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Started By
Message
Do you compartmentalize your savings? If so, how do you do it?
Posted on 1/10/16 at 9:36 am
Posted on 1/10/16 at 9:36 am
I do / hybrid. I know others who do not at all -- just a lump sum.
Curious what the MT experts do....
Mine:
Rainy Day Fund
Kids' Wedding
New Auto
"Optionality Fund" (a lump sum for variety of things that whose purpose will change over next few year)
Curious what the MT experts do....
Mine:
Rainy Day Fund
Kids' Wedding
New Auto
"Optionality Fund" (a lump sum for variety of things that whose purpose will change over next few year)
Posted on 1/10/16 at 9:47 am to BayouSizzle
Not a MT expert, but I do for the most part.
I have a larger rainy day fund account at a credit union then I have a series of sinking fund/savings accounts through online banks that get funded through each paycheck automatically.
New Car Savings
Christmas
Vacation
Car Maintenance
Insurance
Some may view these as just expenses but if they are irregular expenses only occurring a few times in a given year, I set up an ongoing savings account for it.
I have a larger rainy day fund account at a credit union then I have a series of sinking fund/savings accounts through online banks that get funded through each paycheck automatically.
New Car Savings
Christmas
Vacation
Car Maintenance
Insurance
Some may view these as just expenses but if they are irregular expenses only occurring a few times in a given year, I set up an ongoing savings account for it.
Posted on 1/10/16 at 10:03 am to BayouSizzle
in order of priority generally...
work 457 is first compartment
work HSA is second
roth ira is third
New auto is fourth
running balance in checking is fifth
taxable investments is sixth
this seems to work pretty good so far.
work 457 is first compartment
work HSA is second
roth ira is third
New auto is fourth
running balance in checking is fifth
taxable investments is sixth
this seems to work pretty good so far.
Posted on 1/10/16 at 12:24 pm to BayouSizzle
We compartmentalize, but not for specific items.
401k-both maxed by wife and I.
Spending account-this is a specific amount that comes out of wife's check every two weeks that is tied to our debit cards.
Bill pay account-my paycheck and what's left in out of wife's check. We max this account at 1month's bills at every deposit.
HIMMA-any amount above the 1 month bill amount gets transferred into this account. We should probably do something better here.
401k-both maxed by wife and I.
Spending account-this is a specific amount that comes out of wife's check every two weeks that is tied to our debit cards.
Bill pay account-my paycheck and what's left in out of wife's check. We max this account at 1month's bills at every deposit.
HIMMA-any amount above the 1 month bill amount gets transferred into this account. We should probably do something better here.
Posted on 1/10/16 at 12:52 pm to BayouSizzle
My wife and I do this. The wife isn't as financially astute as I am so it helps her understand the purpose of saving. It works for us.
Posted on 1/10/16 at 1:27 pm to BayouSizzle
I use Capital One 360 for short term things like:
Emergency
House
Honeymoon
all of my investment stuff is moved each paycheck.
Emergency
House
Honeymoon
all of my investment stuff is moved each paycheck.
Posted on 1/10/16 at 2:49 pm to BayouSizzle
Not really
I have retirement and saving
Saving is basically for anything I need or want and can't pay for through normal cash flow
Guess you can count HSA and 529 too
I have retirement and saving
Saving is basically for anything I need or want and can't pay for through normal cash flow
Guess you can count HSA and 529 too
Posted on 1/10/16 at 2:49 pm to BayouSizzle
I have four seperate savings accounts, each of which draws weekly from my checking account.
Vacation
Rainy Day
Kids expenses
Future expenses
Two with Ally bank, two with my bank. Not counting my IRA.
I don't have my own kids yet so that one only gets $10 a week, while vacation gets $100 a week.
Vacation
Rainy Day
Kids expenses
Future expenses
Two with Ally bank, two with my bank. Not counting my IRA.
I don't have my own kids yet so that one only gets $10 a week, while vacation gets $100 a week.
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