Where To Stash Your Savings

ID-100178578There are so many options out there for where to build your savings. It’s actually totally overwhelming when I think about it. Does one have a single saving account, multiple accounts, different type for different savings? How and where one puts their savings is a personal choice. I would like to have an accessible account for our emergency fund as well as an account for short-term savings such as gifts, one-off expenses etc but need to decide how to organize it all.

In a Jar? Under Your Mattress? Between the Pages of a Cookbook?

Growing up, my mom would stash 20’s around the house in the most unusual spots (in the container that held her tea bags…?). She was worried that some catastrophe would happen and she wouldn’t have access to the money in her bank that you could usually find a few hundred bucks in our home if you looked hard enough. Seriously, our house was a home robber’s dream, no wonder it never happened. While I do think it’s a good idea to have immediate access to some money in the event of a disaster, at least put it in a locked, fire-proof box!

Savings Account

I feel like a traditional savings account is somewhat old school. Am I wrong? For our recent vacation savings, we slowly stashed it away in a traditional savings account but when we get home we will be looking at different options since we’d like to get a better interest rate.

TFSA

Here in Canada we have a tax-sheltered savings account called a TFSA. With interest rates much better than traditional savings and no penalties for moving your monies around, this is a great option for us to use initially to hold our emergency fund and then use long-term for retirement savings.

Where to save our money is one of those overwhelming things on my to-do list. It will require effort on our behalf to shop around and figure out what works for our needs. In terms of individual short-term goals, I’m thinking about staying with our traditional savings account and managing the funds within a spreadsheet or something alike. I used to have three or four accounts which all saved towards a different goal but it became slightly overwhelming to manage all my accounts. As long as I’m diligent about updating the spreadsheet, one account should suffice.

How do you manage your short-term savings?

 

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Pid

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  1. We keep our money in a simple savings accounts which makes it easier if we need the money in a flash.
    Canadian Budget Binder recently posted..The grocery game challenge July 22-28,2013 # 4 : About food waste in CanadaMy Profile

  2. We have 3 accounts and for us, I find that it works. Our main account holds our EF ($5K) and saves us $144 in bank fee’s every month with a “minimum” $3K balance. Then we have our slush fund which I use for gifts, clothes, misc. items, unexpected bills, etc… then we have our TFSA which is for long-term savings. It works for us as if we ever needed more $$$ than what we had in our EF/slush fund we could pull it out without penalty and fairly fast.
    Carla recently posted..War Cake Recipe…My Profile

  3. That would be “every year” not every month… 😉 lol!
    Carla recently posted..War Cake Recipe…My Profile

  4. I have what will be my Emergency Fund just in a regular savings account so I have easy access to it if I need it. I also have a TFSA which I’m using to save for the longer term purchase of buying a house.

  5. Just opened an ING savings account. Seems to be fairly easy transfers, decent interest rates, no fees! I am pretty excited.
    Gillian @ Drop That Debt recently posted..Debt Repayment Update – Year OneMy Profile

  6. Most of my short term savings is in a regular savings account. I use my TFSA for financial independence holdings, so it’s not as useful for short term savings, in my case!
    Brian recently posted..Repair or Replace the Fridge?My Profile

  7. I have a main savings and checking account for the bills/rent/misc. I have a liquid account (ING) for short term savings like e fund, taxes, short term retirement, vacation, and now one for a car.
    Budget & the Beach recently posted..Is the Standard of Beauty Set by the Rich?My Profile

  8. I have a savings account. But I also have a jar where my coins go.
    marissa @ Thirty Six Months recently posted..Think Like a RockStarMy Profile

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Where To Stash Your Savings

ID-100178578There are so many options out there for where to build your savings. It’s actually totally overwhelming when I think about it. Does one have a single saving account, multiple accounts, different type for different savings? How and where one puts their savings is a personal choice. I would like to have an accessible account for our emergency fund as well as an account for short-term savings such as gifts, one-off expenses etc but need to decide how to organize it all.

In a Jar? Under Your Mattress? Between the Pages of a Cookbook?

Growing up, my mom would stash 20’s around the house in the most unusual spots (in the container that held her tea bags…?). She was worried that some catastrophe would happen and she wouldn’t have access to the money in her bank that you could usually find a few hundred bucks in our home if you looked hard enough. Seriously, our house was a home robber’s dream, no wonder it never happened. While I do think it’s a good idea to have immediate access to some money in the event of a disaster, at least put it in a locked, fire-proof box!

Savings Account

I feel like a traditional savings account is somewhat old school. Am I wrong? For our recent vacation savings, we slowly stashed it away in a traditional savings account but when we get home we will be looking at different options since we’d like to get a better interest rate.

TFSA

Here in Canada we have a tax-sheltered savings account called a TFSA. With interest rates much better than traditional savings and no penalties for moving your monies around, this is a great option for us to use initially to hold our emergency fund and then use long-term for retirement savings.

Where to save our money is one of those overwhelming things on my to-do list. It will require effort on our behalf to shop around and figure out what works for our needs. In terms of individual short-term goals, I’m thinking about staying with our traditional savings account and managing the funds within a spreadsheet or something alike. I used to have three or four accounts which all saved towards a different goal but it became slightly overwhelming to manage all my accounts. As long as I’m diligent about updating the spreadsheet, one account should suffice.

How do you manage your short-term savings?

 

Enjoy Plunged in Debt?

Pid

Subscribe to get our latest content by email.

Powered by ConvertKit

  1. We keep our money in a simple savings accounts which makes it easier if we need the money in a flash.

  2. Carla says:

    We have 3 accounts and for us, I find that it works. Our main account holds our EF ($5K) and saves us $144 in bank fee’s every month with a “minimum” $3K balance. Then we have our slush fund which I use for gifts, clothes, misc. items, unexpected bills, etc… then we have our TFSA which is for long-term savings. It works for us as if we ever needed more $$$ than what we had in our EF/slush fund we could pull it out without penalty and fairly fast.

  3. Carla says:

    That would be “every year” not every month… 😉 lol!

  4. Morgan says:

    I have what will be my Emergency Fund just in a regular savings account so I have easy access to it if I need it. I also have a TFSA which I’m using to save for the longer term purchase of buying a house.

  5. Just opened an ING savings account. Seems to be fairly easy transfers, decent interest rates, no fees! I am pretty excited.

  6. Brian says:

    Most of my short term savings is in a regular savings account. I use my TFSA for financial independence holdings, so it’s not as useful for short term savings, in my case!

  7. I have a main savings and checking account for the bills/rent/misc. I have a liquid account (ING) for short term savings like e fund, taxes, short term retirement, vacation, and now one for a car.

  8. I have a savings account. But I also have a jar where my coins go.

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