Special Savings accounts

1

Who in the group creates special savings accounts to save for a specific goal.

At my credit union I have the following accounts:

Money market - emergency savings

  1. Vacation savings account for vacations.
  2. Car savings account for our next car purchase.
  3. Regular savings account for my big bills I paid twice year (property taxes and insurance). Usually transfer $600 a month but haven’t touch it once yet.

Does anybody else do this?

1 Like
2

I don’t set up different accounts but I keep the totals I need for a given expense in my head. I’ve had enough for a new car sitting in a money market for close to 2 years. Waiting for prices to soften, I’m guessing by the end of this year.

3

My wife and I do this and have for 30y. It’s an electronic/banking equivalent to an envelope system.

  1. Emergency fund (S)
  2. HOI/RET - Homeowner’s insurance/real estate taxes (S)
  3. Auto Repairs (S)
  4. Safety eChecking - linked to debit or auto-pay bills (C)
  5. Safety eSavings - direct deposit savings (immediate transfer out) (S)
  6. HVAC Replacement (S)
  7. Deck Replacement (S)
  8. Driveway Replacement (S)
  9. Landscaping Redesign (S)
4

I have used a single account for all short term goals. I think maintaining a bunch of separate accounts sounds like a pain. This looks like a good compromise:

5

I break it up in Excel on my home computer…

I bank at a highly rated credit union that will not allow me more than one account, but I still love them. Smile