I started a savings account for my 3 children when they were born. Every time they received a monetary gift, large or small, I placed it into their account. Compound interest & investments over time did the rest. Today, that $ was used toward college, a home down payment & a car. I even had an account for my goddaughter who bought her first car! So, I started an account for my grandchildren Oh, I'll buy a present for them to open, but the bulk of their gift is deposited into the account.
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Every few days I transfer the last "few dollars & change" from my checking account to my savings account. I like to keep my checking account even. So, if I have 333.50 in my checking account, I transfer $3.50 to savings. It's not so much that I miss it, but it's builds up over time in the savings account.
We had separate savings and checking accounts when the money market accounts appeared. We joined our savings and checking accounts into a money market account that paid interest. Guess what happened? The money all seemed to disappear.39 Now different accounts manage our savings.
We have the accounts in credit unions and accounts that pay interest. Each account is used to pay different types of expenses, such as taxes or vacations, Since we never see the total amount of our savings and/or checking accounts, we spend according to what is available in the designated account.
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