I’ve got some investments though I’m not really adding to them right now. I don’t feel educated enough so until I’m debt free I’m just using tools that I’m familiar and comfortable with.
For me it’s a high interest savings account. When I opened my account many moons ago with this particular institution they weren’t set up for you to have multiple accounts with them. You got a savings and a chequing account, it was fairly new then. I remembered that conversation so I never opened another savings account with them but it got a little difficult putting all my savings in one account. I’d see this huge figure but have to remind myself that all my eggs were in that basket.
Today, I called in and asked if I could open another savings account with them. The response, ” Yes! As many as you’d like.”
I felt like a whole new world opened to me. I quickly opened 4 additional accounts and started transferring the money over to:
- Planned household expenses
- Life happens
- Job loss
- Leftover weekly
Too bad I can’t actually name the accounts those so they’re numbers that I have to keep track of.
The original account this has all been housed under is now my Vacation account. I also have automatic transfers happening from my paycheque to almost all of these accounts so I can continue to watch them grow but this time know, at a glance, exactly what’s in each. It also stops me from accidentally putting money in the wrong category.
How do you save?
Image courtesy of Stuart Miles at FreeDigitalPhotos.net