We only have one savings account. Well, technically up until 3 years ago we had no savings account because we had no extra $$ to save! I am a SAHM, but I do work from home. I don't make much. Lately, I have been thinking of putting my income in a separate savings account as sort of reminder to NOT count on the money. That way, if my WAH job falls through, we won't have been accustomed to the money each month. Does that make sense? Do you have separate savings accounts for big things, such as a vacation? Or just one savings account? Do you think it makes any difference? Do you think it helps if it is a pain to access the money - like if it is at a completely different bank - and you would be less likely to use the $$$ if it was harder to access? Just wondering.
I have a few savings accounts. I have a basic savings account. I have my contingency (emergency) funds in a separate account. I also have a vacation fund account. I like keeping everything separate. It makes it easier to keep track of everything. My bank allows me to have separate accounts.
having a separate savings account for future use is a very good idea... specially if you will have to spend time to withdraw from it.. you will think many times if its worth to withdraw and spend it.. yeah, I recommend that you do that.. and have it linked to your regular salary ATM and have some amount auto transfer to it so you make sure that you will have a regular monthly savings.... and FORGET ABOUT IT.. the only thing you have to keep in mind is that you have an emergency savings to get.. incase of... EMERGENCY. now, whatever is left in your regular account.. and when you think it is not enough to sustain you.. better THINK of other ways and means to increase your CASH FLOW.. rather than withdraw the EMERGENCY FUND. You will thank yourself in the future should any eventualities occurs.. God forbid. Sooner or later, when you look at your fund.. you will be amazed how much you have saved by overtime. Good luck!
I have only one savings account. To be honest, if it was possible I'd not bank my money at all but unfortunately the way things are, having at least one account is obligatory. I prefer buying something whose value will appreciate with time rather than place the money in a savings account and earn little to no interest at all. So either way, since the 'asset' purchased can be converted into money easily, it's some kind of saving too because you didn't spend that money.
I don't like keeping all my money at the same place, as it is the most precious resource I have, and if somehow, that place burns to the ground, I'm bankrupted. I like keeping them in a lot of forms, maybe even as loans that I give away sometimes.
