Keep your money in different accounts
To be able to actually save money on a regular basis, you should first make sure that you cannot touch the money that is intended to be saved.
Ensure this is by keeping your money in two different accounts: a checking and a savings one. The accounts should be at different banks, making it more difficult to transfer the money from the savings account to the normal one whenever you feel like buying something that is not really needed.
129
408 reads
The idea is part of this collection:
Learn more about moneyandinvestments with this collection
Leonardo da Vinci's creative process
How to approach problem-solving like da Vinci
The importance of curiosity and observation
Related collections
Similar ideas to Keep your money in different accounts
Myth: Leave Extra Cash in Checking
Leaving money in your checking account might make you spend more than you planned, simply because the money is available. The money in your checking is also not earning any return.
Instead, lessen the temptation. Try budgeting carefully enough and transfer the extr...
What happens to your money
Banks don’t like to give away their money. That mindset is reflected in the interest rates of checking and savings accounts of 0,5% and 0.9% avg. annual interest respectively.
When you deposit your money in the bank, the bank turns around and invests that money at 7% a year or more. ...
Depositing to an Offshore Bank Account
Offshore bank accounts are mostly funded electronically through international wire transfers. The systems that enable free electronic transfers common in domestic banking are typically not able to transfer money internationally.
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates