Using ING Sub-Accounts to Help Achieve My Goals

Work has been really slow lately, so I took some time last week to create some financial goals/funds.  First, I created a bunch of sub-accounts within my ING Savings account.  The process is incredibly slick.  I named each sub-account after a specific goal and I got the ball rolling by adding some money to them from my other accounts.

I’m not entirely sure how I’m going to go about fulfilling these specific goals but it’s nice to finally have some and it’s fun to see the tiny amounts of money start to trickle in and add up.  At the moment, there is really no rhyme or reason to them; I have yet to prioritize them, though I’m sure I will in time.  At this point, it was good just to come up with some specific funds/goals and I will worry about how and when I’m going to fulfill them a little later.

Check out the updated sidebar for my new ongoing goals.
Here is a rundown if you’re reading this in a reader and you’re too lazy to click through:

1. Emergency Fund – All good PF bloggers should have one, so I do. Actually, who am I kidding, everyone should have one! I’m considering $5,000 to be good for the time being.  Goal complete!

2. Vanguard Fund – I’m trying to save up the $3,000 it takes to get started over at Vanguard.  So far I have $1,108 saved.  Only $1,892 to go!

3. General Savings – The name gives it away. This is just a general slush fund that I can take money out of for all those miscellaneous expenses I seem to rack up.  I will also take my Christmas gift money out of this fund.  This fund will not have a cap or end goal – I’m just going to add to it whenever I want and take from it in the same manner.

4. Car Fund – My car is doing fine, but it will turn 10 next year, so it can’t hurt to start saving up towards a new one.  I also will pay other automotive-related things from this fund.  For example, I just took $30 from it on Saturday to pay for an oil change. It stands at $55.02.

5. Travel Fund – For travel.  This goal will not have a specific amount to reach.  I will continue to add to it until I use it.  It currently has $110 in it.

6. Tax Fund – This fund will be used only to pay my property taxes so the goal is about $1,500.  It currently has $110 in it.

7. House Downpayment – I’m saving towards my next house (If I can ever get rid of this one).  The goal for this fund will be $40,000 and it currently has $160.  This one might take a while.

I think that’s a healthy list and I’m sure it will keep me busy.  Especially that last one!