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I Wish Banks Were Budget Friendly

by SMD 


I Wish Banks Were Budget Friendly

No, I’m not talking about lowering service charges and fees, although that would be nice too.

I’ve been working on a personal budget the last couple weeks and I’ve got all the accounts all set up. Of course I have the usual savings categories: “emergency fund”, “savings” and “retirement fund”. Then there are a couple other like: “car replacement fund” and “vacation” fund.

So what do I do with these funds every month? If I dump it all into my regular savings account wife.com and I are going to start to feel rich and well, you know where that leads.

Then I got an idea…why don’t banks just let you create many sub accounts for your savings account? So I could have a real separate bank account for each category that I want to save money under! That would be brilliant. I could move a lump sum into the bank and desposit each budgetted amount into the corresponding sub account.

The reason banks probably haven’t thought of it is that they, even the newer online banks, are still trapped in the traditional banking systems, but really, given modern technology this would be very simple for a bank to implement and maintain.

Does anyone know of a bank that allows this kind of system? Please, save me from having accounts at every bank in town.

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Comments

7 Responses to “I Wish Banks Were Budget Friendly”

  1. mohammed on June 13th, 2007 1:33 am

    well, asctually for ING you can open up multiple accounts under your canadian chequing accounts. I do that one is for vacation, one is for emergency living expenses (6 months), and the last one is for car repari slush fund.

  2. Jon on June 13th, 2007 1:34 am

    ou beat me to it Mohammed=) I use ING, too, and it’s great.

  3. Bryan on June 13th, 2007 1:34 am

    Another satisfied ING Direct user here. I have 3 subaccounts on mine. I can’t recommend it enough. Beats the heck out of Wells Fargo Savings…

  4. anonymous on June 13th, 2007 1:34 am

    Once again, I am also an ING user (and have several sub accounts like you suggest set up). I use PC Financial for my banking (no fees – no account minimums), but I only keep a small amount of money there. I keep all my cash at ING. When I need money to pay a bill, I just send some back from ING to PC Financial.

  5. Jon on June 13th, 2007 1:35 am

    Thanks everyone….guess I’ll be checking out INGdirect. I have accounts at President’s Choice and I just figured they would be the same…but apparently not!

  6. Chris on June 13th, 2007 1:35 am

    Yep, I use an ING account here in the UK. Great for having different savings funds without needing a load of different accounts.

  7. Lee on June 13th, 2007 1:35 am

    Hi all. I keep track of all my savings items seperately, even though there is one large lump sum in the savings account. We never even use the savings book much as a guide so we do not pay attention to the lump sum. We use our records for each savings item and know how much we have for each item. Takes all of 60 seconds to record twice a month. That way we never feel “rich”. We know how much we have saved for each item and know we will be cheating ourselves out of something else if we cheat on another. Don’t get me wrong, there is a lot of money shuffling among savings items too… here and there when needed, but it’s all in order and we are fully aware that our decisions are based on facts and not feel good feelings.

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