Why you need different savings accounts and how to track your savings

Saving for too many things in one account is not the most productive. When you have a small amount of savings and no clear goals, it doesn’t seem to be that big of a deal. But once your savings start to grow, you might want to better manage them — after all, rojak is not something you’d want to use to describe your savings account.

Why separate?

Different goals pull your attention in different directions. Mixing your travel fund with your school savings or your new iPad fund can get messy, and tempt you to ’borrow’ from one for another, so you may never reach certain savings goals.

Example

Let’s say you’ve got three things on your wish list:

• Bali Trip in December ($800)
• New iPad for school notes ($600)
• Driving Lessons ($1,000)

Instead of throwing all your savings into one account and trying to do mental gymnastics, split them up.

How to do it:

1. Use multiple accounts or apps: Bank apps may have a ‘Goals’ feature that allows you to create multiple savings goals.
2. Label accounts/goals clearly: Don’t give labels like ‘Goal 1’. Be specific: ‘Bali Fund’, ‘iPad Money’, ‘Driving’.
3. Automate monthly transfers: Banks with ‘Goals’ feature usually allow you to automate monthly transfers to them so you can transfer $100 to travel, $50 to tech, $80 to driving.

Track your savings

Saving money is just the first step. But seeing your savings grow? That’s next-level motivation. It’s like working towards weight loss or muscle gain. If you never check the mirror or step on the scale, you won’t notice your progress, and it might get demotivating after a while. Same for money — monitoring your savings helps you stay focused, make smarter choices, and actually enjoy the journey.

What does it mean to monitor your savings?

Simple: It means tracking how much you’re saving, how fast it’s growing, and whether you’re on track to hit your goals.

It’s not just about watching your bank balance go up. It’s about understanding why it’s going up (or not). Like spotting patterns: Are you saving more during semester breaks? Does eating out mess things up every month? Monitoring means being aware of your financial situation.

Example

Jolene wants $2,000 by year-end to travel to Seoul. She sets aside $200 a month into an account. Each month, she checks in:

• Did she deposit bonus savings this month from angbao or gifts?
• Did she go overboard with ordering food delivery?
• Has she been taking savings to buy frivolous things?
• Will she be at the halfway mark by June?
• Is she fully maximising the interest rates offered by her account?

Now she knows she’s not just saving blindly — she’s on a mission. Tracking helps her make better money choices without feeling deprived.

How to monitor your savings growth:

1. Use an app or tracker.

   Bank apps, budgeting tools or a simple spreadsheet can show your savings trends. Look at how much you’re putting in and what it’s earning.

2. Check if your money’s lazy.

   Banks change rates often and without much warning. Keep an eye out for higher rates regularly.

3. Set mini goals and track them.

   Planning to save $1K for a new phone or $3K for a short grad trip? Break it down into monthly targets and tick them off like Shopee vouchers.