If I have $X in my checking account, and I know of upcoming purchases this month, such as, rent, groceries, a haircut, a new bicycle, a new pair of glasses, my gym membership, etc., is there an easy, effective way to put specific sums of money for each purchase in a specific place, where it is inaccessible until I decide I need the money?
I have tried pulling out cash from the ATM and putting it in labeled envelopes, but I'm aiming for something as easy as the click of a button on a smartphone.
My mobile banking app doesn't allow more than a few separate labeled accounts, and even if it did, the money wouldn't be inaccessible enough. I could immediately transfer it out as soon as I wanted to buy something else.
Ideally, at the tap of a button, I could put a sum somewhere, labelled, and make the funds unavailable until a certain date. Or they could be available any time, but on a time delay of 2-3 days. This would be enough to inhibit me impulsively spending them.
The only idea I have right now is to invest the money in some kind of short-term investment, like a money market fund.