One Day at a Time
On that note, I’m also a fan of setting up savings accounts within savings accounts. If you divide your savings by the name of your goal for them, the hope is that you are more likely to achieve that goal – whether it is your children’s Harvard education or the bridezilla wedding of your dreams. It’s much more likely than if all the money goes into one pot. “It’s hard to find big banks who will do this for you, although the Meriwest Credit Union, headquartered in San Jose, California, offers something similar called the “You Name It Savings Account.”
In Alcoholics Anonymous, they call this “one-day at a time.” Financial guru Dave Ramsey calls it “baby steps.” Whatever. If it gets people on the road to savings, I’m all for it.
Helaine Olen tackles saving for retirement (or saving for anything, really) in her Guardian column today, and one of our very own editors makes an appearance.