Friday, March 10, 2017

Savings Accounts

Now that we have received most of tax return (California has still not sent us our $600 back yet, which is kind of frustrating because we got our federal return back weeks ago and they has already accepted our return, so we aren't sure what the hold up is) and our glorious annual profit share check, it's time to get an update on our savings accounts...

All 19 of them....

Ya, we have 19 savings accounts... That sounds like over kill, but thankfully all are at the same bank but it makes it much easier for me to give every $1 a name in our budget. They are my virtual envelopes if your a Dave Ramsey fan. We don't keep one for everything (you won't find a grocery or a gas savings account), but they give me a place to stash our cash for intended future purposes.

We keep accounts for our once a year bills that we save for on a monthly basis to make sure we don't accidentally spend the money on other items and things; others  are "reserve" funds for specific items such as car repairs, cell phones (we use prepaid cell phones so we go a couple months, then spend $80 or $90 on minute cards); daycare (in case we have a small paycheck without overtime, or need to cover for a last minute babysitter) or smaller things like annual car registration and smog fees. This is also were we park of Emergency Fund so its 100% liquid.

I'm happy to report that all our sub savings accounts are at desired levels, minus our car repair fund -- so any extra cash we have at the end of the month will be diverted there until it hits $1k. 

  • New Car Fund: $3,638.00
    • Our "Extra Paychecks" get deposited here since both our cars are 10+ years old and are rocking over 100,000 miles.
  • Medical Savings: $1,000.00
    • Used for Doctors, Dentists, and Vision Necessities.
  • Roxy: $1,000.00
    • Our pup emergency fund. I'm glad we have this, we just spent over $400 on her at her last vet visit because she needed special allergy shots and some tests because she was vomiting and not well. We used our profit share check to bring it back up to $1k.
  • Vacations: $1,500.00
    • Trips to visit family or fun family local excursions. We replenish this as needed, but I love having it set aside so if an opportunity arises and we need to go see family immediately, we aren't worrying how to pay for it.
  • Emergency Fund: $16,757.55
    • You can view this post for how far it will get us. 
  • Utility Bill Extras: $400.00
    • Our buffer for high summer electricity costs. 
  • Daycare: $838.79
    • I like having a full month on hand saved up in case we have a sudden emergency, a job loss etc. since we have to provide written notice of termination of care.
  • Slush Fund: $2,450.00
  • Car Repairs: $348.18
    • We have $100 a month out into this account each month, but we always seem to drain it and need our slush fund to cover repairs, so well be focusing on keeping this at $1k and then adding to it.

Do you use multiple savings accounts to keep track of our funds?


  1. I don't use multiple accounts but on my savings spreadsheet I have savings columns.
    1) Emergency/Annual College $ Fund for my girls currently in school (if an emergency happens no more school and we use that money to tide us over)
    2) Home Repair Fund
    3) Home Improvement Fund
    4) Vacation Fund
    5) Christmas Fund
    6) Car replace/repair Fund
    7) Insurances/Vet/Pool Membership Fund

    Yours - DeeCee

    1. I thought about this, but if hubs sees $30k just sitting in the account he gets itchy to buy things. The multiple accounts makes the balances smaller and he's a more visual person so it helps us both make financial decisions together at our monthly budget meetings

    2. HaHa! My hubby knows the account exists but doesn't have access to it. He is the same way! So the accounts he can see, I funnel every bit of savings out to the online account, so even they though he knows we have money, out of sight out of his spendy mind! Sounds mean but we tried having him handle finances and it was a mess. This works for us.

  2. I have a similar set up, albeit not as many. I have savings accounts for general emergency/savings, automotive, vacation, escrow, medical, and one for each kid. I love being able to keep them all separate and take only what is needed from each category, vs a generalized account lumped all together.

    1. It was one of the main selling points for me back when Capital One 360 was ING Direct... I could have as many as I wanted and they didn't charge me. I was like Woohoo!!!