Top tips for savings + 3 savings accounts every business/family needs to have

SAVINGS. Some people are good at it, some people aren’t.

Whether you’re the former or latter, here are my top tips for savings (click here to watch the video format instead)

1. Have separate savings accounts for the different things you want to save for.

My family has about 8 savings accounts that we transfer a % of our income to each month. This is a practical way to help you budget and save for things that are important to you. (Confused about budgeting? Here are the basics).

If you’re saving for something that you should not touch (eg: an emergency, tax time, retirement), I recommend opening those savings accounts at a different bank or financial institution so that it’s difficult for you to access those funds (out of sight, out of mind).

There are various types of savings account such as tax-free, tax-deferred, savings accounts that require a certain notice period before pulling funds, etc. Your bank will be the best person to ask about what type of savings account is best for the various things you want to save for.

If your bank isn’t willing to work with you or open multiple savings accounts for you, switch to another bank! In my opinion, this is important enough to get a good system in place.

Experts say saving around 10-15% of your income (not including tax savings).

2. Allocate specific amounts or %s right when your income comes in (make it automatic if you can).

This is what people refer to as PAYING YOURSELF FIRST. Transfer to your savings before you start paying your expenses.

I just had a conversation with one of our Master Your Finances students who is a make-up artist. She doesn’t get a lump-sum salary at a particular time of the month, but her income comes in sporadically as she gets different jobs. She said it’s so hard to budget because she can’t plan her income and she really struggles to have the funds set aside to replenish her make-up kit every 6 months.

I suggested that every time she books a job and money comes in, to take 5% or 10% of that income and transfer it to a savings account called “Make-up Kit.” She won’t even notice that 5% being transferred and then when it comes time to replenish her make-up, she should have enough in savings! Look at how much this simple tip helped her ????????.

My top three savings accounts I recommend are:


This account covers you in the case of a crisis. If there’s one thing Corona has taught us, it’s to expect the unexpected and be prepared for “rainy days”.

You know by now that having an emergency fund is important but life gets in the way‚ the bills keep stacking up, repairs need to be done around the house, your kid needs a new jacket, you’d rather get the extra cappuccino on the way to work than think of putting money into savings‚

Sound familiar? I’m writing out of personal experience! Guilty as charged!

I recommend getting your emergency fund to the place where it would be able to cover all your monthly expenses for 3-6 months if no money came in AT ALL. Of course, that amount saved will be different for every family or business.

If you need help tracking your expenses to see what this level is, check out our accounting spreadsheet here.

This can be really overwhelming to start building. Work out a % that works for you! I recommend putting away 2% of your income until you reach a certain amount. Don’t focus on the end result, focus on the step right in front of you.

A good goal to start is getting roughly $1,000 and then work your way up from there until it can cover you for 3-6 months.

My husband and I are working on building our emergency fund so I made a little savings challenge for us over the next few months. Our goal is to get to $1,000. Would you like to join us?


Unlike an emergency fund that should not be touched unless it’s a crisis, a sinking fund is there to help you cover those little expenses that are slightly out of your budget. Eg: someone wants you to contribute to a birthday present but you don’t have enough money, you have to replace a tire on your car that wasn’t planned for, etc.

I recommend figuring out what you want your sinking fund to be at and slowly work your way up until it gets there. Again, you’ll need to work out a % that works for you, but I recommend saving 1% of your income each month until you reach your goal.


The amount you should save for this is different for every person, family, or business. In America, the self-employment tax is 15.3% but keep in mind that you’ll need to pay income/federal tax on top of that.

I recommend saving 15-30% of your income to prepare for tax time but you’ll need to reach out to a tax preparer in your specific country to find out what % is right for you and your unique situation.

Remember to save this % EACH time money comes into your account. It hurts real bad when tax season rolls around and you don’t have enough saved.

Overwhelmed where to start?

  1. Open a tax savings account and open a savings account to use as an emergency fund.
  2. Click here to download our free savings challenge and let me know how it goes!! Like I said, my husband and I are going to be doing it too so please send me an Instagram DM or email and let me know how your progressing. We’re going to need motivation too!

I hope this Savings Challenge encourages and motivates you to save a portion of your funds each week (if you can afford it right now) or each month if money is a little tight. Try to make something work each month if you can.

Let me know if you have ANY questions. I’m proud of you for downloading this challenge and taking the first step to build your security savings.

**available in USD, AUD, EUR, GBP, or ZAR


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