Now that you have a brand spanking new budget what better than to organize your savings by opening three new instant savings accounts to celebrate? This will allow you to keep track of how much you have saved up for each goal and means that you won’t ever get the purpose of which monies are for which goals confused and thereby leaving you short changed for completing a goal.
I personally have five savings accounts and they are named:
- Car Savings (for my insurance, MOT, services and maintenance)
- Peter Trip (money to see my boyfriend as we live long distance)
- South Africa
- Website (stay tuned – they’ll be a big redesign next year!)
Remember when you set them up to put just ten pounds or dollars into the account to keep it active as some savings accounts are frozen if no money is added in the first month.
Do you like the idea of having named savings accounts? Have you ever gotten confused what savings is for what when it was all in one account? Is this your first savings account and if so how did you feel when you opened it? Please share your thoughts in the comments below to gain encouragement, insight and support from our community, we’d love to hear from you.