Having read “How to Create Barriers to Your Savings” by PT Money today on WiseBread, I was reminded of wish that in my college days, I had, first of all, thought of savings as savings and not as “deferred spending,” and second, that I had protected my savings from myself. I raided it pretty regularly every 3 to 4 months.
Now, in our workshops at Debt Reduction Services Inc, we teach this very concept for emergency savings. Automate the deposits into your savings accounts, but make it difficult to get to them. Unless you’re extremely disciplined, you should not even have your savings with the same bank/credit union as your checking.
Creating online savings accounts can be a good idea too, unless even transferring money from the comfort of your own home and waiting a few days is still too much of a temptation. Otherwise, you could consider using a bank or credit union that doesn’t have a branch within 20 miles of your home, work, or other area you frequent regularly. And certainly ask them to block any online or telephone transfers capabilities.
That way, if you have to actually go into a bank or credit union to withdraw the funds, it’s much more likely that it would take a real emergency to motivate you to do so.