Welcome to Community at BECU, a place for anyone who wants to talk about money, saving, investments and everything in between. Have a question or just want to get the community’s opinion on something? This is the place. It’s a great resource for peer-to-peer advice, access to the latest BECU news and behind the scene’s insights from BECU’s experts.
I haven't set up any auto deductions from my paycheck. At the beginning of each month, I write down what bills I'll have and figure out what funds need to go where. It's all planned out ahead of time so when my check gets deposited every other week, I just make the necessary transfers. Whatever is left after paying bills and putting funds in designated savings accounts, I get to have for "fun" money. My paycheck and bills tend to stay pretty close to the same each month so there isn't a lot of variance in what gets tranferred to where.
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I like the idea about setting up a separate checking account. I actually have several additional savings accounts that I have set up to help with my monthly budgeting. For example, I have one that is for groceries, another for utility bills and one for my daughter's daycare. I used the recommendation of figuring out an average of what my bills / costs are to know how much to set aside in each account - always overestimating a little for those times when a bill it a little higher than planned. I also use this method for specific things I'd like to save for - like my next trip to Maui. Each payday, I set aside a minimum of $20 (more if I can) and when I reach that magic number needed to pay for hotel and airfare, it will be time to book a trip! I have found this works well for me, especially when it comes to saving for something I really want. Then I can really enjoy that purchase as it feels like a reward to myself with no guilt as I worked hard to put those funds aside.
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