#76: Breaking Down My Savings Accounts and Strategies

I’ve been budgeting and saving for many years.

With that comes picking up on tips and tricks, and learning what strategies work and don’t work.

I’m a firm believer in the notion of one savings account per goal.

Not only does this keep you organized, but it also keeps you on top of how close you are to reaching that goal.

I currently have 7 primary savings accounts.

Each of them has a specific purpose and a specific strategy behind them.

In today’s episode, I’m breaking those accounts and strategies down.

I’m doing this to inspire you to get strategic with your own savings accounts.

I also want you to get an idea of how I think about saving – in the hopes that you’ll take what works for you and thrive!

Here’s a glance at this episode:

  • [02:10] Before taking City Girl Savings full-time, I had a goal of saving 15 months’ worth of expenses.
  • [04:10] I keep my emergency fund in a high-yield savings for a few reasons: extra interest, liquid cash and not easy to instantly transfer.
  • [08:50] I never keep more than a few thousand dollars in my travel savings. Because of this, I keep this account close to my checking for easy access when booking.
  • [14:32] Any savings account of mine that’s linked to my checking has a specific purpose. I don’t touch those accounts unless they’re needed to fulfill their purpose.
  • [19:05] I use Betterment for my long-term investment accounts. It’s user-friendly and I love their “goal forecaster.”

Click here to listen!

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Resources mentioned in this episode:

Online banks I recommend: Synchrony, Ally, American Express Bank

Listen to Episode 30 – Vacation Planning on a Budget

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