I am a typical planner, and I like to think of all possible problems that could cause me financial hardship. So over the years, I have created savings accounts off my main account for specific purposes. The accounts accrue interest and are available if I need them in a pickle. I would suggest any adult think seriously about opening the following savings accounts in addition to their traditional savings account.
- Insurance Deductible Savings Account-Â Â If you ever need to make a home or car claim needing to come up with $500 to $1,000 could cause significant hardship. Instead, start an insurance deductable savings account. This way, if you need the funds for a claim, they are available.Â
- Heat Pump or other Large Home Purchase Savings Account-Â If you own a home, you are bound to need to replace a heat pump or other large appliance. Instead of taking out a loan when the time comes, have money set aside for this purpose.Â
- Medical Deductible Savings Account-Â We all don’t want to think of a significant medical issue arriving, but if it does happen, this savings account with come in handy to cover the unwanted costs of a medical problem.Â
- Travel Savings Account-Â Set up a separate checking account that’s dedicated to travel. You can transfer money periodically into that account so that when you’re ready to go on a vacation, the funds are already there.
- Christmas Savings Account-Â Christmas can be super stressful, but with a savings account for Christmas, you can save all year to lower your stress level with all the costs associated with dinners and gifts.Â
- Car Savings Account-Â I don’t know about your car, but my car senses with money is tight. With this savings account, those new tires won’t sting so bad.Â
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