Transfers

I have a fren who is great saver and for some reason,he loves to open up bank acc in various banks,from RHB to Maybank. I took a peek of his wallet once,I found a stack of ATM cards. His reason for convience sake and to avoid paying the Rm 1 charge for using MEPS.

I reaaly like his method of saving up,although its a bit troublesome but it works.

How does it work?

He has a primary acc for bills,payments and salary. Let's name this acc,acc A. At start of the month,after getting his paycheck,he'll deposits 20% in 2 other accs,B and C. 10% from acc B will go to acc D.Acc D is used for the short term goals like getting a new phone,com or whatever. 10% from acc C will go to acc E which is used for the long term goal like getting a house.Lastly,10% from acc E and D will go to his ASN.

My savings plan:

To not save anything.LOL.just kidding. I got only got 4 accs,RHB,Muamalat,Maybank and CIMB.

I'm using his method of saving this year.Last year,RHB acc,Muamalta acc and Maybank acc got only air inside.

RHB acc= allowances
Muamalat = duit sara diri (ptpn)
Maybank= ASB
CIMB= long term saving (House)

Wish me luck in implementing my saving programme