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 ( 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
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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.

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