How Making your Money Inaccessible can Save your Finances

In this declining economy, many people are thinking of alternative ways to save money and budget their finances. Whether it’s cutting out on outside dining or waiting for sales when purchasing new items, people are thinking of different ways to save money. However, an alternative that many people don’t think of is finding ways to make your money inaccessible. This can help from impulsive purchases and frivolous spending that can easily be avoided, and most often are regretted.


Keeping cash readily on hand is sometimes a budgetary mistake because it can often be easy to lose track of. While a few dollars in your purse can seem easily spendable, keeping the money in your bank account can help these few dollars start to add up. Many times, items bought with cash can end up with an accumulation of change that is wasteful to your finances. Loose change is often overlooked, and with frequent cash purchases loose change really adds up to put a sizable dent in your finances.

On the contrary, limiting your spending directly to your bank account allows for an easier method of keeping track of your spending. Many banks offer tracking services free. An example of such a bank service is PNC’s Virtual Wallet accounts. The Virtual Wallet tool automatically categorizes your spending habits and allows you to make a better judgment in budgeting your money.

However, leaving your ATM or credit cards at home is a way to keep your bank account money inaccessible. A strict cash budget without any safety net can allow for a better way to force yourself to stick to a budget. This can mean only carrying a certain dollar amount a week or restricting yourself to only having a gas credit card rather than an abundance of finances that can be frivolously spent in other areas.


Many bank accounts feature a dual ATM card that allows access to both the checking account and savings account. However, limiting your access to your savings account can be a great way to make your money inaccessible. Whether it’s a restriction on your ATM card or a completely separate bank for your savings can help to maintain spending. Transferring funds to your savings account can force your budget so that you only spend what’s available in your regular checking account rather than having full access to all your funds.


Certificate of deposit accounts are savings accounts with a fixed rate of interest much higher than regular savings accounts. Depositing money into a CD account usually has a higher rate of interest than regular savings, or a compound interest rate that allows you to earn money, even on the interest earned. This can double or triple the amount of money initially deposited into the account with a great windfall. However, CD accounts have a catch that don’t allow withdrawal from the account until a certain time period has passed. This is different for each account, but usually is a 1-3 year time frame that restricts withdrawal from the account without a huge fee. This is a way to make your money inaccessible but can save your finances in the end.

Financial difficulties come to people of all different incomes. With the difficult economy, declining housing market, and the simple fact that everyone wants to learn ways to save in their budget, there can be more done to save your finances without forgoing on things you really need. Making your money inaccessible is a great way to force yourself to stick to your budget and can sometimes help increase your finances in the long run.