Dec 12, 2007

clearer profile

i realized that my previous post was not easily structured to show my financial profile. so here i am to list them down in simpler (and more readable) format.

Credit Cards:
  1. CC1 - 44 days interest free and i can't find what the interest rate is! this one i know for sure has the highest rate among the cards we use - balance: $1500
  2. CC2 - 55 days interest free, 12.95% - balance $4000
  3. CC3 - 55 days interest free, 12.95% - balance $1000

Savings Accounts:

  1. SA1 - 8.2% interest per annum (includes 2.2% bonus interest if no withdrawal is made), gets $700/month
  2. SA2 - 6% max per annum (includes 4% bonus interest if no withdrawal is made), gets %100/month
  3. SA3 - 5.5% per annum, gets $100/month
  4. SA4 - 5% per annum (includes 2.5% bonus interest if no withdrawal is made), gets $100/month. this is our baby fund, aiming to make this an educational fund, particularly college fund.
  5. SA5 - 8.2% per annum. this one i recently opened and plan to use as an intro account with the bank to start investing in managed funds. this currently has $50 only as my initial deposit. i need at least $300 before i could invest in a managed fund, so for the next 2 or 3 pay days i will put more in this account than in SA1.


  1. Bank1 - has SA1
  2. Bank2 - has SA2 and SA3
  3. Bank3 - has SA4
  4. Bank4 - has SA5

i learned from my mother that it can be beneficial to have more than 1 bank to trust money with. i'm sure a lot of people practice this too. i plan to make SA1 and SA5 my priority savings accounts just because of the high interest. my mind is already "configured" to think of SA2, SA3 and SA4 as additional egg baskets. i need my mind to think "at least i have something stashed somewhere" to get that feeling of security in money terms.

at some point later, i will post our other debts - car loan and 2 hire purchases - and how we are paying for them.

what do you think about this profile? do i need to re-allocate my savings?

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