I am cutting my pizza, you should too!

I am picking up from my last few series on Money Pizza.

If you haven't read that article, then please do so now, before proceeding with this article as this article here is a build-up on that.

Hopefully, by now you have been persuaded to follow the footsteps of rich people on money strategy. And if you are, and I sincerely hope so, then here's a follow-up on that line of teaching.

Have a separate account for each of the categories or jars. While it may not be feasible or even practical to have a jar to keep the monies, it is essential that you have 6 different holding accounts to hold the funds for each individual applications.

So far, here is what I have done:

1. For my Financial Freedom Account, I always had an account running for years. So, I am continuing to hold the funds for this purpose in this account. This is a high-yield account that pays at least 8% per annum for all the funds in it. From time to time, whenever I find suitable investments that will become my golden goose, then I will utilise funds from this account. But never to be used for any other purpose. Not even in emergencies.

2. Today, I re-activated a dormant investment account to feed my Long Term Savings for Spending funds. Now, I can clearly see where my new flat-screen plasma TV is going to come from, just in time for the FIFA's 2010 World Cup! Remember, for some who may be in an unfortunate credit-card debt (as a result of being ignorant about money matters) then you can use funds from this account to pay yourself out of jail.

3. Today, I opened a new savings account (with internet access) to house my Education Fund where I will use this funds to invest in my education, for example purchase of books, CDs, enrolment in courses, conferences and seminars to sharpen my business skills and my brush up my professional skills. I was speaking to a musician last week, and mentioned to her that when Kitaro, the Japanese musician is conducting a course in say, Singapore, then this funds can be used to attend that course, if indeed it helps her career as a musician.

4. For my Necessities, I already have a current account with both cheque book and internet access, so I am fine in this.

5. Next week, I will be opening another account for my Play fund. And I promise to play hard!

6. For my Gift fund, I will now, use the cookie jar, for the fun of it.

Go ahead, go get your money matters sorted. And share your experiences with me!