I like being organized, so having multiple savings accounts helps me keep track of what I want to use them for. To name a few: an emergency savings account, a vacation account, and education account, and a “treat yourself” account.
I have a couple saving accounts to keep money separate based on what it's long term purpose it. One is for auto insurance as we pay it annually and would like to maintain the couple hundred extra discount by paying it in full. There is one for Christmas and gifting that has any overage from swagbucks, surveys and extra funneled to then it's not a surprise anymore and doesn't have to go on credit. There are 3 online banks that for my purposes are for long-term hands off…. one to save up to invest in more stocks, one to save to put into mutual fund and one just to have as a cushion…………… Emergency saving is kept a local bank so that access can be immediate if necessary…….. I found that by moving the money it has kept me from spending it on stuff I don't need.
Whoa @Shannon, it sounds like you're very prepared!! Spending money on things I don't need has been a problem for me as well, and that's why I really like not being tempted with my hard-earned cash by putting it away in a savings account.
Transferring money into my savings and watching the numbers go up is satisfactory.
I also have several savings accounts to be used for different purposes. Vacation, Christmas, Emergencies and a Fun Fund. I did this intentionally to help overspending at the Holidays, to ensure I had money saved in advance for vacation etc. Direct transfers each pay period help ensure the money goes into these accounts and I don't have to think about it. These accounts and the direct deposits provide piece of mind and assist in staying on budget.
Shannon you are a genius
What is the best savings account you've come across?
@Maria – direct transfers are the best if you're able to make it happen! It's amazing that you have dedicated savings accounts for different life events and things you're saving for. Do you have any advice for someone looking to get started and stay organized with different savings accounts?
@Melissa – I mentioned this in another thread, but I really like Wealthfront and Ally for their high APY.
Wealthfront: https://www.wealthfront.com/cash
@Danielle B. - To answer your question? -Do you have any advice for someone looking to get started and stay organized with different savings accounts? Yes, I do! I am able to have the Direct Deposits set up directly through my Credit Union - where I also have my checking account. I choose the date for the direct deposits to correspond with the date my paycheck gets deposited - that way I can be sure I am paying myself 1st before anything else - and I can assign the accounts with a unique name - so for each account I have named them: Vacation, Christmas, Emergencies & Fun Fund. Hope that helps. Marie
@Danielle B. - To answer your question? -Do you have any advice for someone looking to get started and stay organized with different savings accounts? Yes, I do! I am able to have the Direct Deposits set up directly through my Credit Union - where I also have my checking account. I choose the date for the direct deposits to correspond with the date my paycheck gets deposited - that way I can be sure I am paying myself 1st before anything else - and I can assign the accounts with a unique name - so for each account I have named them: Vacation, Christmas, Emergencies & Fun Fund. Hope that helps. Marie
Yes, that's very helpful. Thank you so much! It's interesting to read and hear about so many of the different ways that people designate funds to pay for things. It helps give me a sense of what I could do with my budget.
I have done it, but feel safer to have everything in just one account.
I have more then one savings account but I opened up because of the higher interest rates they give.
I have done it, but feel safer to have everything in just one account.
You do you!! What do you like better about having everything in just one account?
I have more then one savings account but I opened up because of the higher interest rates they give.
High interest rates are the best, aren't they? Where did you go for a high APR? I chose Ally and Wealthfront.
I'm going to try Ally!!
I have heard good things about Ally and wealthfront. Anyone here watch Graham Stephan on YouTube? Good stuff.
I have one that I will use towards the purchase of my home, one for emergency funds, and one as sinking fund.
I have heard good things about Ally and wealthfront. Anyone here watch Graham Stephan on YouTube? Good stuff.
I follow Graham and I have both Ally and Wealthfront. :)
I'm opening an Ally acct, thanks !
You will like it Cat and the minimum to open with is $1. Mind blowing? I know!
I have multiple savings account. Two of them are setup with direct deposit and the third one I transfer funds into myself. Each one has a purpose…emergency fund, household and car repairs, and fun account.
I also have my sinking and saving funds in separate accounts. I prefer for my sinking funds to have a debit card for cases where I need to use them and cannot wait for a transfer back to my primary account.
This website is helpful for seeing all your accounts in one place and seeing your net worth. https://www.personalcapital.com/
I use a spreadsheet to earmark my savings and then dump the money in as many high interest deposit accounts as I can find.
