Automating your personal finances is a game-changer for both spending and saving. Here are the savings accounts that we recommend – I’m not affiliated with them in any way, but I use them and like them. It might take you some time to set this up, but guess what, when it’s done, you don’t have to think about it again until you need to use it. Many banks allow you to open these sub-accounts to categorize your money at no extra charge and still offer to pay some interest on it. Big deposits: Think major expenses like vacations, a wedding, or a down payment on a home.You don’t want to dip into emergency savings for predictable expenses. Car service and maintenance: If you don’t have a motor plan, you need to put money away for services, maintenance matters such as tires, and car-related things that might pop up.Gifting and birthdays: If your budget is tight, it’s important that you budget birthdays and gifting ahead of time.A solid emergency fund can ease potential hardship. But if you’re really ambitious, go for one year.
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