I am really into automatic savings. I have a lot of bank accounts. When I know I am going to do something (like travel somewhere) I figure out how much it will cost, then start an automatic with drawl into an account. It really helps me because I travel a lot. I also save for people to come visit me. I save $25/week so my high school friend can come visit one a year!
My current automatic savings:
1) $16,000 - Misc fund - this is my emergency fund. Automatic savings is $14,000/year ($1200/month)
2) $1000 - House fund - mostly designated for new fence and tree trimming. No automatic savings (need). Constant need for house repair.
3) $1000 - Taxes - Not enough. No automatic savings.
4)$3600 - Cats - for vet bills. Automatic savings $200 every 2 weeks. Not sure how much to save, have 3 12 year old cats. Vet bills typically $2500/year.
5)$55 - Me savings. For things I want. Automatic $33 every 2 weeks. Balance recently went to pay K credit card.
6) $5 - K savings. After his cc paid. No automatic savings
7) $2200 - Mortgage and bills. To cover times when payroll doesn't match up with bill paying. automatic savings $400 month.
8) $200 - Cars. To pay for car repairs and eventually new cars. Automatic savings $400/month. Balance recently went to pay K credit card.
TRAVEL - will end when trip taken
9) $400 - $100/week VEGAS 1/12
10) $700 -$400/month London 10/12
VISITS
11) $800 -$200/month - Nieces 1/12 - air already paid
12) $950 -$25/week - J soon
Current Saving
December 25th, 2011 at 01:10 am
December 25th, 2011 at 01:29 am 1324776572
December 26th, 2011 at 06:05 pm 1324922703
Saving for trips also makes them real, and they actually happen. Spending time with friends and family is one of the best uses of my money!