Savings buckets: keep every goal separate

When all your savings sit in one pile, it's hard to know what's for what, and easy to spend the holiday money on a car repair. Separating goals keeps them honest.

Ways to separate goals

• Savings "buckets" or "vaults" inside one account, which many online banks and credit unions offer
• Several free savings accounts, each with a nickname
• One account plus a simple tracker on paper or in a spreadsheet

Keep it manageable

• Keep your emergency fund separate from everything else
• Start with three to five goals; too many becomes a chore
• Use one automatic transfer, then split it between buckets
• Check that extra accounts don't come with monthly fees or minimum balances

General educational information, not financial advice. Rates and fees change; check with your bank or credit union. Nickel Savings isn't paid by any bank or financial company.