Vacation Account

[Dismom55]

I have two checking accounts one for the household bills this is a free account with no balance limit, the other is an interest bearing checking account and it is for Disney expenses only. As long as I leave at least $100 balance it never has a fee and earns interest each month.

This way I do not mix the monies accidentally, but since they are both at the same bank, I can go online and transfer money from one account to the other as needed or wanted, say to add money to the household account to the Disney account or the other way if need be.

 

[defendthehill]

Savings Account........direct deposit every pay period. We put our "extra" money....or found money as some call it in there too!

 

[Princess Disney Mom]

I have a seperate ING savings account that I put a set amount in each month.

Me too. This works very well.

 

[sydneysmom]

we also have a separate ING account for vacation. We do direct deposit into the account once a month.

 

[mkstlowe]

I have a separate Savings which is connected to my checking. So when I get paid I have it automatically move funds over. This account also can not be tapped through ATM machine.
I've had this account since 2005 and it works well. I also keep track with an Excel document. So if I follow that excel I know what I will have for spending. I also place the package cost. Weekly I pay for the package via on line. One bill i love to pay weekly. Each week after I pay I go into my excel sheet and make the payment. So nice to see the number go down.

 

[nunzia]

I started having a separate vacation fund before our first trip to DW with ING, which I love. It is like a vault because once money goes in, I don't EVER take any out unless it's for the vacation. We needed some extra money for a home project one year and my DH remarked it would be nice to not have to touch savings for it and suggested taking some out of the vaca fund and I said, "NO WAY!" It's just so much easier and less stressful to have money going in there. We have it down to a science now since we spend around the same amount each year. I have a certain amount automatically taken out of my account, we use some of our tax refund and DH supplements some each Spring. It's SOOO nice to have vacation 100% paid for before we go. Honestly, I don't think I could enjoy it as much if it wasn't. Now, I wish I would do this for Christmas. Maybe I'll start that! BTW, ING is really easy and safe to use. Transfers take 2-3 days and you can set up automatic amounts for any schedule you want, I believe.

I will also shout out to ING..I have some retirement savings there and an account for my DVC dues and APs.

 

[crisi]

I have so many accounts my banker's head spins. But I do not have a specific vacation account.

I have a "short term savings" account. That's for vacations, cars, Christmas, etc.

 

[MsStinkerBelle]

I have an ING account in which part of my paycheck goes into for vacation and any other possible big ticket item purchases during the year. When our Disney package is due, I use my electric orange checking to pay it.

 

[CEK40]

Good Morning and Happy Mother's Day to you all!

I see that a lot of you use "ING" accounts for vacation and other savings. I am thinking about doing the same and just wanted to see how happy all of you that use "ING" are.

It seems like an easy way to save. It is easy to transfer, direct deposit and withdraw from your account? Do you have to have a checking account with "ING" or can you just have a savings account?

Thanks so much for your information, love reading your "Budget Tips"!

 

[amylynne01]

I have a seperate savings account that is linked to my chequing account. Only money for Disney goes into that savings account.

I have a separate vacation/Christmas account. Any extra money goes in there-- rebates, survey checks, etc...

Ditto to both, minus Christmas money. Separate savings at my credit union for vacation money, where any and all found money goes.

 

[TnTWalter]

a spreadsheet separates the totals out....

We have a tab for vacation, new vehicle fund, and Christmas, and any other short-term savings goal.

Trish

 

[bzlady2]

Thank you to all who responded. It has helped me to decide to start a special vacation account. Ing sounds interesting. Those of you who use it: How easy is it to setup and link to online? Do you have to keep a certain balance in it? Is it a checking or savings account? I looked at their site and know it takes 2 days to get the money out and only 6 withdrawals in a month. Actually like that part. It means no impulse spending!

 

[mtomlin66]

I have a seperate ING savings account that I put a set amount in each month.

I do the same thing. ING makes it very easy to have separate accounts for different budget categories.

 

[DisneyBill]

I have one savings account that serves many purposes. I divide it on paper and keep a spreadsheet of all the different "sub-accounts" the total represents. So whenever I make a deposit, I divide it on paper so I know how much I'm saving toward each column (so much for Christmas, so much for DVC dues, so much for household misc., so much for car maintenance, so much for WDW trips, so much for other travel, etc. etc.) I'm very disciplined to not dip into one column to feed another.

Possibly not something that others would like, but it works great for me.

Okay, which category gets the interest earned on the master account at the institution?

 

[poohbear8]

I just opened an account at TD Bank that has no fees and no min deposit to set up. It is designed for saving for a trip or special event. I will make deposits in it and pull it out when we go, then start again. I chose the bank because now I can use their change counting machine for free.

 

[DisneyBill]

I chose the bank because now I can use their change counting machine for free.

That's very important!

 

[platamama]

Having used ING for years, I've recently switched over to Smarty Pig since it pays more interest. Very simple to set up multiple savings goals. I like the automatic withdrawals from my main checking account in any amount over $15 at the interval I choose, like once a month, or every other week, or whatever I decide. I don't have to think about it after setting it up, and I can make changes at any time.

 

[Crazy4Disney06]

I also have an ING account that I put money into each month for our Disney vacations.

 

[travelbug]

Okay, which category gets the interest earned on the master account at the institution?

I watch for the interest posting each month and add that amount to the car maintenance column.

 

[nunzia]

Thank you to all who responded. It has helped me to decide to start a special vacation account. Ing sounds interesting. Those of you who use it: How easy is it to setup and link to online? Do you have to keep a certain balance in it? Is it a checking or savings account? I looked at their site and know it takes 2 days to get the money out and only 6 withdrawals in a month. Actually like that part. It means no impulse spending!

I had a savings acct and a CD there for a long time..I don't recall any rules about minimums (but I also didn't know about 6 transactions a month ) You don't have to have both a savings and checking..I only got one because they had a deal where they gave you $50 to set one up and then since I had it I use it really as a savings acct for DVC MF and APs. I've never used it as a checking account and the last time I checked it had the same interest rate as savings. When my bills come due I transfer the funds into my home checking account and then BillPay the bills. It's very simple since my ING accounts link to my local account and I just transfer it online. I have monies go into my ING accounts automatically bi monthly from my local checking account.