{"id":59194,"date":"2024-06-07T06:12:31","date_gmt":"2024-06-07T10:12:31","guid":{"rendered":"https:\/\/www.iwillteachyoutoberich.com\/?p=59194"},"modified":"2025-04-03T14:52:02","modified_gmt":"2025-04-03T18:52:02","slug":"tip-using-sub-savings-accounts-for-unexpected-expenses","status":"publish","type":"post","link":"https:\/\/www.iwillteachyoutoberich.com\/tip-using-sub-savings-accounts-for-unexpected-expenses\/","title":{"rendered":"Sub-Savings Accounts: Managing, How to Set Up, & Benefits"},"content":{"rendered":"\t\t
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With sub-savings accounts, you’ll be amazed at how quickly your savings can build up.\u00a0<\/p>\n

In this post, I’ll break down what a sub-savings account is, how to open one, and how you can automate your savings to reach your savings goals.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What is a sub-savings account?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A sub-savings account is an account you create to save for<\/span> a specific future purchase<\/strong>.<\/span><\/a><\/p>\n

Using<\/span> monthly automatic transfers<\/a><\/strong>, you funnel a set amount of money into your sub-savings account.<\/span><\/p>\n

This is precisely how you will accomplish financial goals passively: Because the money is automatically withdrawn from your checking account and shunted to your specific savings goals,\u00a0 you won\u2019t have to remind yourself to do it each month and risk the possibility of missing a transfer.<\/span><\/p>\n

You will also quickly learn to adjust your spending based on the amount left in your regular bank account. After all \u2014 you won\u2019t miss what you haven\u2019t got.<\/span><\/p>\n

But check your sub-savings account a few months later, and you\u2019ll be surprised at the money accumulated and how much closer you are to your goal.<\/span><\/p>\n

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How to set up a sub-savings account<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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To set up a sub-savings account, you first need to have a regular\u00a0savings account<\/a><\/strong>\u00a0that allows you to do that.<\/p>\n

If you already have a savings account, chances are your bank already does this. If this is the case, head to\u00a0step two<\/a><\/strong>.<\/p>\n

If you\u00a0don\u2019t\u00a0<\/i>have a savings account that allows sub-savings (or if you don\u2019t have one at all), that\u2019s okay! Here are a few great\u00a0suggestions for banks<\/strong><\/a>\u00a0that offer great savings accounts (with sub-savings):<\/p>\n