Welcome, Hello PhD listeners! On this page, you will find further information on the subjects I discussed during my interview episodes.
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Episode 68: Targeted Savings Accounts for Irregular Expenses
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Targeted Savings Accounts
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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:
- Targeted Savings Accounts for Irregular Expenses
- Weather Irregular Expenses on Your Grad Student Stipend with Targeted Savings Accounts (a Grad Student Finances Guide)
- Many blog posts on my use of targeted savings accounts during graduate school on Evolving Personal Finance.
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.