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  1. #1

    Join Date
    Nov 2010
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    Hong Kong
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    saving methods

    I could use some advice on saving money. I have a lot of things that I want to save for (emergencies, travel, special purchases, taxes, general savings). The problem is actually separating out the money into different savings funds.

    With HSBC, I have two accounts, checking and savings. I'm not a numbers person, so I find it hard to keep track of how much I've saved for different purposes if they all sit in the same account. One person suggested that I put the money into different currency accounts because then it keeps it separate. That is very useful as far as separating them out, but then I would also lose money each time I change currencies.

    How do you handle different kinds of savings? Any suggestions for me besides a bunch of shoeboxes under my bed?

    hannah01 likes this.

  2. #2

    Join Date
    Dec 2008
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    -
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    I have accounts with several banks


  3. #3

    Join Date
    Mar 2010
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    5,286

    I have a Chinese pharmacy drawer

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  4. #4

    Join Date
    Sep 2017
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    266

    I'm on the same boat with you. I've a fixed deposit account in Swiss Francs that I intend to use in the future. For everyday transaction, it's the usual HKD saving. But I still haven't figured out how to save for different purposes. Tried investment (stock market) . It was good for EMR situations.


  5. #5

    Join Date
    May 2006
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    Quote Originally Posted by foreverhobbes
    I could use some advice on saving money. I have a lot of things that I want to save for (emergencies, travel, special purchases, taxes, general savings). The problem is actually separating out the money into different savings funds.

    With HSBC, I have two accounts, checking and savings. I'm not a numbers person, so I find it hard to keep track of how much I've saved for different purposes if they all sit in the same account. One person suggested that I put the money into different currency accounts because then it keeps it separate. That is very useful as far as separating them out, but then I would also lose money each time I change currencies.

    How do you handle different kinds of savings? Any suggestions for me besides a bunch of shoeboxes under my bed?
    I know you are you a numbers person but a very very simple Excel spreadsheet with the savings areas which then add up to how much you have saved would do. That also gives you flexibility to 'move' money from one area to another without actually having to really do anything.
    huja and traineeinvestor like this.

  6. #6

    Join Date
    Jan 2018
    Posts
    525

    Agree with @hullexile - dedicate your one savings account to savings and use a spreadsheet to list individual purposes and the amount saved for each purpose. Sum has to add up ... easy.

    If you want to be more fancy than this maybe look into budgeting - there are ton of apps than can help planning and tracking your spending. I don't do this - but probably should.


  7. #7

    Join Date
    Nov 2010
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    Hong Kong
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    A step up from a shoebox.

    Quote Originally Posted by Morrison
    I have a Chinese pharmacy drawer

  8. #8

    Join Date
    Nov 2010
    Location
    Hong Kong
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    Thanks for the advice, everyone. I will try using a spreadsheet and see how it goes. I've tried a few different budget apps but wasn't pleased with them. Good Budget was the best that I've tried, but it got messed up somehow (it stopped letting me transfer money from one area to another).

    And maybe having a different bank account would be a good plan for long-term savings. Can you think of any downsides to having more than one bank?


  9. #9

    Join Date
    Jun 2010
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    SoCal
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    Quote Originally Posted by foreverhobbes
    Can you think of any downsides to having more than one bank?
    1. Just more paperwork/passwords/cards/etc to deal with.
    2. You may miss out on making the minimum balance threshold to achieve higher status levels if you have your money spread across several banks.

    About your original question . . . you are looking at it wrong. It's a budgeting question, not a organizational issue. i.e. It doesn't matter if you store water in large jugs, bottles, cans or draw it straight out of the faucet. . . you just have to make sure you have enough water to drink, bathe, wash clothes/dishes and water you plants.
    nivantj and greenmark like this.

  10. #10

    Join Date
    Feb 2005
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    NT
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    3,990

    Spend like there is no tomorrow, THE END OF THE WORLD IS COMING SOON

    markranson and civil_servant like this.

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