Ditch your bank account called "Savings"

Yes, I recommend that you ditch your bank account called "savings". Sounds so strange right? You, me and millions of Americans were taught to have a "savings account" while growing up.

Here's the problem with it. Having an account called "savings" will keep your financial stress brewing for weeks, months and years to come because you're not telling your money what to do. 

Start creating multiple named savings accounts for your needs and wants for three years or less. Some examples could be:

• Clothes and shoes savings account
• Travel savings account
• Car repair savings account
• New car down payment savings account
• Home down payment savings account

Transfer a dollar amount automatically each month into each of your new named savings. You will be elated in a few months to see these accounts grow through automation. And when your car needs a repair you'll be super happy that you begin saving money this way.

Say goodbye to your account just called "savings".

We'd love to help you further manage your money to reach your goals and dreams with our Do Money Differently online course. 

You have what it takes to Do Money Differently and to live a life that fits your dreams.

-Todd

P.S. Don't forget you can receive a $25 bonus by opening up a new investment account with Acorns here.