ruadisneyfan2
DIS Veteran
- Joined
- May 20, 2006
I used to have many separate savings accounts with USAA for short and mid-range savings goals. But, then decided that looked too confusing to me and went to one savings with Ally, again I use it for short and mid-range savings goals (and also to earn just a bit of interest), and separated categories with Excel spreadsheet. I'm trying out this feature with Ally, not sure if I will like it or not. One thing I don't like is interest in one "bucket". I wanted to try out the feature and see how I feel about it.
Since I am most comfortable in my personal finance with streamlining accounts and simplicity, I tend to think ultimately I will ditch the buckets also.
I'll share my categories:
1. Vacation, 2. Car/Rent Insurance, 3. Car Repair, 4. Membership/Registrations, 5. Christmas, 6. Dog/Vet Care, 7. Big Items (Furniture/Electronic Replacement), 8. House Downpayment, and 9. ROTH IRA
Here are mine:
1. J_____'s Slush Fund
2. Panama Canal Cruise
3. Escrow
4. Car Insurance Fund
5. (County)/(Twp.) Sewer Fund
6. Laser/Welding School
7. Low Pay-Covid/Christmas
8. Covid-Low Pay
9. K_____'s Car Ins.
Number 1 is hubby's $ from side jobs. (I get his OT, he gets side job $.) It used to be our emergency fund until I made a proper one.
Numbers 2, 6, & 8 will eventually be something else and 7 will revert back to just Christmas.
I put some of dh's pay designated as Snowball and some extra savings in 8 at beginning of Covid crisis and started being forced to take days off and initially I didn't want to use up my vac hours so I took them unpaid. Once I was out every day and unemployment deposits started rolling in, I put them there. Then when it would be my normal payday, I take from there. Since I took from there quite frequently for other things too, I spread it over 2 accounts so they wouldn't harass me for exceeding 6 withdrawals per month.
Number 8 belongs to Ds20. He prefers his car ins $ to go out of sight. It's his money but it's joint acct with me.)
Ok, here is where I feel really old. I've never learned how (officially) to use a spreadsheet and I tried following a Youtube video so I could track our net worth each month. Less than a minute into this video it was all way over my head. I was able to create the spreadsheet but I didn't really keep up with it. It became another neglected chore and eventually I deleted it.
I'm a visual kind of person. I like seeing everything separate when I log in. So this is perfect for me.
I also have a Varo savings account that I opened by accident when opening a Varo checking account (to receive a bonus) and it turns out that their savings interest rate is higher than Ally right now. 1.41%. (They also offer a higher rate if you have $1000 direct deposited + have several ATM transactions per month. I should, but I can't be bothered with all of that.) I use it for things that will be just sitting for a longer time. I wrote out a Discover balance transfer check (0% for 12 mos.) for ds20's welding school. The money is in Ally because he hasn't started yet. I am paying it back as my current snowball but keeping it my Varo account until next May when it's due. I was already charged the BT fee so I might as well let it earn a little something to offset the fee. I am keeping track of the fee charged vs. interest earned just out of curiosity.