Ever since I've been using the 'Money Jar' way of accumulating wealth, I found myself changing in the way I think about saving and spending.
This 'Money Jar' method is not new and in fact, many have been using this for a long time to allocate their income into different jars.
How did it work for me?
POSB Expenses Jar
Self-explanatory right? I used the allocated money for daily expenses.
Most will only have this one type of account.
OCBC Emergency Jar
You're supposed to only touch this money when you are in dire straits and where unexpected events requires you to draw upon this jar as a last resort.
In the past, I did not see the need to lock down part of the savings I had. In fact, I was drawing expenses from the savings I had. It became obvious that I was getting poorer. Today, I am ......