Multiple Accounts?

[StealthSpeed3]

Since i'm trying to save up for a new beater I figured it would be a good idea to have a separate saving acct set aside for car purchases so i don't get the urge to keep taking money out of my regular acct. This system seem to work for anyone else regarding cars/house payments/toys (4-wheeler/motorcycle)?

Right now i have $550 set aside for a 'beater' and once the Lumi is sold i will be adding that money in as well, not to mention tip $$$ and some of my paycheck, i figured that would be a good enough starting point towards whatever reliable car i can find by the time the first snow flies and the MS3 goes back into hibernation.

 

[ZoomZoom Diva]

An interest-bearing account to save up for the car as well as other items makes a great deal of sense. I have an account with gmacbank.com (ING Orange is good too) where I keep track of the total balance in the checkbook. For the individual funds (new car, emergency account, insurance...), I use a notebook to keep track of the balances and allocate the interest between them on a quarterly basis.

 

[Jana]

Well, I don't go to the extent James does... but I have a savings account with my bank, and then I also have my ING savings acct that I have a set amount from each check direct deposited. I use QuickBooks @ home to track everything.

 

[JustROLLIN]

I have no side accounts, but make a point to set money into non-liquid assets. As for a beater, $500 is more than I have ever spent on a winter beater. You can find a deal on a reliable car if you start looking now. I spent $75 on my last beater and drove it daily for over two years.