• Skip to main content
  • Skip to primary sidebar

Ask Liz Weston

Get smart with your money

  • About
  • Liz’s Books
  • Speaking
  • Disclosure
  • Contact

Why you need 3 savings accounts

May 9, 2017 By Liz Weston

Some of us hoard cash while paying 18% interest on a credit card balance. Others blow through a tax refund as if it were free money when it’s actually a return of our own hard-earned dollars.

This brain quirk has a name: mental accounting. We treat money differently depending on where it comes from and how we intend to spend it, often to our own detriment.

We can, however, leverage this illogical behavior to help us save more.

In my latest for the Associated Press, how having multiple savings accounts could help you save more.

Related Posts

  • Why you should save for something fun

    Financial planners tend to have firm ideas about the most important goals: You should save…

  • What to do if you save too much for retirement

    Many Americans don’t save enough for retirement, but it’s entirely possible to save too much…

  • Q&A: Here's why two 401(k) accounts aren't better than one

    Dear Liz: I changed jobs more than three years ago and did not roll over…

  • Here’s why emergency savings funds never go out of style

    Dear Liz: I was a fortunate individual and able to save enough money to cover…

Filed Under: Liz's Blog

Primary Sidebar

Search

Copyright © 2025 · Ask Liz Weston 2.0 On Genesis Framework · WordPress · Log in