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Use Targeted Saving To Achieve Your Goals

Tuesday, August 23, 2011 - 12:08 PM
From J.D. Roth | Moneyland | TIME.com
Most people work toward several financial goals at once but keep their money clumped together in a single savings account. With this setup, it’s easy to forget how much you’ve saved for each goal — and to borrow money from one goal to pay for something else. I’ve found a better way.

To save for my goals, I use targeted saving. Using an online high-yield savings account, I’ve split my money into several different subaccounts, each of which I’ve named for a specific savings goal. My bank lets me name my accounts and subaccounts, so I give them titles to indicate their purpose.

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