I was thinking about opening a couple more savings accounts. One for household improvement (we still need to landscape the yard, pour walkways etc) and one for a new vehicle. I get paid weekly (it's odd but I love it) and I put 15% in my savings account every week and I've almost reached that goal. I was thinking once I reach my target to open 2 more accounts and put 7.5% in each account each week.
Is it best just to have one account or one designated to each specific goal?

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The envelope system (electronic or manual) is a good system for some but not for me. I feel like I'm robbing Peter to pay Paul. It became more of a pain for me. I have seperate accounts for my children but that is it.

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Gosh I can't even maintain one savings account, so I don't know!

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~Happiness is a large family~

I do have two money market accounts but I don't use them for separate savings projects. I use one at our bank just because I can transfer anytime online between it and the checking. But the interest is lousy. I have another that I have to write a check to deposit into and write one to withdraw from it. It earns a lot better.

I keep track of our projects on a spreadsheet. When I update our savings spreadsheet every month for the interest we earned and our deposits, I review our project balances. Yes, there is the ability to shift envelopes so to speak by moving numbers from one project column to another. I know that is a problem for some people. I need to think about my goals and priorities on that regular basis. A shift of money out of one project into another is not done lightly.

Cathleen

Can someone explain the envelope system to me. I have never heard of it.

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The envelope system is having an envelope for each expense or savings. So you would might have an electric bill envelope that you put $20 in every week to pay the bill when it is due OR you may have a vacation envelope that you put $20 in every week for your vacation.

Most people don't have an actual envelope system anymore but they have several accounts they use.

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We have 2 checking accounts and 3 savings accounts. We have an emergancy savings account - with checking #2 attached just in case we need to get the $$ fast, a Freedom Account savings at another bank and a savings linked to our main checking for small amounts that come in monthly, like PP, ATM refund fees, $ left over for the month. Once a month I transfer that $$ to our FA. We're looking at some major ortho work for oldest ds next year and I want to put money away for Christmas (I keep track of the amounts with a notebook).

Edited to add: Our kids have their own savings accounts too

We have 2 checking accounts - 1 is for our household expenses, the other is DH's for work expenses, he receives a per diem check for meals while working, the check is deposited into his checking account. We have a ING savings account and a savings account at our local bank that we keep a little money in just for emergencies. The kids all have their own savings accounts.

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DS-16
DD-12
DD-5
DS-2

I have eight ING savings accounts, I probably have way too many, but I love it. I have one for our next house, disney world, travel, future rv, and so on/etc. Basically all my goals I set up a different account and named them each the goal. I put a little in each one every month automatically, that is the only way it would work for me, i'm not good at saving otherwise

I should add that I also have an emergency savings, but it's not with ING, and a personal savings (with ING) and each of my kids savings with ING for a car or whatnot when they are older (separate from college investment accounts)

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A woman is like a teabag. You never know how strong she is until she gets into hot water.-Eleanor Roosevelt

The financial gurus recommend one savings account. However, I congratulate you for setting aside 15% to begin with so my advice ... do whatever works for you!

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"I've been rich and I've been poor but independently wealthy is where it is at."