Good suggestion.DA and JIF. However I also suggest labelling that savings account as money for fun and satisfaction. This could be saving up for an overseas trip, shouting a trouble friend a fancy dinner out, a new bike or to buy yourself and your better half some great looking sexy clothes. Now that I have recently acquired a girlfriend (unfortunately long distance) I spend my former punting money on sex toys and sexy lingerie for her. When in town we go bra shopping as she has 16Fs and you wouldn't believe how much a good balconette bra costs these days. I get to enjoy at dinner from the other side of the table.

If you don't have a girlfriend, label the account "sexy honeypot fund" for when you eventually acquire one that you want to hang on to. The less you punt the more money for spoiling you have down the track