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more accts or better books?

November 27th, 2018 at 06:03 pm

I was just wondering when people are saving for things at the same time say a house deposit, car, college etc do you use seperate accounts to keep track of the amounts or do you just have them written down and update as you progress?

we already have 5 accounts for different things so not sure if I should open up another one or not...so figured I would see what others do and then decide...so let me know what works for you.

7 Responses to “more accts or better books?”

  1. LuckyRobin Says:

    I have 3 savings accounts and 2 checking. One savings account and checking account is for my medical fund. I have one regular checking account with a savings account that has $1000 of my Emergency Fund in it for quick access. Then I have a checking account with an online bank that holds all the rest of my funds. I break it up on a spreadsheet, but all the money sits in that one account.

    Sometimes credit unions will allow you to have sub accounts on your savings account, but I have never seen the point when I can just track it on a spreadsheet instead.

  2. creditcardfree Says:

    Primarily, I just keep track of what I have allocated for each savings goal. However, I do have four bank accounts, but the money is probably intermingled, if that make sense.

  3. mumof2 Says:

    we don't have check accounts over here anymore that I know of...it takes 3 days to clear a check so no-one bothers...it gets to hard. We have an everyday account, that our money goes into, a bill account for our yearly bills (we add to this monthly), a savings acct which we keep $2000 for our "just in case", my hubbys splurge account (where his play money goes) and a savings account for things we are saving for...but a spread sheet just seems to much for me...I'm a more paper & pen kinda person...

  4. LuckyRobin Says:

    If you want to use pen and paper then I'd recommend using a three ring binder and getting some dividers so you can divide it up into categories. Then you can add paper to each section as you finish a page. You'll want to keep a running total, adding in deposits and subtracting withdrawals.

  5. crazyliblady Says:

    I have accounts for regular emergency savings, car replacement savings, professional, appliances, house maintenance, tax preparation, car tax/registration/aaa membership, and escrow. Each category is in a separate account. I make a regular deposit to all of these at the same time each payday and sometimes extra deposits. I don't keep written records.

  6. mumof2 Says:

    Thankyou all for you advice still have some thinking to do before deciding... want to go over next weeks budget as well..see if we can save some more money...

  7. rob62521 Says:

    I'm late chiming in...sorry. We have 4 specialized accounts and then we have a checking account and another money market account at another bank. We don't like to have all our money in one place and we move some of our savings between the bank and the credit union if there is a significant difference in interest. For awhile, the credit union paid more and then neither of them did. Now the bank does so we moved some back. We have found having the different accounts let us keep tabs on what we have saved and how much we can spend.

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