bash directory shortcuts

When I type cd ~foo, I’d like bash to take me to some directory foo as a shortcut for typing the full directory path of foo. and I’d like to be able to cp ~foo/bar.txt ~/bar.txt to copy a file from the /foo/ directory to the home directory… So basically, I want something that works exactly like ~/ does, but where I specify what the directory should be. [I’m sure I should jfgi, but I don’t know what to fg]