Personal Finance
Two Bank Accounts? No, You may need Four! – (3)
By Create Wealth Through Long-Term Investing and Short-Term Trading  •  December 3, 2010
Two Bank Accounts? No, You may need Four! - Part 2

I have four separate bank accounts for different purpose:


1 - For living expenses and GIRO

2 - For Emergency Fund (3 months in conjunction with FD period 6/12 months)

3 - For Investment and Trading

4 - Fixed Deposit (Mid Term Saving)

With the 4 bank accounts, I am absolutely clear on money movement and transactions. It also helps to save time (less than 5 mins) in tracking by just downloading the monthly statement from the each bank.
 
I also simplify it into broad category as follows:





I have another diary to record big ticket items following Pareto Principle - 80% of your expenses are from 20% of big ticket items and don't sweat on the 80% of the items that contribute only 20% of expenses.


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By Create Wealth Through Long-Term Investing and Short-Term Trading
I am 62 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and finally retired @ 60 from full-time job as employee on 1 Oct 2016. Single household income since 1995 with three children. Eldest son and daughter are now working and youngest son still in his 3nd year Uni in SUTD. I have been doing long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that Panda or Koala in the investment world; but I am still surviving well in the wild. I am now executing my Three Taps solution model to maintain sustainable retirement income for life till 2038. Cheers!
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