Comments on: The Super Savings Fund http://blog.canadian-dream-free-at-45.com/2009/06/09/the-super-savings-fund/ Wed, 08 Feb 2012 17:31:40 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Canadian Dream: Free at 45 » Blog Archives » Labelling Money http://blog.canadian-dream-free-at-45.com/2009/06/09/the-super-savings-fund/comment-page-1/#comment-37120 Canadian Dream: Free at 45 » Blog Archives » Labelling Money Thu, 10 Dec 2009 12:43:46 +0000 http://blog.canadian-dream-free-at-45.com/?p=756#comment-37120 [...] it well. So far my experiment with removing labels from my money has gone well.  By creating my Super Fund I have removed many different saving labels that I used to worry about.  So far I’ve noticed [...] [...] it well. So far my experiment with removing labels from my money has gone well.  By creating my Super Fund I have removed many different saving labels that I used to worry about.  So far I’ve noticed [...]

]]> By: Ben http://blog.canadian-dream-free-at-45.com/2009/06/09/the-super-savings-fund/comment-page-1/#comment-27879 Ben Mon, 15 Jun 2009 20:24:59 +0000 http://blog.canadian-dream-free-at-45.com/?p=756#comment-27879 All accounts joint: Chequing account (paycheques and bills). Try to keep at $1000. Primary savings account (excess monthly cash flow goes to this large savings buffer for job loss, travel, house repairs). Secondary savings account (car savings fund. Siphons $300/month off the primary savings account. In 3 years, will have enough to buy a used vehicle with cash). We are currently continuing to build up our cash reserves. After a certain threshold (projected for August), excess cashflow will then be directed to the mortgage. All accounts joint:
Chequing account (paycheques and bills). Try to keep at $1000.
Primary savings account (excess monthly cash flow goes to this large savings buffer for job loss, travel, house repairs).
Secondary savings account (car savings fund. Siphons $300/month off the primary savings account. In 3 years, will have enough to buy a used vehicle with cash).

We are currently continuing to build up our cash reserves. After a certain threshold (projected for August), excess cashflow will then be directed to the mortgage.

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2009/06/09/the-super-savings-fund/comment-page-1/#comment-27554 Canadian Dream Thu, 11 Jun 2009 12:02:36 +0000 http://blog.canadian-dream-free-at-45.com/?p=756#comment-27554 Caitlin, Sub accounts can be useful to get a hold of your more yearly type sending. I know I did like them to start, but now I know I won't run out of cash in that account they are just becoming a pain. Jordan, They could, but how do you divide up the interest? Do they have to calculate it for each sub account? I suppose it really isn't much more math, but the banks aren't know for being user friendly. Brew, Exactly what I want to do. Thanks! Tim Caitlin,

Sub accounts can be useful to get a hold of your more yearly type sending. I know I did like them to start, but now I know I won’t run out of cash in that account they are just becoming a pain.

Jordan,

They could, but how do you divide up the interest? Do they have to calculate it for each sub account? I suppose it really isn’t much more math, but the banks aren’t know for being user friendly.

Brew,

Exactly what I want to do. Thanks!

Tim

]]> By: Brew http://blog.canadian-dream-free-at-45.com/2009/06/09/the-super-savings-fund/comment-page-1/#comment-27522 Brew Wed, 10 Jun 2009 21:22:20 +0000 http://blog.canadian-dream-free-at-45.com/?p=756#comment-27522 I just use one high interest savings account in which each month a sum (insurance, christmas, taxes, etc.)is automatically transfered into this account. This way, I am never looking to scrounge up money for the annual expense type things. Usually there is a little extra in one area, which could cover any additional expenses not accounted for. I will usually analyse the amounts in Jan. of each year to make sure that the amounts budgeted for are enough to cover the expected cost for that year. I just use one high interest savings account in which each month a sum (insurance, christmas, taxes, etc.)is automatically transfered into this account. This way, I am never looking to scrounge up money for the annual expense type things. Usually there is a little extra in one area, which could cover any additional expenses not accounted for. I will usually analyse the amounts in Jan. of each year to make sure that the amounts budgeted for are enough to cover the expected cost for that year.

]]> By: Jordan http://blog.canadian-dream-free-at-45.com/2009/06/09/the-super-savings-fund/comment-page-1/#comment-27512 Jordan Wed, 10 Jun 2009 19:25:43 +0000 http://blog.canadian-dream-free-at-45.com/?p=756#comment-27512 I have a similar strategy of just having a main savings account but actually I would prefer to track them separately if it was easier to manage. Ideally I think banks should allow you to create virtual sub-accounts off of one main account so it would be effortless to track with no additional costs or much effort. I have a similar strategy of just having a main savings account but actually I would prefer to track them separately if it was easier to manage.

Ideally I think banks should allow you to create virtual sub-accounts off of one main account so it would be effortless to track with no additional costs or much effort.

]]> By: Caitlin http://blog.canadian-dream-free-at-45.com/2009/06/09/the-super-savings-fund/comment-page-1/#comment-27494 Caitlin Wed, 10 Jun 2009 13:51:47 +0000 http://blog.canadian-dream-free-at-45.com/?p=756#comment-27494 I had actually just heard about the "subaccounts" savings account method this past week, and thought it was a nifty idea. I'd never done anything like that, and I think it would really help me focus on the things that are expected yet I'm rarely prepared for (holiday gifts, car maintenance, property taxes, etc). It's interesting to see you moving away form this method, and it really underscores that what might help you at one stage of the wealth journey might start to hinder you further down the line, and that you continually have to reassess your actions to make sure they are right for you at the current time. I had actually just heard about the “subaccounts” savings account method this past week, and thought it was a nifty idea. I’d never done anything like that, and I think it would really help me focus on the things that are expected yet I’m rarely prepared for (holiday gifts, car maintenance, property taxes, etc).
It’s interesting to see you moving away form this method, and it really underscores that what might help you at one stage of the wealth journey might start to hinder you further down the line, and that you continually have to reassess your actions to make sure they are right for you at the current time.

]]>