Hello PhD

Welcome, Hello PhD listeners! On this page, you will find further information on the subjects I discussed during my interview episodes.

Sign up for the mailing list to receive our Top 10 Tips for Financial Success in Graduate School and Beyond.

Episode 68: Targeted Savings Accounts for Irregular Expenses

Targeted Savings Accounts

Would you like to receive a worksheet to help you brainstorm your irregular expenses? Scroll down to sign up!

Podcast timestamps

15:46 Interview introduction.

17:20 Interview begins.

17:48 Training is your real life, too. Why graduate school is an optimal time to take control of your finances.

19:08 Emily’s background.

19:55 What are irregular expenses? Why do we need to pay special attention to them?

22:06 How should we deal with irregular expenses? Use a system of targeted savings accounts. Personal example from Emily’s life to illustrate how the system works.

24:25 Two methods for building up the system.

26:49 Practical steps to start using the system. Multiple accounts vs. one account. Automated transfers.

28:33 How did using targeted savings change behavior?

31:01 What if you want to use more money for targeted savings than you have available in your budget?

34:02 How easy is it to find a bank that will let you open multiple savings accounts?

35:47 Targeted savings vs. emergency fund.

37:26 Interview concludes. Discussion of targeted savings between Josh and Dan.

Further reading on targeted savings accounts:

Sign up below to receive a one-page worksheet that guides you in brainstorming and categorizing your irregular expenses. It includes the three questions to ask yourself to help you anticipate your expenses as well as a list of common irregular expense categories.

Sign up to receive your worksheet

* indicates required