Use your Income Account as the sump for all kinds of money inflow that we get. You may quickly say: ‘Oh, but I get only a salary.’ But there is always some other cash that flows into your life. Cash gifted by parents or relatives, a bonus, a refund from work, a matured insurance plan, rent from a property you own, dividend on stocks or mutual funds, return of money borrowed. Other than interest earned in the other two accounts, rest of the inflow into your life falls into one account – your Income Account.
