Raise your hand if you save money in your savings account and then transfer it to your checking account so often that you don’t actually end up saving any money. Put your hand down! Your co-workers are looking at you!

What’s a money market account?
A money market account is an uber-savings account. You put money in and take money out using a debit card and/or checks just like a savings account. You can only make a specific number of deposits and withdrawals per month. Due to that restriction, you earn a better interest rate than a savings account.

Why should I use one?
You should open a money market account because you have little-to-no willpower. Do you know how I know this? It’s because I have little-to-no will power as well. Life is not about beating yourself up about your shortcomings, but about finding work-arounds for the shortcomings that we all have.

I know that if I have thousands, heck, if I have hundreds of dollars lying around in a savings account that links to my ATM card I’m going to be really tempted to buy things that I don’t need. Having a money market account, with restrictions, makes me think a bit harder before I spend my money because I have to consider fees and penalties for taking money out.

Where to find a money market account
Money market accounts are offered at credit unions and banks around the country. Before you choose one, check Bankrate.com to make sure that you’re getting a competitive rate.

Extra tip:
– Don’t sign up for a debit card for your money market account. It’s too tempting.
– Keep your money that you’re saving for a short-term or intermediate-term savings goal in a money market account.

Read more simple money management tips in Money Matters: The Get It Done in 1 Minute Workbook.