The Start Of Saving 30% Net Income In 3 Separate Savings Accounts!

The Start of Saving 30% of Net Income in 3 Separate Savings Accounts.

Just came back from opening another personal savings account. Now I have 2 personal savings accounts and a joint account with hubby.

Since enrolling in AKPK’s debt management programme, hubby and I have been able to practice the ‘Pay Yourself First‘ golden rule of personal finance to save up for emergency fund.

The amount hasn’t reached our goal of 3 months’ expenses (RM6,000) yet due to the arise of small emergency expenses like car battery replacement, auto services, leaking pipe and toilet fixes, broken window pane repairs, overdue assessment tax and other numerous fixes and repairs.

With our recent change from a bigger cc car (1996 2.2 Toyota Camry) to a smaller cc car (1995 1.5 Proton Wira) that is free from auto installment loan, it’s expected that we can save up more money as emergency fund.

Besides this money of RM820, we will also start seeing monthly rental of RM400 from our Ipoh house starting this September. RM1,220! Of course, this amount of money will be disposed of more responsibly and appropriately compared to last time.

In future, 30% of hubby’s salary and my income will be transferred into 3 separate accounts according to the ‘Pay Yourself First‘ rule.

1. 15% will be transferred online into our Joint Savings Account for big emergency until the fund reaches the goal of 3 months’ expenses, that is RM6,000.

2. 10% will go into an E-Fund Account for paying small emergencies or/and personal debts.

3. 5% will be transferred online into an Investment Fund Account for investing in stocks or/and mutual funds. As I have both the Public Bank share trading and Public Mutual fund accounts, what I need is some capital to start investing.