The big idea here is to spend what has been "earned" and not to spend future money that is not "earned"!
Cash in this bank account has been "earned" and will be rotting to fund household expenses for 2019/2020
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!
Last updated : 14 Sep 2019
I am 63 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and finally retired @ 60 from full-time job as employee on 1 Oct 2016.
Single household income since 1995 with three children.
Currently, two sons and one daughter are working.
I have been doing 20 years of long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that so-called Panda or Koala in the investment world.
I am currently executing my Three Taps solution model to maintain sustainable retirement income for life till 2041 @ 85 yrs old.
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