I liked Serendipity’s post on what to focus on when there are a lot of savings goals. And also a lot of savings accounts to go with it.
Last year, hubby & I had a LOT on. To the point where our finances got messy in the end. We took a holiday to my family in Asia at the start of the year then we had our wedding in October which was also overseas then another wedding in Sydney. We had also planned a Europe trip for our honeymoon but that didn’t pan out. Bottom line is, we didn’t save the ‘proper’ way. Instead of opening up different accounts for each goal, we ended up saving money and putting it into one major account which is really hard to keep track off especially for big purchases (like wedding expenses).
We’re doing a little bit better this year. Between the two of us, we have 8 bank accounts. Although that seems like a lot, it’s easy to keep track off. Here’s the simple breakdown:
1. My regular debit card – this is year my pay goes.
2. Hubby’s regular debit card – this is where hubby’s pay goes
Yes, we still have separate bank accounts. Why fix something when it’s not broken?
3. ING – Emergency Fund – I’m contributing mainly to our emergency fund through an ASP (Automatic Savings Plan). A pre-determined amount gets taken out of Account 1 as soon as I get paid.
4. ING – Travel Fund – I’m also contributing to this mainly at the moment (this is our second priority this year).
5. ING – Life Savings Fund – Monetary gifts and extra cash goes into this fund (not top priority)
6. ING – Utilities Fund – this is mostly for our electricity. As we know we need to pay for our electricity bill quarterly, we know how much & when to save. Hubby mainly takes care of this account.
7. ING – Furbaby Fund – hubby’s responsibility as well. This is mostly for emergency vet visits.
8. ING – Car Fund – since we only have one car & only hubby drives it, this is his responsibility too. This is mainly for the yearly registration/insurance which can cost up to $1200 a year.
Our main priorities for this year is to bump up our Emergency Fund & Travel Fund although we still have a personal loan to pay (which is linked to hubby’s main bank account). Once we’ve paid off that loan, then he will start helping me out with the Emergency/Travel Funds.
Notice that the Home Deposit fund has disappeared? It has been replaced with the Life Savings Fund (more on this soon…).
How do you keep track of your savings accounts & how many do you have?