Need Help Organizing My Savings and Budget

Seeking Advice Forum
1

I have accounts with Shell Federal Credit Union and Marcus Goldman, and I’m feeling a bit scattered with my finances. Here are my categories:

  • Allowance
  • Emergency Savings
  • Saving for a Car
  • Moving to Another State Fund
  • Travel
  • Gifts
  • Rent & Bills
  • Big Purchases (like couch, TV, etc.)

With Marcus, I have a 4.0 APY, but Shell doesn’t offer interest. Marcus can take a day to pull out emergency savings, which makes me hesitant. Can anyone offer advice on how to better organize and categorize these? Thanks!

2

Consider using your Marcus account for categories where you want to earn interest, like Emergency Savings and Saving for a Car. You could set up sub-savings accounts if possible, or just track it in a spreadsheet.

3

@Hale
That’s a great idea! I hadn’t thought about sub-accounts. It would help keep things organized.

4

You could also create a budget app or use a simple spreadsheet to track your categories and goals. This way, you can see how much you’re saving for each category every month.

5

Fin said:
You could also create a budget app or use a simple spreadsheet to track your categories and goals. This way, you can see how much you’re saving for each category every month.

I like that idea! Do you have a specific app or template you recommend?

6

For your emergency savings, consider keeping a portion in Marcus for the interest and a smaller amount in Shell for quick access. This way, you balance earning interest with liquidity.

7

Sullivan said:
For your emergency savings, consider keeping a portion in Marcus for the interest and a smaller amount in Shell for quick access. This way, you balance earning interest with liquidity.

That’s smart! I’ll definitely think about splitting those savings.

8

Try to prioritize your categories based on urgency. Emergency Savings should be at the top, followed by essentials like Rent & Bills. Then you can allocate for things like Travel and Big Purchases as you see fit.

9

@Kiran
I hadn’t thought about prioritizing! That makes a lot of sense. Thank you!