Savings Accounts Psychosis (warning: much OCD ahead, read at your own risk)

[Ani]

Okay. I will start with saying that this is possibly the dumbest dilemma that anyone has ever had, and that I realize I'm completely obsessive compulsive for even worrying about this. I thought if anyone might understand and be able to give me some ideas though, it would be you guys here.

I have an absolute OBSESSION with savings accounts. I like everything all separated out and designated. A savings account where you can categorize and earmark your savings would be my dream come true (like ING used to be).

Currently I have an ING account for mid-term savings (things 4+ months away that are not "surprises" and that I've planned for), a Money Market account attached to my checking for my emergency fund, and a regular vanilla run-of-the-mill savings account attached to my checking for short-term savings (money that I'm going to need within the next month or two but that I have no idea exactly when, I just put it there to get it out of my checking account so that it doesn't get spent).

The current dilemma is this: I now have a chunk of money saved that I'm starting to use for home remodeling. Previously this was in my ING (while it was in the process of being saved) but is now in my checking because we're using it frequently. But...it's driving me absolutely MAD to have such a large sum of money in my checking that is for a specific other purpose. I track everything that is spent from that chunk of money meticulously on a spreadsheet, and I track my regular budget money on another spreadsheet, and it's just driving me insane that the two are mixed right now.

I called my account manager at the credit union today (yes, we have a specific account manager there because we do so much business through them, we love them!) to find out if I could have a second checking account opened under the same account number, unfortunately no dice. Then I asked if I could have a debit card or something similar for one of the savings accounts I have. No dice there either. I cannot have more than one savings account, one Money Market account, and one Dedicated Savings account (like a CD) attached to a single checking account.

So here are my options right now for the home remodeling fund:

1. Leave it in my checking account, keep tracking on the spreadsheet what is getting spent from that body of money and what is being spent from my budget money, and hope that I can continue to keep it all straight.

2. Open a second checking account not attached to my current account for which we would have a debit card etc...but then once the home remodeling is done and the money is gone, we'd have a second account open just sitting there. Also, this couldn't be as easily managed online, as all of our accounts with them (including our mortgage) are attached right to our checking and I can just log online and manage them all at once, transfer money, make payments etc.

3. Move the money to my short-term vanilla savings account (as this particular body of money kind of fits the criteria I've placed on that account -- going to be spent in the next month or two, but not sure when), but then I must be obsessive about continually moving the money over to my checking account before we make a purchase for the house. This also brings in a whole new issue of tracking the home remodeling separate from the other short-term savings in there...which would be easier than tracking the home remodeling fund when it's in with my checking account, but still difficult.

4. Withdraw the money and keep it under my mattress. As silly as this actually sounds, it would work well, except for when we needed to make online purchases (like for our tile) in which case I'd have to deposit the money again.

I know this is so stupid, but I'm absolutely driving myself bonkers over this. I can't seem to get my mind around the different options, and which would be easiest and best in the long-run. Numbers have always been one of my primary OCD displays, and it definitely shows in this situation.

What would you do in this situation?

[cheappearls]

I think I would just leave it in the checking account and use the shread sheet to keep it all organized.

Good luck and remember to breathe.

[Scattymum]

I just think its wonderful that you are so organised!!

I would probably leave it in the checking account too

[Dancing Lotus]

IN your case becuae you are so obsessed i would say withdraw it. ITs not like you going to make anyinterest in that short time frame and I would made dealing wiht it less stress full.

However, Im impressed that you are that organized but I dont think its healthy. You are letting your money run your life.

[SewCrafty]

I have no idea if this is possible, but what about a pre-paid credit card with 0% interest? Just cancel the card when you are done remodeling?

[Edelweiss]

Personally, I would open a second checking account. You'd have to manage it online separately, but that shouldn't be any more trouble than logging out of one account and into the other. Then, after you're done with the house, just close the account. That way, none of the expenses get mixed up together and you have a very easy-to-follow paper trail.

[Telephus44]

I'm not quite that obsessed, so it wouldn't bother me to keep it in my checking account - it bothers me more to have a lot of accounts, hard to keep track of everything, but that's just my personality. I like SewCrafty's idea of getting a prepaid credit card - I mean, can you get a pre-paid Visa or Mastercard Card with that amount of money on it? Then it just all comes off the credit card when you spend it, it is easy to get at when you need to spend some, and when you're all done you can just ditch the card.

[Ani]

I really really like the idea of a prepaid credit card. Does anyone know how I'd go about getting one of those? I've never even heard of them, but that makes the most sense I think.

If I can't do that, I'll talk to hubby about opening the second checking account. That probably makes the second most sense.

Thanks so much for your help and opinions so far.

[SewCrafty]

http://www.creditcards.com/prepaid.php

[tigo]

I am the same way. I have an emergency fund, a regular savings, savings for each kid and a vacation fund. I have accounts at three different banks so that I don't normally run into issues with the accounts. If it isn't too big of a pain, open another account even if it will be at another bank.

[Hollyhandi]

I never want that many accounts.
Good Luck to you

[geckoace]

ING has a the new electric orange checking account there are no actual checks but you can echeck and you get a debit card. you have to have an active account with them to be eligible (to then active means used lately i deposited 25 the other day and then i was eligible to get an electric orange. that way when you log into your ING it will show up as a listed account on your main page. i fully understand your problem and live a crazy spreadsheet life but i think i am going to apply for this and use it for some of our irregular regular bills. PM me and i can give specific infor on the account if ya want

[geckoace]

oh and on the prepaid card idea i use paypal you can transer money to your paypal account and get a debit card it operates like a savings/interest checking account (you have to sign up for it to earn interest) its not a ton of interest but its better than under the mattress i use mine for vacations to keep the money separate from our bill money

[mnmarty03]

I would either do the paypal account idea, the prepaid card idea or the separate checking account. That way you have it all separated from the rest of your stuff (which will make you feel better) and will still be able to buy online.

[broke2007]

I would probably also go with the second checking account.