Money Savings

6 Savings Accounts Every Family Needs to Have

March 17, 2017
Hear are six savings accounts every family needs to have.
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In this article, we will discuss 6 savings accounts every family should consider having.


Has it ever seemed like you were saving money just to be saving it?

You know…you save up $1,000 in your savings account and think you’re doing something and next month you need to use it to put new tires on your car.

Then the next month you’re sitting there looking at the remaining $500 wondering what’s the purpose of saving if you can never enjoy it.

Of course, the money served it’s purpose well. You were preparing for an unforeseen event and you didn’t have to go into debt to get out of it.

But at the same time, you never get to do anything fun, another unexpected bill always surprises you, and life just passes you by while you juggle one financial event after the other. Well, it doesn’t have to be like that.

Growing up I never witnessed anyone saving for anything. And when I did discover that folks saved money, it was usually bunched up together in one big old savings account.

I would rather have one savings account than none at all, but that still doesn’t mean I was getting anywhere financially.

When I discovered online banking, I found that multiple savings accounts was going to save my sanity and my finances. No more mismanagement of funds and I would be able to anticipate different expenses in an organized way!

Seriously, it hurt my brain to look at an account and try to sort my money out and keep track of what the money is for. Having multiple savings accounts at one bank makes it a lot easier to automate and keep track of my goals.

With that said, I want to share with you six savings accounts that are a must for us (we have more than six accounts, though) and how these accounts may serve you well too.


6 Savings Accounts Every Family Needs to Have


We became members of Capital One 360 (formerly ING Direct) seven years ago. We signed up for one account, deposited $250, got $25 cash back, and started building from there. Now we have over six different savings accounts (two of which belongs to our kids).

Open your own Capital One 360 account.


Emergency Savings Account

Our emergency savings account has roughly three months worth of expenses. Most experts recommend keeping $1,000 in an emergency account and then throwing the rest at your debt.

That theory doesn’t work too well for me so we keep it above this amount. I’d rather have enough to pay the bills during an emergency. There’s no right or wrong answer when it comes to your emergency savings. It’s simply better to have one than nothing at all.


A Savings Account for Taxes

Next, we have a savings account for our taxes. Since our homeowner’s taxes are included in our monthly mortgage payment, we use this account to save for our car taxes only. I never appreciated those unexpected tax notices in the mail, so I decided to start planning for them.


Gift Savings Account

I do not like worrying about money around the holidays or when it comes to giving to others. So to prevent that from happening, I stash cash into a savings account year round to account for birthday gifts, christening gifts, baby shower, housewarming, and Christmas gifts.

And the crazy thing is, I usually only budget around $500 to $700 for the entire year! I shop clearance and I keep a stash of kid birthday gifts in my closet to keep costs down. It’s amazing at how little you can spend over 12 months when you actually create a savings plan!


Car Maintenance Account

If it feels like you never have any money to get your oil changed, it’s probably because you don’t have it written in your budget. This is a budgeted expense that we pay like a bill.

We send a certain amount to our car maintenance account each month. When it’s time to change the oil, brakes, or tires, we already have the money set aside for it.


529 or Other College Savings Accounts

Not everyone wants to pay for their kid’s college education and to each their own. However, I don’t want to send my kid to college with absolutely nothing if they choose to go. We don’t plan to pay the entire costs of our children’s college education.

Both of our youngins will certainly be expected to contribute to their own learning.  But for our part, we set up a 529 for the oldest.  She has been saying she’s going to college since she was like three years old and I believe her too because I was the exact same way! The jury is still out on the baby boy:)


A Just Because Account

Last, it’s good to have a just because savings account. You know, for those days when you and the hubby feel like you could use a weekend away. Or maybe you want to drive the kids to Carowinds or Six Flags one weekend. Your just because account is basically fun money. Use it as you please.


Wrapping Thangs Up

As you can see, our setup really isn’t that complicated. All of our savings are deducted from a single checking account on a specific date. Once the money has left our checking account, we don’t even think about it until it’s time to use it.

It’s quick, it’s easy, and it helps me sort out our savings with minimal effort. So, if you’ve been stacking all of your coins in one savings account and feel like you’re ‘bout to lose your mind, give it a try!  Having six savings accounts isn’t intimidating, it’s liberating. Find out for yourself!


Do you have multiple savings accounts? Why or why not?


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Latoya Scott
CFEI/Social Entrepreneur
Latoya Scott is a Certified Financial Education Instructor and personal finance writer with a mission to help millennials learn how to stop living paycheck to paycheck so they can become financially carefree.

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  • Ty March 17, 2017 at 3:15 pm

    Dang! 6 different accounts! I need to get on it! Thanks for the tips!

  • TC Mason March 17, 2017 at 4:56 pm

    Wow that’s 6 different accounts! It’s a great tip! I don’t have something like this but how you segregated your savings is amazing! For some who love to explore places, they can also add Travel fund.

    • Latoya Scott March 21, 2017 at 5:37 pm

      That’s true. That’s a goal to add one day in the future for me!

  • Kat March 17, 2017 at 5:42 pm

    Wow I thought I was doing something with my 3 accounts. I do agree with having an emergency funds especially with children. You just never know when you’ll need the extra cash.

    • Latoya Scott March 21, 2017 at 5:36 pm

      I know that’s right! Thanks for commenting, Kat:)

  • ShaBree H. March 17, 2017 at 6:49 pm

    Wow! Never looked at it from this perspective. I will definitely begin deciding on my next accounts soon. Thanks for sharing.

  • Michelle March 17, 2017 at 7:10 pm

    Separate care maintenance and tax accounts are good ideas. Those are annual things that you HAVE to budget for. No way around it. Thanks for sharing!

  • Keisha March 18, 2017 at 1:45 am

    Great advice! If I keep reading your posts Imma mess around and be a millionaire:)
    I keep several savings accounts but usually don’t give them names. I love that you all have set some savings accounts up for your children ♥

    • Latoya Scott March 21, 2017 at 5:36 pm

      Lol! Thanks, Keisha! And I wish you much success for that million! I will be cheering you to the bank!

  • Ashli @ The Million Dollar Mama March 18, 2017 at 9:47 am

    I also have multiple different accounts (not quite as many as you, though.) I agree with you regarding the $1000 in emergency savings not being enough. Not only is $1000 really not enough to cover much, that could be gone in a flash and then there’s nothing left for anything else that might pop up.
    Ashli @ The Million Dollar Mama recently posted…How To Use Your Admin Skills And Become a Virtual AssistantMy Profile

    • Latoya Scott March 21, 2017 at 5:35 pm

      It sure isn’t. We quickly learned how important it was to have a beefy emergency fund when our HVAC died on us last year and the $8,000 price tag. $1,000 will wipe out your savings and still leave you in debt. You live and learn though. My goal is to have around $10 to $15k in there.

  • Felecia Monique March 18, 2017 at 3:47 pm

    I have about 5 or 6. It’s a great method!
    Felecia Monique recently posted…The Joys of Single MotherhoodMy Profile

  • Mimi Green March 19, 2017 at 12:42 pm

    I have a few of these but I need the just because account. I can’t believe I never thought of that.
    Mimi Green recently posted…I found the Sex and the City Secrets at the New York Public LibraryMy Profile

  • Courtney CJ March 19, 2017 at 6:17 pm

    Love love love! 6 sounded like a lot when I initially clicked the post, but the rationale behind each of them is purposeful and makes sense. I am looking into Digit now and will probably be signing up soon!

    • Latoya Scott March 21, 2017 at 5:33 pm

      Ha! Yeah, six sounds like a lot. I actually think we have 8 or 9. I just can’t get my head around a lump of money in one account. All it will take is one sale at Coach or 75 percent off in the home decor section at Target to have that money spent. Lol!

  • Tia | Pennies In My Pocket March 19, 2017 at 7:52 pm

    I have several accounts but not 6. These are all great accounts to have though based on the reasons you provided. This is definitely a year for saving and investing for me.

    • Latoya Scott March 21, 2017 at 5:30 pm

      Yes, Tia…they are truly lifesavers!

  • Candice March 20, 2017 at 12:54 am

    Having an account specific to car maintenance will work great for me. That’s the #1 thing that seems to deplete my emergency fund because something always comes up with our older car. I love the no car payments thing, but every once in a while those car emergerncies can wipe us out. Thanks for the great tips!
    Candice recently posted…Victoria Beckham Target Collab LookbookMy Profile

    • Latoya Scott March 21, 2017 at 5:30 pm

      You’re welcome, dear:)

  • Kita March 20, 2017 at 10:31 am

    I’ve started doing this and it definitely helps with staying on budget. Will have to add a few more of these to the list.

  • Tiffany H. March 20, 2017 at 11:52 pm

    I do not have 6 accounts but i do think these are 6 great things to save for. Most people don’t have any type of savings and have to rob Peter to pay Paul. Runs to start several other saving accounts.

    • Latoya Scott March 21, 2017 at 5:24 pm

      Lol! So true! Thanks, Tiffany!

  • Avianta April 21, 2017 at 2:06 am

    Oh yes, I use the same method with my Capital One. It works great. Thanks for sharing

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