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Welcome to CYB| Chea-Yee's Blog.

This blog captures the musings and anecdotes of the daily life of a Malaysian who is now living in Melbourne, Australia.

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Reads : The Barefoot Investor

I recently picked up this book when I was having a stop over at my co worker's home, Hayley just yesterday. Flipping through the pages, the contents caught my eye.

I was so impressed with this book, that I decided to purchase the Audible version of the same book on Amazon Australia.
 Now, one of the goals in my life is to actually own my own home. Considering my current pay package, my age, and my marital status, it almost seems impossible now.  

Having a look at a number of videos on YouTube of people's experiences of putting the solutions that Scott Pape had put into place, it seems that they actually managed to reduce their credit card debt, cutt down on unnecessary spending, save money, and also invest! 

Now, Pape is based in Australia, hence the solutions that he has proposed to use is based in Australia. Which, is perfect for me since I am living in Melbourne!

One of the first few strategies that Pape suggests is to open accounts in fee free transaction, and savings accounts, predominantly in online ING Direct bank. (the Orange coloured bank. LOL). It is also similar to the concept that Dave Ramsey recommends in his financial books.  

It turns out that ING Direct is aware of this 'referral', as they have since allowed customers to open up to nine savings accounts for the purpose of diverting your take home pay for different purposes.

I have opened a number of new savings accounts, and renamed them as needed for my purposes as follows:

Utility bills (Gas, Electricity, Water, Internet)

Car Rego, Land Tax, and Car repairs (yup.. they take up a huge chunk of money! At least 4k a year!)

Entertainment and Beauty (movies, treats, spa treatments, manicures. Sort of like a Splurge account)

Fire Hydrant (where you put money in for all your debt like credit cards and home loans).

Xmas and Birthdays (for the sudden birthday present you had to buy out of nowhere).

Holiday Goalsaver, (for that holiday trip at the end of the year to Japan....)

Mojo. (Now, Mojo is the account where you put your money in for emergencies)

Having this function is liberating, as I know that I have put away enough for the bills that I will be paying, and I know how much I have left over to spend at least till my next pay cheque comes in.

Now, I just realised that I still have to open an account for

Grow (which is money for investing, or growing passive money).

I will check in on how I fare in the following next two weeks. *Two Fingers Crossed*

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