Hi, as I mentioned, I have Bipolar 2. This has caused me to spend all of my money, and now I want to start saving again. However, I have issues with my savings being in my bank account, as I can transfer it whenever I want. I am new to this. Would a CD account benefit me? How does this work? Can you please explain it like I am 5? I am really new to all of this.
It might help to talk to someone at a bank or a financial advisor. They can give you personalized advice. A CD, or Certificate of Deposit, can help make some of your savings less easily accessible. This means that when you put your money in a CD, it earns more interest than a regular savings account, but you usually can’t take it out until a set time passes, or you might have to pay a fee. You choose how long you want to keep the money in there, which is called the maturity date. Just remember, if you need the money before that date, it can be tricky.
Have you thought about someone else managing your money for a while? Maybe you could get a hobby that doesn’t involve spending, like reading or crafting.
I found having a separate account at another bank helped me manage my spending. I use Wells Fargo for my checking but have a high-yield savings account with Ally. It takes more effort to transfer money, which helps me avoid impulse purchases.