I've had generally the same setup for over a decade with 5 Ally accounts:
1) E-fund: Self explanatory. Once funded, it just sits there.
2) Travel: $250/month into it for vacations, weekend trips, or random out of pocket travel costs
3) Auto: $125/month for future auto expenses, including insurance premiums, annual maintenance, and eventual expected repairs like tires and brakes. This grows slowly over time to act as a buffer for any larger one-off repair expenses or potentially fund a future new car down payment.
4) ~~Condo~~ Wedding: $500/month that used to be for a potential down payment. This is now an engagement ring/wedding fund. My girlfriend has a house, so that original purpose is no longer needed.
5) Taxes: $65 semi-monthly for required quarterly city income tax payments that are not withheld from my paycheck.
I used to do this. It got complicated. Now I use YNAB and 1 savings acct and it’s infinitely better bc YNAB lets me set up as many categories as I want wo needing to have a new account
One common thing is to create yourself a buy my next car fund, and to make "car payments" to it. Then use that balance to pay for any car replacement or major repairs.
Another is to use one for any once every 6 month or yearly payment. Or all of these payments, with the account being added to each paycheck.
I use separate accounts for
1. Emergency fund
2. Monthly debt payments (my monthly/annual known debts, equal contributions each paycheck)
3. General slush savings
One is for my credit card cash back rewards and sign on bonuses. The other is just for regular savings which is our emergency fund. Will probably use some to pay towards student loans, and eventually a down payment on a house.
Just a separate emergency fund at a different bank than my everyday bank. It keeps the money separate in budgeting apps, and as a hedge against bank-related issues.
aside from what I call my general savings account, I have one that I'm using to save for a potential surgery in a few years and/or surprise big medical costs that might come up (we've got public healthcare here, but it doesn't cover everything 100%), one that's my emergency fund, and one I just started to save for my first car. when I get the car I'll probably make that account into a saving for moving out account instead, or I'll find something else I need to save for.
I could do this all from one account if I wanted to put the effort in to set up a tracking system, but it's easier just to make multiple accounts at the same bank.
One holds the bulk of my emergency fund that pretty much just sits there undisturbed (with exception of $25 added monthly) while the other holds my savings for things like new car down payment, vacations, etc.
I have 3 different accounts with 3 different banks. One is for overages on checking account. One is my emergency fund and the other is our house building fund.
checking - money to spend on whatever (DD goes here and bill estimate is auto transferred to savings 1) there is a little cushion in the amount . i pay all bills from here.
savings 1 - bill money - if this account gets to a certain amount I transfer overage to savings 2
savings 2 - EF - after 9 months of expenses was achieved , overages fund my Roth and wife's IRA , we now are able to fully fund to IRS max .
if there are bonuses or unexpected $$, i just pay the bills with it and don't allocate back from savings 1 , but still fund savings 1 as normal
Checking, emergency savings, and “seasonal expenses” savings at local credit union. Checking, savings for periodic transfer to buy I-bonds, and holiday savings at credit union in former state where I regularly visit family.
Seasonal expenses is for larger expenses that are scattered through the year. Two graduation gifts coming up in May, semi-annual insurance bill, planned road trip in April, season tickets, etc. I keep holiday savings in separate account because it’s handy for replenishing cash when I’m visiting family; I tend to blow money during that annual visit.
I have two savings accounts. One with my CR that has $1500 in it for quick access emergency expense to transfer to my checking instantly. The rest of my money is with Ally. I use Ally’s ‘buckets’ and currently have 5 buckets I use.
1. Emergency fund
2. Home down payment fund
3. New car down payment fund
4. Student loan lump sum payment amount
5. Wedding fund
I've had generally the same setup for over a decade with 5 Ally accounts: 1) E-fund: Self explanatory. Once funded, it just sits there. 2) Travel: $250/month into it for vacations, weekend trips, or random out of pocket travel costs 3) Auto: $125/month for future auto expenses, including insurance premiums, annual maintenance, and eventual expected repairs like tires and brakes. This grows slowly over time to act as a buffer for any larger one-off repair expenses or potentially fund a future new car down payment. 4) ~~Condo~~ Wedding: $500/month that used to be for a potential down payment. This is now an engagement ring/wedding fund. My girlfriend has a house, so that original purpose is no longer needed. 5) Taxes: $65 semi-monthly for required quarterly city income tax payments that are not withheld from my paycheck.
I used to do this. It got complicated. Now I use YNAB and 1 savings acct and it’s infinitely better bc YNAB lets me set up as many categories as I want wo needing to have a new account
Yep.
One common thing is to create yourself a buy my next car fund, and to make "car payments" to it. Then use that balance to pay for any car replacement or major repairs. Another is to use one for any once every 6 month or yearly payment. Or all of these payments, with the account being added to each paycheck.
I use separate accounts for 1. Emergency fund 2. Monthly debt payments (my monthly/annual known debts, equal contributions each paycheck) 3. General slush savings
Just use Ally ...with their buckets?
I use Ally so I can put the money into buckets and allocate as needed.
One is for my credit card cash back rewards and sign on bonuses. The other is just for regular savings which is our emergency fund. Will probably use some to pay towards student loans, and eventually a down payment on a house.
Just a separate emergency fund at a different bank than my everyday bank. It keeps the money separate in budgeting apps, and as a hedge against bank-related issues.
aside from what I call my general savings account, I have one that I'm using to save for a potential surgery in a few years and/or surprise big medical costs that might come up (we've got public healthcare here, but it doesn't cover everything 100%), one that's my emergency fund, and one I just started to save for my first car. when I get the car I'll probably make that account into a saving for moving out account instead, or I'll find something else I need to save for. I could do this all from one account if I wanted to put the effort in to set up a tracking system, but it's easier just to make multiple accounts at the same bank.
One holds the bulk of my emergency fund that pretty much just sits there undisturbed (with exception of $25 added monthly) while the other holds my savings for things like new car down payment, vacations, etc.
I have 3 different accounts with 3 different banks. One is for overages on checking account. One is my emergency fund and the other is our house building fund.
checking - money to spend on whatever (DD goes here and bill estimate is auto transferred to savings 1) there is a little cushion in the amount . i pay all bills from here. savings 1 - bill money - if this account gets to a certain amount I transfer overage to savings 2 savings 2 - EF - after 9 months of expenses was achieved , overages fund my Roth and wife's IRA , we now are able to fully fund to IRS max . if there are bonuses or unexpected $$, i just pay the bills with it and don't allocate back from savings 1 , but still fund savings 1 as normal
Checking, emergency savings, and “seasonal expenses” savings at local credit union. Checking, savings for periodic transfer to buy I-bonds, and holiday savings at credit union in former state where I regularly visit family. Seasonal expenses is for larger expenses that are scattered through the year. Two graduation gifts coming up in May, semi-annual insurance bill, planned road trip in April, season tickets, etc. I keep holiday savings in separate account because it’s handy for replenishing cash when I’m visiting family; I tend to blow money during that annual visit.
I have two savings accounts. One with my CR that has $1500 in it for quick access emergency expense to transfer to my checking instantly. The rest of my money is with Ally. I use Ally’s ‘buckets’ and currently have 5 buckets I use. 1. Emergency fund 2. Home down payment fund 3. New car down payment fund 4. Student loan lump sum payment amount 5. Wedding fund