Two Bank Accounts? No, You may need Four! - (5)

Read? Retirement Income for Life??? (14) - How much is enough for retirement?

If you are NOT into detailed household expenses tracking in view of controlling and tightening expenses; you may like to review Uncle8888's method of tracking household expenses for the purpose of knowing the Number and don't bother with its details to control expenses. It is just few minutes effort every moth to populate the Excel worksheet with the latest monthly number.

One dedicated bank account for all household expenses and to be funded by other sources of income e.g. salary

Since Uncle8888 has retired without earned income; this bank account is fully funded by dividends and trading P/L from investment portfolio, CPF and FD interests. 2017 has been fully funded. In Dec 2017; this bank account will be refilled by CPF interests, dividends and trading in 2017 for 2018.

The big idea here is to spend what has been earned and not to spend future money that is not earned!

Read? No More Year End Bonus!!!

With one dedicated bank account for household expenses; whenever he looked at the account balance; he won't feel rich enough to overspend or feel that poor to under spend. He will naturally adjust and adapt to the remaining account balance to ensure that he doesn't spend until the account drop below the minimum sum and get charged by the bank. So far; it works naturally well for him for decades!