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Very soon I hope to have at least three different savings accounts. One of the savings accounts will be for a vacation I am planning to take, another will be for household emergencies, in the last one will be just for me. Though I have always tried to have at least one account to put away my money, it seems that I might be better off if I have three separate accounts. If you have many different things in your life that you wish to save for, this might be something you want to do as well.
When all of my money is in one account I seem to spend it more easily. I think that if I have three different savings accounts for each of these purposes that I might be able to leave them alone. It’s not that spending money is easy for me, as I seem to get a pain in my chest when I do so, but at the same time, I always seem to find a way to spend it regardless. I am hoping that having more savings accounts will allow me to leave my money alone. Perhaps I think that out of sight will be out of mind.
You may want to have several different savings accounts for your children. I only have one daughter right now, and I know that she has at least three savings accounts. One of them is one that I have started, another was started by her grandparents for her education, and the third one was started by her other grandparents, and that will be for hers once she goes to college. I won’t even tell her that she has the savings accounts until she has a need to use any of them. If she doesn’t know what is there, she will be less likely to beg me for things that she really doesn’t need. I remember when I was a teenager there were many things I was dying to have, and I wish I had saved that money towards my college education.
Savings accounts are great ways to save money for almost anything. The best thing about savings accounts is that they can earn you interest. The more money you have in these accounts the more money you will earn in interest. You might be surprised at how much interest you can earn if you leave your money in your savings accounts for five or ten years. Even small amounts of money will have a nice return if you put the money in there and leave it alone. They may not be the best way to make money on your money, but it is certainly better than nothing at all.
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