question about automatic bank deposits

[bloomingdale]

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hey guys,

I am starting to get a small amount of salary and I want to save some money--preferably an automatic withdrawal from my checking account to a "high-interest" online saving account. Within the saving account, is there a way to allocate certain funds to say for example "new computer", "college fund", etc?

How do i go about doing something like this? 🙁

 

[Stroganoff]

Multiple savings accounts is how you do it. I keep track of each savings account in Excel, and each one has its own goal, like you said: new computer, etc. Separate one for Emergency Fund.

You can direct deposit into multiple accounts, depending on the software your Human Resources department uses. Some are more limited, say 3 accounts (2 savings/1 checking, 1 checking/2 savings), some 5 accounts, some unlimited.

They sky's the limit, but there's no "easy" way to divide one savings account into multiple goals. You CAN have multiple savings accounts at the same bank, if that makes things easier to manage.

 

[DOctorJay]

I do this through ING and they make it very easy. Get a copy of I Will Teach You to be Rich by Sethi. Good book and will help you automate a lot if your financials.

 

[mshheaddoc]

Both good suggestions. I do both direct deposit and ing. Ing sucks bc you can only link 3 accounts though. Luckily my employer doesn't restrict how many direct deposits.

I'm not that Anal to keep an excel sheet. That's probably why our savings isn't higher. 😛

 

[Stroganoff]

I'm not that Anal to keep an excel sheet. That's probably why our savings isn't higher. 😛

I posted a screenshot of part of my Excel sheet tracking savings/checking but decided against it. 😛

 

[Tutorsonnet]

I think ING is the best way and they making easy ,so you can use this way to helps to automate a lot if your financial records.