I need to rethink the way that I save my money. I have all of my savings lumped into an ING account conveniently named "Fun in the Sun". However, I need to set up smaller accounts and have a certain amount necessary for each category - Gifts, Travel, Emergency Fund, Car Downpayment, etc. That way I will have an idea of exactly how close I am to reaching a goal and if I can afford something in a particular category.
Any suggestions on how to do this? Do you keep all your money in the ING account, but separate it in your budget spreadsheet or do you open separate ING accounts for every category?
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I don't have ING, so what I do is run an excel spreadsheet with the different categories I'm saving for. Each week when I deposit I just run a new line with the new totals. I'm a bit nerdy about excel though (and by nerdy, that means I LOVE it! lol), so I'd suggest you only do it if you like excel and it won't drive you crazy. Otherwise you may be better off opening different subaccounts for each goal.
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