The wife and I created our budget a couple months ago and have been tracking all of our savings & expenses. One idea we threw around is opening up savings or mma for the different expense/emergency categories. How many savings accounts do you have? How do you organize or keep track of budges for emergency and variable expenses (car maint, medical, etc.)?
I have really worked hard on this over the last year . I liked both ING and Ally as the source of the savings accounts. I really like to sub-accounts of ING . I had setup sub-accounts for different non-regular expenses at Ally and used ING more for a reserve account. At Ally, I had accounts like Pets, Reserve, Auto , Child , Child Extracirricular , Emergency , Everything Else , Mad Money Marc , etc .
I like to have all of the savings accounts in one place . And that is why I am now in process of moving everything back to ING and having both the reserve , the emergency and the irregular expense accounts in one place . I like the automatic transfer feature at ING and that way that you can modify these plans.
I like to have $1,000 at my regular checking (Chase) as my zero point , so I have $1,000 buffer built in for extraordinary expenses / or cash flow irregularities and can have a balance while I am tranfering cash back from ING Reserve , for example .
I participate in a 401K , 529 , ESA , Brokerage account as well , so there are many places for the money to go for savings . I am trying to get about $10,000 in the ING accounts , and eliminate CC debt at the same time .
Life is just a lot simpler when you have different triggers you can pull from different directions . I also have a Paypal account that I use for gifts for family . If a family bday is coming up , i can rip a transfer to them with a simple message and the birthday is not forgotton . That is useful .
Hope that helps .