Student Edition: Saving, Spending and Everything in Between
When it comes to savings accounts, the more the merrier. You may be wondering, “Wait, what’s the point of having a second savings account? Why wouldn’t I just keep all my money in one place?” Think of it this way: If you have two savings accounts, one can be designated to long-term goals (like a new car) and one for short-term goals (like a deposit on your next apartment). You can make the short-term money more readily available for you to pull from, but keep your long-term account locked up pretty tight. Setting different boundaries for yourself with each account will help you develop better saving habits and stay on track with your goals.