Nickname Your Bank Accounts
A GOBankingRates survey found that 58 percent of Americans have less than $1,000 in a savings account. A great way to motivate yourself to save is to name your savings accounts based on how the money will be used — such as an emergency fund, vacation fund or home down payment — and to set up automatic transfers from each paycheck.
“By naming our savings accounts and funding them automatically every paycheck, we are not only assigning our money a ‘job’ but also associating emotions around each account,” said Inman. “The more personal you can make it, the less likely you are to overspend in the short term.”
