Let is say that you wanted to do three things in your life. 1: You want your first car, plus driving lessons. 2: You wanted to take a holiday to the USA. 3: You wanted to save up for your future.

I am sure you've noticed that all three things require money, so you know you will need to have three separate savings for each purpose.

Here is my big problem. l cannot decide what the best way is to save up my money in my three separate savings. What l mean is, l can not figure out how much money l should put into each one and how much l should leave for myself. I am pretty confused.

Can anyone please give me any financial tips and advice on saving up money in more than one savings and knowing how much to put into each one and how much to leave myself to spend?

Thank you.

well put 10-20 in each every week. save 20-50 to spend. and any change goes in divided up.

take how much you earn and subtract your bills. allow a bit extra for luxury items (a meal out once in a while or a movie). whatever you have left over you should divide by 3 and put equal amounts into all accounts. if there is something you need more then the others (say you need a car sooner then later) put more into the car account and split the remainder between the other 2 accounts.

Figure out how much you spend on a weekly basis and that becomes your maximum spending money. l normally only use about 20-30 dollars a week but that is because l pay for gas. Then decide which one of those things matters most to you. Split up your money according to that. If you want the car more than you want to go to the USA then put a little more in there. Always put the same about of money that you spend into your future fund and that can also be your emergency fund.

l would make a master budget for a number of years. l used to make them for five years, then for thirty years which was the amount of time about three doctors told me was my life expectancy. l included all my necessary expenses, like rent & utilities, gas, groceries & charitable gifts & a little extra for unexpected expenses, then l added in the items for my dream future, trips, gifts, home improvements, the next car. This budget would tell me how many major trips l could afford, when l could buy my next car. It gave me a reason to save. After that, the only consideration about where to put the money was based on utility. l left enough money in checking to make unexpected expenses easy to pay, put the rest in savings or investments to earn the highest earnings at reasonable risk. l then reviewed this budget every three to six months, in case my goals & needs had changed, l would make the needed changes in my financial plan. Since my funds were basically in just checking, savings & investment, it was easy to make the adjustments needed in my budget as my needs & goals changed over the years. This is how l have managed my money for the last 20 years or so.

This worked for me!


l bought a work book from Dave Ramsey and it cleared up a lot of my questions.

Check out his website:daveramsey.com

PS - l do not work for him, he just really made a difference in my life and can in yours if you take his program to heart!