I was asking Girl Ninja what I should blog about tonight (she is often the source of inspiration of my posts) and we began talking about dedicated savings account. We ended the conversation agreeing to disagree. She likes the idea of multiple dedicated savings accounts and I hate it. We debated for about 2 minutes about this before she began beating me profusely and yelling “Girl Ninja runs this show!!!!”
….Yeah, that’s exactly what happened 🙂
Here’s my opinion:
Multiple savings accounts, while probably a good idea for most, seem totally inefficient to me. I love keeping all our money in one main account and watching that sucker grow as much as possible each month. It promotes intense focus and allows us the ability to achieve our BIG goals faster. As you know, we are working towards a $100,000 down payment goal. By putting all of our discretionary savings in to one account, we will be able to reach that down payment goal pretty quick. If we were splitting our savings amongst a dedicated house fund, vacation fund, new car fund, furniture fund, etc, I would feel like we were barely making progress. Essentially I like to check one goal of the list before moving on to the next one.
Girl Ninja’s opinion:
My hotty with a naughty body, however, thinks dedicated savings account are pretty darn terrific. For her, it supports guilt free spending. If the travel fund has $2,000 in it, and an opportunity to go to on a sweet vacation cones our way, we book the trip no questions asked. Instead of picking one thing and focusing on it, she’d rather make a list of all our goals and work towards accomplishing all of them at the same time.
Since this is MY blog, and not hers, I declare myself the winner of this argument!
Booya for winning. Haha, kidding. I imagine most of you probably set savings goals for a whole bunch of things, but hopefully there are at least a few of you that side with me. Anyone, anyone? Bueller…Bueller?
How many separate DEDICATED savings account do you have and what are they for?
If you only have one primary savings account, do you ever feel guilty taking from it to do other things like go on vacation, etc?
If you have multiple savings accounts, do you ever get frustrated that you aren’t able to check goals of the list as quickly?
WHO DO YOU SIDE WITH!?