Saving is easier when you can transfer money to different accounts.

Insider’s experts pick the best products to help you make smart money’s how). In some cases, we may be paid a commission our partnersHowever, our opinions are not influenced by these offers. All offers on this page are subject to the following terms and conditions

  • My mom taught me to save small amounts of money in different places so that I can access them when I need them.
  • Today, I do most of this virtually, but I still keep track.
  • It’s easier and more enjoyable to know exactly what I have saved for and how far I’ve come.

I might be the last person on the planet to still use a piggy bank.

It is located by the front door. Any change I have at the close of the day goes in there, and later it is used to fetch odds and ends such as milk or bread.

An envelope containing some notes is hidden in one of my clothes drawers. These notes are either birthday money or cash-in-hand. My current account is divided into at least four different accounts. savings accounts. A portion of my income is paid to you via an app. There’s also money in an account I call ‘A Rainy Day’.

My money avatar is definitely squirrel.

My savings strategy goes back as far as my childhood

My mum instilled this attitude in me. Growing up, she had two piggy bank in her room. One with the words Immoral Holidays’ and one with Immoral Earnings’ written on the sides. My sister and mine had pocket money that came out of one these pigs. They were filled with the change my mum had collected during the week.

My mum gave me the account books for a savings account that she had opened when she was pregnant. Over the years, she had been putting small amounts of money away in the account. It had £500 in it that I used for driving lessons. She took me through all the details of a new feature several months ago. her banking appWhere you can round up change and place pennies into a stock investment account.

I believe in saving for a rainy night. I have many different places to save my money. Some physical, but most importantly, I have different accounts. I am very organized about how I handle my money once it gets into my account. Many of my individual savings accounts have names like ‘Summer Travel – Goal €1000’. This allows me to instantly see the goal I set and how close I am to it. I also enjoy the gamification aspect of the whole process.

A lot of my savings accounts have silly names (the one for my rent is called ‘La Vie Bohème’ — hello Rent The Musical fans!) It makes the whole thing feel less monotonous and more fun. 

I ‘hide’ money to ensure that I always have some money available 

When I have talked to friends about this strategy, they often ask if it wouldn’t be easier to have one savings account that can hold everything and money can be withdrawn as needed. I think that I would find this stressful. The fact that I have so many pots is what allows you to keep track of your money and encourages you to save. It keeps me focused on my goals, allows me to know exactly what I have earmarked my money for, and gives me satisfaction in sending money from my ‘Chitty Chitty Bang Bang (car repayment) bank account each month.

My mum was a financial squirrel and I have followed her example. Saving money has been my number one priority when I get paid. This has allowed me to save money even though I was a very poor student. I also kept some money aside for fun, so I could set clear financial goals with different savings accounts.

As I have become more financially educated, I have expanded my mentality to open some stocks and crypto accountsTo save money for my future self and also to open my own business. life insuranceand retirement funds. There are no limits to the number of savings you can have.

Source link

[Denial of responsibility! is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – at The content will be deleted within 24 hours.]