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Should I have different bank accounts for different financial category?

rutsrakregey · 7 · 2774

rutsrakregey

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Good day PMT masters,
I'm just starting to organize my budgetting as what I learned through the forums here in PMT.  For long term budgetting like retirement, child education, future investments, business ventures,  etc. Should I open different bank accounts for each? or should I keep it at home? Hoping for your guidance.. Thanks in advance!


Jayumaster

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 :D I am no master here, baka mas poor pa ako sa inyo... gusto ko lang sumagot.

Pagkakaintindi ko po ay "you are just starting"? I will assume na maliit palang ang amount. (Dahil kung malaki na siya, obvious na sagot dyan ay yes and no.

If malaki na siya, dapat ganito:
1. Retirement fund dapat naka long-term investment na.
2. child education ganun din, either on pre-need plans, vul, trust funds and the like.
3. business money ay nasa business na.

So, I am assuming maliit pa siya. I would suggest opening just one account on a trusted bank. And just manage them through a spreadsheet or a note and pen.

Keeping them at home would be opening them to a risk of being used/spent improperly. Very tempting to buy something dahil abot-kamay mo ang pera.


rutsrakregey

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:D I am no master here, baka mas poor pa ako sa inyo... gusto ko lang sumagot.

Pagkakaintindi ko po ay "you are just starting"? I will assume na maliit palang ang amount. (Dahil kung malaki na siya, obvious na sagot dyan ay yes and no.

If malaki na siya, dapat ganito:
1. Retirement fund dapat naka long-term investment na.
2. child education ganun din, either on pre-need plans, vul, trust funds and the like.
3. business money ay nasa business na.

So, I am assuming maliit pa siya. I would suggest opening just one account on a trusted bank. And just manage them through a spreadsheet or a note and pen.

Keeping them at home would be opening them to a risk of being used/spent improperly. Very tempting to buy something dahil abot-kamay mo ang pera.

Thanks for the feedback sir Jayumaster! you're right, Sad to say almost 9 years na ko nagttrabaho pero ngayon lang ko ngstart mag organize ng budgetting.  Maganda yung suggestion mo sir, ang iniisip ko lang kasi kung magkakasama ang mga long term funds (investment, businessness, child education, retirement, etc)  and short term funds (charity, travel, leisure, gifts, etc) in one account eh baka matempt din ako makapag withdraw ng more than what i need if ever magwithdraw ako for travel for example, baka imbes na tagaytay lang ang punta nameng family eh since makita ko yung passbook ko na maraming laman is baka matemp akong mag palawan or boracay lang? I know na I need the discipline for that, pero feeling ko kasi sa ngayon hindi pa ganung kalakas ang disciplina ko, marupok pa ko and madaling matukso sa paggastos.  Kagagaling ko lang kasi sa mejo magastos na lifestyle and I'm trying to break that bad habit unti unti.

Regarding child education, mejo takot ako sa educational plans dahil may mga kilala ako na nakaCAP dati and marami silang naging prob nung nagsara yung company.  Paranoid lang siguro ko since di ko pa natry yun and maraming ring nasasabi na baka magsara yung insurance company na nakakapraning din sa part ko.

If anyone can enlighten me please, Thank you!


angeljme

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@rutsrakregey

For your long-term plans try to open a UITF account with BDO.  Auto-debit sya from your ATM or Passbook account.  You can set the amount that would be debited from your account and how often.  Minimum is 1k, once a month.

Ikaw na rin pipili kung saan type ng UITF sya i-invest ni BDO.  Just check their website.

Ano ang benefit nito sa'yo?  Monthly you'll set aside a fix amount of money.  Kahit makita mo pa na 200k or 500k na ang investment mo sa UITF, di sya ganoon kadaling i-withdraw.  You only have to keep the maintaining balance in your ATMo or Passbook account.

Pero in-case of emergency, you can go to BDO and bring your UITF papers (Certificate of Participation) and have your investment encashed, partially or in-full.  3days, clearing lang, nasa account mo na ulit sya,

3yrs na ang UITF ko, never ko pa-attempt na i-withdraw.  Nakakatamad kasi. lol

For short-term funds, have a BPI and BPI Save-up account.  Emergency fund is in Save-up para mas malaki ang tubo at may free insurance.
Mag-open ka na rin ng checking account.  Kaylangan mo rin yan in buying big ticket items like a house or a car.

Educational fund ng mga bata ay nasa Metrobank and FAMI.  Naka-pangalan sa kanila ang account para di ma-tempt na galawin.


Jayumaster

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Very well said :cool2:


patski

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Good day PMT masters,
I'm just starting to organize my budgetting as what I learned through the forums here in PMT.  For long term budgetting like retirement, child education, future investments, business ventures,  etc. Should I open different bank accounts for each? or should I keep it at home? Hoping for your guidance.. Thanks in advance!

If I may sir. I would offer the following advise.

1. Start building your Emergency Fund (EF). EF should be sufficient to cover your 6 months (thats for me) worth of "basic" leaving expenses.
2. Then, get a Medical HMO plan for your self and immediate family members. This is not required if your company covers this as part of their benefit program.

After you completed the above, you can now start save for your investments (long or short term).

Good Luck.


rutsrakregey

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@angeljme – Thanks for sharing detailed tips.  I’ll check on these options para mapagaralan ko rin.  I have a checking account and a passbook account currently at BDO.  I use the checking account for my Housing loan payments and passbook for savings.

@patski – Thanks for the advice, parati ko nga nababasa yung importance nung Emergency fund sa budgeting. Atleast, I have an idea now, 6 months of living expense is a good base for EF I think.  Re: HMO, swerte din ako na covered sa work ko until 4th dependent. Kaya 1 area checked of my check list.

@all, regarding Housing loan, may mga nabasa din kasi kong pay off your debt first.  Is it smarter to put all those funds into paying the housing loan until it’s completed then saka ko mag start mag budget or I should really have separate funds(emergency, retirement, savings)?  8.5% din kasi yung annual interest nung loan ko. 

Thanks a lot Masters!


 


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