Studies show that naming your bank accounts gives you a psychological advantage. Doing so makes your mind focused on your goals and ambitions. Also, naming your savings accounts is considered a surefire way of reaching your savings goals.
Do you have this habit of giving nicknames to your bank accounts?
Well, if you don’t, I urge you to go and name each bank account now. Go on, don’t just sit there, my dear!
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| Do you believe in naming your bank accounts? |
Naming your saving accounts keeps you motivated. It gives you the daily reminder that you need to get going! Doing so lets us literally keep our eyes on the prize. Let’s say you have:
- an emergency fund
- a vacation fund and
- a support fund
Do you think that naming them generally would keep you motivated to save money for them? No.
It’s better if you make them:
It’s better if you make them:
- Emergency Happens fund
- Family Vacation in Japan
- LJ’s Needed Tuition fund
instead! See what we did there? We made your goals look more tangible. In this way, we make ourselves feel a little bit guilty, too, when we get money from “Emergency Happens” fund and buy a new dress instead.
Naming our savings accounts protects them from their greatest threat – us!
Do you name your savings accounts?
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Great blog you have here!
I was so happy to see another local personal finance blog that I wrote a little write-up about you in my blog: http://frugalhoney.blogspot.com/2012/07/living-wise-with-lianne.html
Keep on writing 🙂
@ Jillsabs:
Hello and thank you for visiting The Wise Living. 🙂
Wow, thank you so much! That's flattering! 🙂 I'm going to check out your blog now!
I read your blog that very useful for financial…
LEAP Accounting
@Ramesh:
Thanks for visiting The Wise Living! 🙂 and thanks for commenting, as well. I'll check out your site soon!