Financial Freedom Acct (10%) - This is the account to make passive income. and maybe investments and stuff like that. This is a very impt acct so that you are able make some money to "work" for you.
2) Education Acct (10%) - This is an account for us to upgrade our knowledge, for example, taking courses, studying cpa, cfa, masters etc etc. Remember, Knowledge is wealth!
3) Long Terms Savings Acct for spending (10%) - This is an account for ppl like me to have. as the account name suggests, it is to be used for spending (in the LONG term), for items like overseas trip and car installments!
4) Necessity Acct (55%) - This is the usual expenditure account which we will use to pay our normal food stuff, hp bills, credit cards blah blah.
5) Play Acct (10%) - This is to splurge on watever things u wanna buy / do! well, we gotta reward ourselves if we are disciplined enough to follow .....
6) Give Acct (5%) - This is to 'give' to charity .... or gifts for friends......
I think it is interesting theory! Any followers? haha
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