A lot of people discuss putting money away in an Emergency Fund, a Christmas Fund, a Shopping Fund, a Wedding Fund, a House Fund, a Summer Fund, a Vacation Fund, you get the idea.
I want to know if you separate all of these accounts? Do you have a different savings account for each within your bank? Or do you just add them all to the same account and know what you have saved the money for?
I want to set up different funds as well once I pay off my family loan and want to know an easy way to do it. I will be setting up an ING account in the new year and that may be a way to do it. But I also don't want to have a ton of transactions coming from my bank account each month. I also don't want automatic withdrawals into these funds because having a variable income there could be some months I am not able to contribute.
How do you set up for your different savings funds??
My extra 'funds' are in a regular brick and mortar bank in a savings account. I keep track manually of how much of the balance is EF, how much is XMAS etc.
ReplyDeleteI do not have automatic withdrawl or transfer as this savings account is in a dif bank that my paycheque comes into.
I have seperate accounts for my EF, Vaca Fund and Christmas Fund. When I set up a Wedding and a House Fund those will be in different accounts too. I just find it so much easier to manage.
ReplyDeleteI also don't have automatic withdrawls into any of those funds. I do it all manually twice a month depending on how much I have coming in and what I've budgeted to go into each account...
Does that make any sence? If not I kind of wrote about it here http://outofmoneyexperience.wordpress.com/2009/11/18/how-im-living/
Hope that helps.
Well. I am the queen of bank accounts! lol. It didn't start out this way but eventually I found it alot easier to have a different account for each category that has come up in life. I have all of them with ING (except for my general chequing accounts). I have the following accounts:
ReplyDeleteVacation
Planned Spending (Vehicle and house maintenance/major purchases)
Gifts
Emergency Fund
Pension Buy-Back (this is temporary until I save enough)
Girls Weekend (also temporary until I save enough)
Clothing (for my husband since he can't budget his own money)
And to answer your other question...some of these are automatic transfers but some are not. It depends on the account. For example, clothing is not automatic because my husband tells me each week how much he wants to set aside of his weekly allowance. Other ones, like emergency fund, are automatic.
You could set up one automatic withdrawal to ING and then disperse the money from there.
ReplyDeleteI have a general savings account, a Christmas account and a cat account (for vet bills). It is easy to move money between the accounts once it's in ING.
I have several different savings accounts with ING for each goal I have. I currently have automatic payments set up for each one, but I may be changing that soon to have one transaction and then split up the money after it hits ING.
ReplyDeleteI have 4 savings account:
ReplyDeleteI have one TFSA account which is my EF fund. I do not plan on touching this usually so it's perfect to be my TFSA. Especially as I plan to contribute every year to it for the next 5 years.
I have 2 savings account. One is for general savings. The other for vacation spending. I monitor what goes into General Savings as it's for my education and whatnot.
My last savings account is just an intermediary account that I put money into before money is withdrawn to purchase RRSPs.
Anonymous and Jessie I think that is a good idea. I would prefer to have one transaction to transfer the money to a general account in ING and then disperse it from there. I only get 15 "free" transactions with my current bank account.
ReplyDeleteI think when I do this I will have separate accounts for each fund like many of you, and transfer the money manually. I like being able to change the withdrawal amounts so I wouldn't want it to be automatic. Especially with a variable income!
I have two different accounts for savings. One is the E-fund. The other is for all the different savings. I hate lots of different accounts so I keep track of how much is it is for what fund via an excel spread sheet. When I need to use the money from this account I just transfer it into my checking account.
ReplyDeleteAlso, if you are opening an ING account, make sure you use a referral code and open it with $250 - that way you get a $25 bonus. That is 10% return on your "investment" right there. ;)