Illustrated by Ammiel Mendoza.
In a recent story on The Billfold, E.A. Mann disclosed that his cat has a savings account. Yes, you read that correctly. And, we instantly had lots of questions. Is Mann the male version of a cat lady? (And, what is the masculine equivalent to cat lady? Cat lord? We're going with cat lord.) And, finally, does your feline deserve a savings account? Turns out, the answers to those questions reveal some smart spending tips that Mann learned the hard way.
In his post, Mann notes that he was always a big saver, paying for only the necessary items and saving everything else — which, according to most financial experts, is the right thing to do. But, Mann found that when he skimped on certain things in the short term, he ended up spending more money in the long run. Ignoring an oil change now resulted in big car problems later. Mann thought if he had just paid for the smaller repairs earlier, the bigger, costlier purchases would not have come up.
In order to change this pattern of over-saving, Mann and his wife decided to set up several smaller, separate savings accounts for to cover costs that come up throughout the year. This forced him to decide how much he wanted to budget out for different parts of his life. Instead of staring at one big chunk of money he didn’t want to deplete, Mann now looks to different accounts to pay for what he needs. And, yes, that does include the health and well-being of his beloved cat. (The Billfold)