GRAND RAPIDS, MIch. (WOTV)- You have many unique savings goals, for both the short term and long run. So why not have the same number of savings accounts to help keep your personal goals on track? Even if you’re socking money away at an impressive rate—pooling it in one account can make it difficult to know how much you’ve saved for different goals.
If your emergency fund is sitting with your down-payment savings for a future home, you could easily deplete your emergency fund when it comes time to buy property.
Try this instead: Give yourself a more visual overview of your savings progress by creating separate sub-accounts for different objectives, like emergency savings, a down payment on a house, or a future vacation. With online banking, you can even nickname your accounts so you know exactly what each one is for.
Sub-Savings Account Ideas:
-Holiday shopping fund
-Kids college savings
-Down payment fund