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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