Once you’ve paid off your debt, it’s time to save. But for many of us, it’s difficult to know where to start. Via Twitter (and edited slightly), @funkyknitwit asks:

How do you set priorities with savings? I have so many things I want to save for, but I don’t know where to start! What I mean is, how can I decide which thing I should work towards first? My budgeting is already in order.

This is a tough one for me. I find it difficult to decide which things to save for and when. I use multiple accounts at ING Direct, but there’s no real rhyme or reason as to how I fund them. For example, here’s a glimpse at my saving progress from last summer:

Since July, I’ve added two additional accounts for other goals. How do I choose which accounts to fund with my savings and how much to put in them? It’s all pretty much instinct, I’m afraid. Maybe I should have a plan.

Other folks are more methodical than I am. Several personal finance blogs — including No Debt Plan, Poorer Than You, and Blunt Money — advocate a “savings snowball”, which is based on the popular

Note: Some GRS readers have told me that SmartyPig is an excellent way to save for specific goals. SmartyPig accounts currently offer 3.25% APY, which is a great rate. Read more here.

How do you prioritize your savings? Do you save for only one thing at a time? Do you use some sort of “savings snowball”? Or do you simply set aside one large savings account from which to make all of your purchases? and how do you choose what to save for first?

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