Like I've said before, I love DailyWorth. Here's an interesting article about different savings accounts.
Do you have different savings accounts for different reasons?
A: You need at least three active savings accounts.
Curveball fund. Automatically transfer at least 5% of every paycheck, to cover random expenses (a lapse of reason at a yard sale, a broken toaster).
Emergency fund. Ditto, but only tap this in a true do-or-die crisis. When they say, “Save three to six months' worth of living expenses,” this is where it goes.
YouNameIt fund(s). Set up at least one other account for a looming goal or project: a cushy reading chair for the bedroom, a holiday party (or getaway from the parties), adopting a child.
I only have an emergency fund, which I consider a fund for ANY type of emergency. It could be a potential job loss, unexpected bills, risen expenses and so on. Ever since reading DailyWorth, I feel like I'm the only one on the website who doesn't have multiple accounts.
Your turn: How many do you have? Do you feel like it's necessary?