{ 6 comments… read them below or add one }

MoneyCone May 3, 2011 at 4:34 pm

Good tip Hank! One more thing to note is to find out how the sub account is created. If it is created as another account and you don’t use it for a year, the bank can disable the account due to inactivity.

If the account is ‘virtual’ like ING Direct’s then the activity on the main account applies towards virtual accounts.

Something to be aware of.

B Kelly May 8, 2011 at 9:42 pm

well i’ve never seen that way – but yes, it does sound more precise when you break it up into different savings acct for different purposes. thanks!

Super Frugalette May 24, 2011 at 11:11 pm

I like this idea…I can think of all kinds of all kinds of names. My kids would probably opt for the name “meow-meow”. This is what they named the cat that shows up every day at our house for cat treats.

Emily May 30, 2011 at 3:46 pm

That’s a good idea, esp. if you are saving for a particular thing. We just call ours “emergency fund” and leave it alone. Maybe we’re just too busy to be more creative…

Andrea @SoOverDebt June 5, 2011 at 9:34 am

I use PNC Virtual Wallet, which allows me to create named sections within my savings account, then set a target amount for each section. Right now I have one for Christmas, a vacation in 2012, my friend fund (it’s a thing I’m doing on the blog to save $1 for every person who subscribes or follows me), emergency fund, and my Jayden fund (saving for my son). Had an iPad fund but I finally saved enough to buy it!

I like having a purpose for every dollar I save. If the money is just sitting there, it’s too tempting to move it to checking and spend it. This way, I know exactly why it’s there, how much more I need, and how many months I have to reach my goal. It’s the only way I’ve ever been able to save money.

Mr. Frugal August 15, 2011 at 1:23 am

I remember when I discovered account nicknames. It completely changed the way I budget. I have about 8 checking accounts setup, each with a nickname. It’s basically a modified envelope system. My paycheck gets direct-deposited into my main checking account. On the 1st and 15th of the month money is transferred directly from main checking into the other checking accounts and into my savings and investment accounts. Without the nicknames it would be impossible for me to keep track of which account is which. It’s incredibly convenient and I recommend it highly to anyone that’s having trouble figuring out where their money actually goes.

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