Have you finished your Christmas shopping? I haven’t yet…usually I am all done by this
point, but this year I am getting down to the wire!
point, but this year I am getting down to the wire!
This year I have been working extra hard to make sure I stay
on budget for Christmas. Actually, this
is the first year Matt and I have actually sat down and done a budget for
Christmas. Usually we decide about what
we want to spend, but then we don’t stick to it. This year, this year was different.
on budget for Christmas. Actually, this
is the first year Matt and I have actually sat down and done a budget for
Christmas. Usually we decide about what
we want to spend, but then we don’t stick to it. This year, this year was different.
It is so important to be able to stay on track with your
Christmas spending. If you go overboard,
you end up starting the New Year on a sour note.
Christmas spending. If you go overboard,
you end up starting the New Year on a sour note.
A recent Capital One
survey found that only 1/3 of Americans felt they accomplished their
financial goals in 2015.
survey found that only 1/3 of Americans felt they accomplished their
financial goals in 2015.
I found that to be a sobering statistic!
One way that Matt and I have been able to better
prepare for our own financial goals is to utilize the 360 Savings at Capital One. These accounts have no fees
and no minimums, and are perfect for categorizing our spending and savings
goals.
prepare for our own financial goals is to utilize the 360 Savings at Capital One. These accounts have no fees
and no minimums, and are perfect for categorizing our spending and savings
goals.
I absolutely love that you can open up as many as 25 different 360
Savings accounts – all for free – and name them all different things. This helps me to stay on task what we are saving
for.
Savings accounts – all for free – and name them all different things. This helps me to stay on task what we are saving
for.
One of the best ways for us to focus on our savings goals is
to use the Automatic Savings Goal tool. This allows us to automatically have money
transferred from our checking account into the different savings accounts periodically throughout the month. Having the money moved right when our check
hits the checking account helps us to stay on track financially.
to use the Automatic Savings Goal tool. This allows us to automatically have money
transferred from our checking account into the different savings accounts periodically throughout the month. Having the money moved right when our check
hits the checking account helps us to stay on track financially.
My husband and I have a lot of financial goals for
2016. One that we are planning on
concentrating on is putting more money in savings.
2016. One that we are planning on
concentrating on is putting more money in savings.
I am planning on using the My Savings Goal tool which
allows users to track progress, stay motivated, and celebrate milestones along
the way.
allows users to track progress, stay motivated, and celebrate milestones along
the way.
Giving each savings account a nickname helps to not lump all
of our savings together. To see “heating
oil” on an account, I know exactly what that account is for, and I don’t have
to worry about using it for something else. It also makes budgeting for big ticket items a lot easier. Knowing we have a fund especially for home maintenance, or new car, helps us to visualize our savings goals, and easily see the progress we are making, rather than looking at one account for everything.
of our savings together. To see “heating
oil” on an account, I know exactly what that account is for, and I don’t have
to worry about using it for something else. It also makes budgeting for big ticket items a lot easier. Knowing we have a fund especially for home maintenance, or new car, helps us to visualize our savings goals, and easily see the progress we are making, rather than looking at one account for everything.
One fund I really would like to have this year? The Vacation fund!
What are some of your savings goals for the New Year?
What are some of your savings goals for the New Year?
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
Brianna George says
December 29, 2015 at 7:48 pmThis is a great way to keep financially prudent. We follow a system that is similar to this. 🙂
Donah @ SweetJellyBean says
December 26, 2015 at 2:34 pmReally? Wow, I need to get on this pronto. I have been working to organize myself as well and financially this would totally help and keep me on track! Thanks so much for sharing. xx
Angela Ricardo says
December 24, 2015 at 3:59 pmThis coming 2016 I promised to be more productive, organized and o save. I totally love your post and I thank you for sharing your pointers.
Cathy Mini says
December 22, 2015 at 2:42 pmWe're definitely looking forward to 2016 to get some of our finances in order for sure! After tax season, we'll likely sit down and set up a budget for month-to-month so we can save more than we spend (hopefully!)
Hi, I'm Susannah! says
December 21, 2015 at 4:22 amThis is so cool! We are going to be looking for a new bank soon and I'll have to look into this! <3 We're doing our best to pay off student debt sooner than expected.
Housewife Eclectic says
December 21, 2015 at 12:06 amOur biggest goal in 2015 was to pay off my student loans and we did it! It feels so good to have that debt gone.
Kids Are A Trip says
December 20, 2015 at 3:40 amI have an online account we use as our vacation fund. I try to send money there once a month. If it doesn't happen, I try again the next month, but it's always a great idea to plan ahead!
OurFamilyWorld says
December 19, 2015 at 4:13 pmWe are down to one income, but I'm glad everything is working out. I hope to save more next year and yes, I want to work on a vacation fund.
Roxanne Ferber says
December 19, 2015 at 2:44 pmSuch great tips! I find living on one income we really need to keep track of our budget and set goals!
Heather says
December 19, 2015 at 2:48 pmIt almost seems impossible these days to live on one income – I know it has been a challenge for my husband and I. We are really trying to set more goals, and that is helping!
Sandi says
December 18, 2015 at 11:25 pmIt is so important to keep track. We use Quicken and love it.
Wow Di says
December 18, 2015 at 10:52 pmI still have an account with Cap one but most of our $$ is now in Ally. Check them out. Way better rates than Capital One. Plus super easy to use. I'm currently transferring everything over the Ally!
Claire Cly says
December 18, 2015 at 7:32 pmI wish that there was something similar available in the UK, it sounds like a great tool to help with budgeting x
Kathryn says
December 18, 2015 at 6:17 pmThat sounds like a great account to have! I love budgeting. But, it'd be nice to have actual accounts with the names rather than just categories on a spread sheet. We'd been saving for our first home. Then it was saving for reno which is almost done. Now it's saving for the backyard. Can't wait till it's saving just for the sake of saving. Lol. (We still have an emergency fund though!)
Heather says
December 19, 2015 at 2:47 pmAgreed! Saving for the sake of Saving would be nice!
ana de jesus says
December 18, 2015 at 5:29 pmI need to do this and keep on track of my spending. I am so bad with money I need to learn to save.
Heather says
December 19, 2015 at 2:47 pmSaving money is definitely a challenge. I find that automatically having money taken out of my paycheck and immediately put into a savings is a big help!
Jessica Abegg says
December 18, 2015 at 8:05 amSo, a digital form of the envelope system?! About time! I am not comfortable with cash (because, uh, I spend it xD ), so having it be away somewhere is a much better option (though, you spend more on a card than in cash, but only if you're not paying attention!). Not gonna lie, we did horrible financially this year. Our rent costs more, our utilities cost more, but that was out of necessity (pay more than we were for a crappy apartment, or pay a little more than that for a nice apartment – the joys of living in the Portland area :'( ). While it would be easier to do this if we had our finances combined, it is actually quite nice to have one account that is (mostly) groceries and things of that nature (my accounts, that is), and that makes it that much easier to see how much is being spent. Having it in a savings account for *just* groceries, then *just* gas, etc, would make it much easier!
Heather says
December 19, 2015 at 2:46 pmYes! This is exactly how I like to use it – the envelope system 🙂