Target your savings
Target your savings
Time it takes: 15 minutes or less

Want to save money for a rainy day or a sunny vacation week but never have enough leftover cash to stash for these goals? Have the money taken directly from your paycheck, so you'll never miss it.

Only about 20% of workers split their paycheck among multiple accounts, though many employees with access to direct deposit can do so, reports electronic- payments industry group NACHA.The association found that those who take advantage save $90 more a month than those who don't.

How to do it: If you don't have dedicated savings accounts for each of your goals, set them up. Discover Bank (discoverbank.com) is a good option since it consistently pays higher-than-average rates, recently 1% a year.

Opening accounts online takes 10 minutes tops. Next contact your payroll department to see if you can split your paycheck; if so, figure on filling out a form, adding another five minutes. Not an option? Set up automatic transfers from your checking account so that the money is moved on payday.



From the editors of Real-Simple and Money. Text by Stephanie AuWerter - Last updated November 30 2011: 6:39 PM ET
Join the Conversation
What to do with $1,000 now

Parking your money under the mattress might seem like the only sensible move right now. But that's not the case. What follows are some good ideas for you to stash your cash.

Find Homes for sale
  • Property Type
  • Find a home in:
    New York | Atlanta | Chicago | Los Angeles
    Washington D.C | Houston | Philadelphia | More options
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.