Use a targeted savings account for big expenses from "summary" of I Will Teach You to Be Rich, Second Edition by Ramit Sethi
When it comes to saving for big expenses, having a targeted savings account can be a game-changer. Instead of throwing all your money into one general savings account, create separate sub-accounts for different purposes. This way, you can clearly see how much you have saved for each specific goal, whether it's a vacation, a new car, or a down payment on a house. By setting up a targeted savings account, you can automate your savings and allocate a certain amount of money each month towards your big expenses. This removes the temptation to spend that money on other things and ensures that you are making progress towards your goals. Additionally, having separate accounts can help you stay organized and on track with ...
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