Appreciation post: My barber in Charlotte told me he pays his quarterly taxes from a separate savings account

I was getting a haircut last Thursday and we got talking about the stress of tax season. He mentioned he opened a high-yield savings account with Capital One just for tax money, putting 30% of every single payment in there right away. He said it's like the money was never his to spend, so he never feels the pinch when the bill comes. I've always just scrambled to find the cash from my main account every quarter, and hearing how simple his system is really got me thinking. How many of you have a dedicated account for taxes or other big regular expenses?

4 comments

4 Comments

bennett.evan2mo ago

Ever try a separate checking account for that?

michael6692mo ago

Is opening a whole new account really needed for that? It seems like a lot of work for a small problem. I just use a note on my phone to keep track.

the_jake21d ago

Haha I can barely keep track of my phone notes let alone my accounts!

allen.kai2mo ago

Honestly, I get where Michael is coming from. Setting up a new account does feel like a hassle at first. I found it actually saves me more time in the long run, though.