Instead of keeping my money in one place, I’ve found saving it in different places makes saving easier and more fun.

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• My mom taught me to keep little savings jars in different places for when I need them.
• Today, I mostly do this virtually, although I still keep track of my change.
• I find it easier and more fun to know exactly why I’m saving and how much progress I’ve made.

I may be the last person in the world to still use a piggy bank.

It sits by the front door and any change I have at the end of my day is dropped off and fished out later for odds and ends like milk or bread.

In one of my clothes drawers is an envelope with some notes. These are bits of birthday money or the occasional cash-in-hand concert. My checking account is divided into at least four different savings accounts. Part of my earnings go to me through an app and there’s money there too, in an account I named “A Rainy Day”.

My silver avatar is definitely a squirrel.

Savings rates today

My savings strategy dates back to childhood

I have this attitude from my mother. Growing up, she had two piggy banks in her room, one with the words “Immoral Vacation” and the other “Immoral Income”, written on the sides. Mine and my sister’s pocket money always came out of one of those pigs, along with the change my mother had picked up during the week.

When I was 18, my mother gave me the ledger of a savings account she had opened when I was born and in which she had saved small amounts of money over the years. year. It contained £500 which I used for driving lessons. A few months ago, she walked me through the details of a new feature in her banking app where you can round up the currency for each transaction and put the pennies into a stock investment account.

The “save for a rainy day” mentality means I have lots of different places to put my money (some physical, but mostly in terms of different accounts) and I’m very intentional about sorting my money when it arrives on my account. Many of my individual savings accounts have names like “Summer Trip – Goal $1000”. This means I can immediately see the goal I’ve set for myself and see how close I am, plus there’s an element of gamification to the whole process which I appreciate.

Many of my savings accounts have silly names (the one for my rent is called “La Vie Bohème” – hello Rent The Musical fans!) which makes the whole thing more fun and less of a chore.

Hiding money means I always have it on hand

Sometimes when I’ve talked to friends about this approach, they’ve asked me if it wouldn’t be easier to have one savings account where everything can go, and money just withdrawn when needed. ? Personally, I think I would find it stressful; having lots of different pools is what helps me keep track of my money, and it encourages me to save. It keeps me focused on my goals, means I know what I’ve spent my money on, and I’m happy to send money from my “Chitty Chitty Bang Bang” account (car reimbursement) each month. .

Following my mom’s lead and being a financial squirrel encouraged me to save and make saving my first priority when I get paid. This meant that, even when I was an exceptionally poor student, I always tried to keep aside bits of money here and there that I had set aside as “Fun Money” and could set clear financial goals for myself. and visible with various savings accounts. .

As I gained financial knowledge, I extended this mentality to opening some stock and crypto accounts to save money for my future self, as well as opening life insurance and retirement funds. You can never have too many savings pots!