Savings ? How do you?

[Irishmama9]

Say you're saving for more than one thing.

For example we need to save for 3 things.

Emergency Fund.
Tires for his truck. (They're almost bald, so we have until first snowfall to save for it)
Baby. (Whatever expenses may come up.)

Do you put it all in one account and just keep track on paper or whatever how much is for what, or do you use separate accounts? Thanks

[nodmicks]

I have several sub-accounts at the credit union for this. I have my EF at ING.
That just works ok for us. If I leave it all in one account it is too easy to spend more for us.

[CouponShelle]

We have the emergency fund at hsbcdirect, we recently had to save for tires also and I had an envelope that the money went into. We have a baby envelope at home as well. I kindof put a little here and a little there. We sat down in December though and planned out what expenses we thought we'd have in 2009 so that we could plan ahead (had the baby in February).

[Greebo]

We used to keep it all in one account, but it's too easy to dip into that way for us. So now we're putting the total of our savings funds into a savings account, and will move money back and forth into checking as needed. We track the balance of each fund on paper.

[onencgirl]

I have my loose change jar at home that goes for anything that arises (you'd be surprised how fast it adds up). I also have an ING account that is automatically deducted. It takes a couple days to retrieve it so I can't make silly spends. Finally, I have a regular savings acct. in my credit union that I add to as I can.

[Irishmama9]

Thanks everyone I guess I should have been more specific...I meant just in one savings account. Keeping it in checking would not work for us, it'd be gone before I could blink twice lol.

[Karen1]

I have 1 checking acct. now only also.

BUT you must bank first for the tires. they are important or driving around a kid could be dangerous etc. especially going into winter

So if you have --say $3,000 in savings

and you want $1500 as EF
then the balance would be (for me) truck tires first
and then anything above my EF would be used for the less needed things

So if you know your EF amt.....then anything after that is just on a first priority basis to me.


does that make sense???? LOL

[Neeley]

We have a checking account. This is where DH's pay is direct deposited.

DH and I have a savings account. This is where we make routine deposits in various amounts to and a set amount of $225 every two weeks is direct deposited into.

We don't separate our savings into categories. We don't give it names like EF, slush fund, car maintenance fund, etc... It is simply a savings account. We don't need to dip into for week to week expenses. Once a month from July to April we do have $590 withdrawn for DS's tuition. Other than that, we don't touch what goes into savings as a rule.

If we know we are in need of new tires, car tags, pool chemicals, school clothes, etc...we use money in the checking account for that.

There is also a checking account strictly for DH and DS's grass cutting money. They have eight yards they cut on the weekends so DS can have spending money. Since he is only 13 and cannot get a real job this is a way for him to earn his own money. He earns a couple of hundred a month and it is in that account for him to spend. DD also has her own checking account and savings account to deposit her checks from her part-time job, birthdays and Christmas. We don't mess with their accounts. That is their money to do with as they please.

[JoJoBean8]

I use ING and have multiple accounts. You can open as many savings account as you like as long as it is linked to a checking account. I have one for EF, car fund, house fund, college fund, and freedom fund. It has a better interest then my other bank I believe it is now 1.4%. I would try that it is very easy and you make money off your savings.

[monkeywrangler71]

I would have one account and just keep track on paper how much is earmarked for each item. I have quicken and sometimes use the savings goal feature to virtually remove earmarked funds from my account so I can't see them, but paper's just as good. I do keep long term savings separate from the account we use for other expenses though.

[MomToTwoBoys]

I keep it all in one account and designate amounts that correlate to that particular fund. Right now, our emergency fund and our slush fund are one in the same because we're not having to pull from it for anything yet that would constitute use of either one.

[joyofsix]

We just have one savings account we pour all savings into. I think saving is a little bit like everything else, one size does not fit all. I have a separate envelop I store my 'allowance' in. I tend not to spend it so it stacks up nicely for those things I consider an emergency.

[tervsforme]

I have one account for stuff like that. I have a certain amount automatically deducted from my pay each month and it goes into an investment account which I need to call them to send me the money, I don't have direct access to it, which works well for me. I save for my propery taxes and homeowners insurance, plus put in extra each month for whatever else might come up. This is separate from my EF Fund which is in my reguar bank's saving account.

[dcompton]

I have two savings accounts. One is online with HSBC - this is the larger long term emergency fund, more of a catastrophe fund actually. I try never to touch this one.

The other I have locally where I actually found a brick and mortar regional bank that has a no minimum balance savings account, so there are no fees. Of course, it makes a laughable interest rate right now, but I don't keep a lot in it. It would be the one that I would use for things like tires.

I have done it all in one and tracked on a spreadsheet what was allotted to what, but I tend to get impatient with too much bookkeeping. So having a long term and short term account works best for me.

[firefly615]

I have an acct. at Schwab that holds my EF. Once the money is in there I tend to forget about it, which is a good thing. I also have a savings acct. at the local bank that is for mid-term savings goals (flooring or car stuff). Then for shorter lower amount savings like vacation or Christmas, I just tuck away money in an envelope. This is also nice to be able to tap into in a "mini-emergency" (ran out of milk!) and no cash.

ExDH used to think I was crazy to have so many designations for my money. But now he makes five times what I do and is always complaining about being broke. He now wonders how I do it! Hehehe