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.

1. Insurance Deductible Savings Account-  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. 
2. Heat Pump or other Large Home Purchase Savings Account- 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. 
3. Medical Deductible Savings Account- 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. 
4. Travel Savings Account- 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.
5. Christmas Savings Account- 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. 
6. Car Savings Account- 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.