Buckets of Fun!
One thing I really love about my ING account is the ease with which you can set up smaller accounts within your master account! Once you are all set up with them, it takes literally maybe 1-2 minutes to set up a new account, linked to your checking account or however you have set it up, ready to transfer funds!
So far I have set up separate funds for Travel and Christmas. I have been running around $500 a year for holiday gifts, so, if I set up an auto deduction for just $10 a week all year, I'll have a pile of Christmas money ready for me, with no stress!
If you are saving for a deadline, like December 25 or so, just figure out how much money you'll need, divide it by the number of weeks between now and then, and just set up an auto deduction from your checking account for that amount each week! The sooner in advance you can start planning for something, the smaller the burden on your budget.
I have set up a general Travel fund because I hope to go on a really big trip somewhere next year, and I don't have any specifics, but if I just do a little a week, I'll be ready to jump on a great airfare sale next Spring. Again, $10 a week for a year is not a bad start - a ticket to Europe if you find a good deal, a few tanks of gas and hotel money for a long-weekend road trip!
And, of course, this money is earning interest all the while, growing for you as you move toward your deadline!
In addition, and this may be an option for you, my job just set up a new, great HR system where it is easy as pie to have up to five direct deposits set up. So I could have the money directly deposited from my paycheck into these buckets. It can't get much easier than that! Well, I do understand that there are certainly times for all us when there really might be $10 a week to spare. But that is when you make it like a game, and cut down where you can, maybe eating out one time less per week, setting up online banking to mail your bills instead of sending them with stamps....get creative!
But the point really is, no matter what amount you can spare a week, get that auto-deduction set up so you can save without having to think about it - heck, even $2 for a year would be like finding a Benajmin on the ground just when you need it - whether it's something special for your sweetheart's birthday, or an extra payment to the student loan, or that new pair of glasses you didn't think you'd need...
posted by jessica m. @ 3:40 PM
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