Some banks allow you to open a savings account inside your savings account. You give these accounts specific labels, like Quarterly Taxes or 2018 Italy trip or Game of Thrones tattoo — whatever specific thing you’re saving for. Separating this from your main account makes it easier to see your progress as you save.
You know that putting money aside is a good idea, but counterintuitive though it might seem, putting it all in the same place can make your budgeting more complicated than it needs to be. Why not divide your savings for specific purposes?
You've heard of an emergency fund, and they're a must for setbacks and financial pitfalls. In case of larger financial emergencies, Financial Samurai suggests what he calls the "Armageddon Fund".
