How many saving accounts do you have?

Saving & investing, frugality & simple living. They're all part of the wealth equation.
Here's the place to discuss getting (and keeping!) your money.

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maryalex
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Re: How many saving accounts do you have?

Postby maryalex » Wed Sep 12, 2012 5:53 am

I have a general "saving account" in which all my bills are paid from. I only call it a saving account because it earns 3% interest. No fees*

I also have several accounts with Ubank (Australia). No fees to maintain. 5.41% interest

House deposit account.
Holiday Account
New Car Account
Emergency Account

Kate1
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Re: How many saving accounts do you have?

Postby Kate1 » Sun Sep 16, 2012 8:31 am

I have one savings account for all my savings goals which I track in Quicken. I like to get the funds out of my chequing account that is used for all the everyday stuff. My savings goals include property taxes which are paid in March and June to cover the full year, other non-monthly stuff like Christmas and vacation and my car replacement fund.

I have a TFSA set for my emergency fund.
Kate

camping
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Re: How many saving accounts do you have?

Postby camping » Mon Sep 24, 2012 6:26 am

Just two accounts:

-Checking: Husband's checks are direct deposit; from here we pay the bills and write checks as needed; transfer money over into savings when it gets to be too much; leave around $3,000 in there

-High-Yield Savings: Where all of my checks go; pure savings account; use it whenever we need it, such as putting our d/p on a house

dpixel
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Re: How many saving accounts do you have?

Postby dpixel » Mon Sep 24, 2012 7:27 am

Interesting thread.

I have 2 savings accounts.

One I don't touch except for moving into other investments. A fixed amount goes in every week.
The other is for other stuff like big expenses like car repairs. Basically it keeps account #1 intact and growing. And what goes in there is any extra I won't need for the week.

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MoneyMaster
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Re: How many saving accounts do you have?

Postby MoneyMaster » Mon Sep 24, 2012 6:17 pm

I have the following:

1 x normal everyday usage account with ATM card attached.
1 x daily compound interest savings account in a separate bank.
2 x investment trading accounts
1 x credit card for cashflow management

If you can open a savings account that has no fees, then open as many as you see fit. One for each thing you need to save for is good, as long as you are earning interest on ALL of the dollars you have in different accounts.

You should use a personal finance software program to manage keep track of everything across your different accounts and banks.

I built this software to do just that, but also help see where you are going with your money, not just where you have been. http://moneymaster.me

sqlben
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Re: How many saving accounts do you have?

Postby sqlben » Tue Sep 25, 2012 11:19 am

Well I think software can help you manage many accounts on a day to day basis. I use Boachsoft Finance 2012 and so far so good.

I keep on posting but looks like someone is deleting it. I don't think it is the moderator. Moderator do send me an email.

bpgui
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Re: How many saving accounts do you have?

Postby bpgui » Tue Sep 25, 2012 11:55 am

sqlben wrote:I keep on posting but looks like someone is deleting it. I don't think it is the moderator. Moderator do send me an email.

It is a moderator, and they were deleted because every post of yours (save this one) contained the same spam links. Not only your posts in this thread but in other threads unrelated to the product your spamming.

Marcopolo
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Re: How many saving accounts do you have?

Postby Marcopolo » Wed Sep 26, 2012 8:29 pm

akim1220 wrote: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 .

Marcopolo

Marcopolo
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Re: How many saving accounts do you have?

Postby Marcopolo » Wed Sep 26, 2012 8:34 pm

What I needed to communicate is that ING handles savings sub-accounts really well .

Here are my sub-saving accounts :

Checking Orange
Money - Kid
Reserve
Emergency
Xmas
Marc Mad Money
Vacation
Extracirricular Kid
Everything Else
Pets
Landscaping
Utilities
Kid Saving

BTW - with ING you can setup your kid with a debit card for trips with the school or other purposes - is is called the Money account . This is useful .

Hope that helps again .

Marcopolo

kagraham
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Re: How many saving accounts do you have?

Postby kagraham » Tue Oct 02, 2012 8:31 pm

We currently have 2 as of 10 minutes go!

1) at local credity union with our checking account
2) just trasnferred our emergency fund to ING

I finally made the transfer because I realized the large sume of in our single savings account (half saved for my wifes nursing school, half for EF) was playing tricks with my mind, I kept imagining we have more money then we really do for some reason.

Anyways, I'm intrigued by the idea of more savings accounts and thinking about how that might be able to help us achieve different saving goals.

alohabear
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Re: How many saving accounts do you have?

Postby alohabear » Wed Oct 03, 2012 8:36 am

alohabear wrote:The hubby and I have two savings accounts. The first is for our house. We take all of our monthly house expenses (mortgage, property tax, homeowner's insurance, association fees, maintenance fees), divide by 2, and deposit that amount into this savings account with each paycheck. Then, each of the bills is automatically scheduled to come out of this savings as they are due.

The second savings account is for, well, everything else. Mainly it serves as our emergency fund and our tuition fund for the hubby's school. The last two emergencies we funded were an unexpected tax bill ($900 due to a calculation error - ugh) and a new kitchen faucet when the old one broke. We had discussed making a third savings account for the hubby's tuition, but since he's on the GI Bill, we get reimbursed fairly quickly for what we spend, so we thought it wasn't worth the effort.

As for organizing and planning for variable expenses...honestly, we kinda SWAG it. We do make sure we have enough money in there to cover all of our deductibles, plus we add a set amount each month that feels comfortable to us.


Well, I did something I didn't expect I would...I opened a 3rd savings account. The hubby started back to school in August (he'd had to wait a year after we moved to get residency and avoid paying out of state tuition). With his credit transfer and his change in major, he probably has about 3 years left to complete; however, he only has 2 years left on his GI bill. The good news is the amount he will receive will be enough to cover three years. I was worried, though, that if I mixed it in with other savings that we could lose track of it and overspend. So, for my own peace of mind, we now have a 3rd savings account which will be for hubby's school expenses.


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