Accounts Organization

As we continue in our personal finance journey, we may find it more practical to open different accounts for different purposes or goals. Imagine if you put all your money in a single bank account, how do you think will you be able to track how much you have saved for a specific goal?

I think it makes better sense if we track those savings goals in different accounts.

Here is how I organized my savings goals in different accounts.

  1. BPI Pamana – This passbook account contains my emergency funds. This has three to six months worth of my living expenses. This is what I would call the mega emergency fund and is not tied to an ATM card.
  2. BDO ATM account – This ATM account contains my general savings. It acts as a local emergency fund. Whenever my daughter needs extra money for her school assignments or projects, I would just transfer money to her debit card through online banking.
  3. Gold ATM account – This is tied to my checking account. This is used for tuition fee payments.
  4. BPI Debit Card – This is where I save the child support that is being remitted on a monthly basis.

For me, this is more manageable. It makes my life easier. =)

How do I fund my local emergency fund? Each month, after I put money in the different envelopes, I deposit the excess money in the BDO ATM account. That way, I am able to fund my daughter’s other school miscellaneous expenses especially when their club has photoshoots.

I have realized that I still lack one bank account. I would need another ATM card or passbook savings account for my passive income. Admittedly, my passive income is being deposited in my BDO ATM account, which should not be the case.

Come 2019, I will be opening another bank account for that purpose.

What Will You Do When You Get a Salary Increase?

I used to work from home for more than eight years as an Independent Contractor. I received the same salary for seven years and I did not complain. Yes, that’s right. Although I was paid a rate that is enough for my skills, I negotiated a rate that would somehow cover everything that my daughter and I would need. Unexpectedly, on the eighth year, I received an increase. =) It was the largest salary I ever had in my entire working life, even if I did not have benefits.

When I returned back to the corporate world, I knew I would receive a pay cut because I applied for a full time position that offers benefits. And that was okay with me. I have been working for the same employer for more than two years now.  Unexpectedly, this year, after I came back from my vacation sometime in June, I was surprised to find out an unexpected amount on my payroll atm card. I inquired from the Payroll staff and they have confirmed that I was given a salary increase.  It is not normal to have an annual salary increase in my current employer. It is the first time I had a salary increase ever since I started with them way back in 2016.



Since it was really unexpected, I thanked my boss for giving me an increase. She told me that I did a great job and that I should continue with it.

So what did I do with my salary increase? I did not do a lifestyle upgrade. In fact, it is timely since my daughter is in Senior High School and there are just a lot of expenses especially that her strand is Fashion Design.

There is only thing that I really did feel. Gratitude. It has been my constant feeling after surpassing a lot of trials. As a token of gratitude, I donated a certain amount to charity.

I believe we do not have to be crazy rich before we share some of our blessings with others.

How about you? What will you do when you get a salary increase?