Different Approaches to Building Cash Savings
Different Approaches to Savings
In my long and storied life, I've categorized people into two money-saving saving styles. Here's how to optimize your savings based on your type.
Stoics approach building cash savings with a deep emotional detachment.
It's just part of their ritual, and once the deposit is made, there's no more to think about. They place a set amount in savings, never to hear from it again. This is what Anna does, and she is an incredibly good saver.
Goblins, on the other hand, have a lot of good intentions, and they really do try, but sometimes...we forget or make mistakes.
Even if they save money, it's not a done-and-dusted thing -- sometimes miscalculations will lead to having to go back to the savings account.
Choose your savings vehicle based on your savings style
Depending on your saving style, decide between money market accounts or high-yield savings accounts that offer flexibility and better rates than CDs for both stoics and goblins.
Before you open an account, ask yourself what kind of saver you are
Understand your saving style: stoic or goblin, to make informed decisions when selecting savings products.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.