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jimbeam
USA Fan
University of LSU
Member since Oct 2011
37983 posts
Online

General question about savings

Outside of retirement savings, how do you go about for saving for a car, house, vacations, ect?

Take the car for example: you plan to keep it for 10 years, are you saving a little bit each of those 10 years for the next car? Put more per year once the time gets close to get a new one?

I guess, do you save specifically for one goal at a time, or simply save into a general account, and pull from as needed?




dlmast87
Ohio State Fan
Amishville
Member since Dec 2007
1500 posts

re: General question about savings
I set up 4 separate accounts with ING and transfer money to each one every 2 weeks (pay weeks). I also use mint.com and attach each account to a goal (home, car, emergency, vacation). This works best for me because it allows me to stay on track. If I would just have one big general fund, it would be tough for me to keep track of each of my goals.

quote:

Take the car for example: you plan to keep it for 10 years, are you saving a little bit each of those 10 years for the next car?


This what I'm planning on doing for a car.


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LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
1270 posts

re: General question about savings
I save into a general account. Keep it constant every month, and if spending is consistently in check for a few months, make a larger transfer.

Don't save specifically for goals all the time. However, if I know a large purchase is approaching, I'd set up a separate goal for that, and possibly adjust saving/spending.


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PlanoPrivateer
LSU Fan
Frisco, TX
Member since Jan 2004
1510 posts

re: General question about savings
$325 comes out of my wife’s biweekly paycheck and goes into her credit union. Our plan calls for a new car every 4 years and keep it for 8 years. $325 times 26 pay periods a year = $33,800 in 4 years. Add in the trade in value (or sell it yourself) of the 8 year old car and you can get something pretty decent. We don’t need anything fancy.


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