Do you like shiny stuff? I do too. I especially like craft materials and books – but I’ve also got 20 places to put every dollar I earn and sometimes savings get de-prioritised.
I’ve found that the day I get the money into my account is the best day to put some of it into savings. And I’ve found one way to prevent me from spending my savings when I feel I really need that shiny, shiny new knitting wool is to put it into a Notice saver account.
Notice savers are a bit like term deposits but you can add money to them whenever you like. I put $20, $100 or however much I can afford into my notice saver, and I can’t access the money for 31 days. (Banks providing notice saver accounts for personal use will typically offer notice periods of either 31 days, 60 days or 90 days and you can access your savings without penalty once your period of ‘notice’ has passed.)
Every time I want to access the savings, I put a request in, wait my 31 days and I get my savings … and if it happens that after a couple of days I think “I don’t actually need $200 worth of knitting wool” I can cancel my order straight away and my savings are intact.
Good luck, and happy savings.
Gill Robson writes at www.gillspracticalbookkeeping.com
