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Going with fewer credit cards and bank accounts can be a great way to simplify your personal finances, especially if you’re just starting out or trying to get out of debt. But once you’ve mastered the basics of budgeting and wriggled free of student loan or credit card debt, there are times when having multiple savings accounts actually makes sense.
If you’re still establishing credit, learning to budget, or dealing with debt, you would do better to focus on the basics. If this sounds like you, your best bet is tackling the basics of saving. Consider these four easy ways to save money. And make sure you know how to create a solid budget and have a plan for paying off student loans.
But if you’ve conquered the essentials of saving, budgeting, and managing your money, you might be ready for a more complex approach to saving. For example, instead of saving up cash in a jar for special occasions or events, you might open a new savings account instead. Savings accounts with one specific purpose, like summer vacation or holiday spending are often called targeted savings accounts.
A targeted savings account is a savings account that you open for a specific purpose and begin putting money into for a set amount of time before withdrawing and using that cash. There are several ways you can benefit from multiple, targeted savings accounts. Here are some of them:
Ultimately, having multiple savings accounts is a good idea to help you stay organized and can even make it easier to reach your goals as you’ll lessen temptation and earn more with interest.