| Savings in multiple accounts? |
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Freelancer
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Cash: $ 2.95
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Joined: 11 Aug 2005
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| Savings in multiple accounts? |
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My husband and I were recently married and are thinking more seriously about savings. Currently, I keep a fairly complete budget, including savings for a car and house.
I think that we should now open several accounts to save for particular things (not necessarily "savings accounts")--for example, one account for savings toward a car, one toward the house, one for emergency money, etc. It seems to me that this would be the best way to make sure we don't inadvertantly dip into that money for other things and to also make sure that those savings get their fair share of interest, which is nearly impossible to track if it's all thrown into one account.
However, my husband would prefer that everything stay in one account (I'm not sure why). I'm looking for some other reasons that I can give him for having several accounts. I could be totally wrong, too--maybe there IS no reason for multiple accounts. But I of course don't really want to admit that. 
Anyone have any thoughts?
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Thu Aug 11, 2005 2:40 pm |
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handicap
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Location: Currently in London
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I can unserstand your reasoning for wanting separate accounts for each savings goal. Its easy to see the amount and when you go shopping there could never be an accdient where you dip into the car savings. Personally, I have three savings accounts that cover everything and the method works for me.
Short Term Savings - an account I toss like $40/mo into for small items i may want, such as a radio or new tv.
Long Term Savings - an account I toss like $250/mo into for big important items such as a car/house.
INGDirect Orange Savings - an account I toss about $40/mo into as well for emergencies.
Their easy to manage, I can't accidently spend over my X amount on that 5 disc dvd player I want because what I've got in there is what I've got.
Chris' Travels - My random travels around Europe
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Thu Aug 11, 2005 3:31 pm |
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Freelancer
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Cash: $ 2.95
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I've never looked into ING, but a lot of people seem to be talking about it.
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Thu Aug 11, 2005 8:48 pm |
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sayyes
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Location: Newport, RI
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I think it's interesting that my wife and I struggle with a similar argument. She likes to think of money compartmentalized as do you, where I think of it all as one big chunk. Maybe this is a difference between men and women, or maybe it's just a coincidence...
Anyway, I agree that online banks are great, but I stay away from ING. I've had great success banking at the site at the bottom of my post. They have a higher rate than ING, and they are FDIC insured. Just my two cents...
Money Blog | Financial Goals Explained | Bargains Online | Refinance
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Sun Aug 14, 2005 12:50 pm |
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Freelancer
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Cash: $ 2.95
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Joined: 11 Aug 2005
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That is interesting. Maybe it is a gender thing. You should listen to your wife.
We have online banking with both AmEx and Vanguard, and ING doesn't look all that different. Not different enough to make a switch, anyway.
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Tue Aug 16, 2005 12:41 pm |
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