Using Virtual Bank Accounts to Reach Savings Goals

Saving for the future is important.  We all know this to be a fact, nevertheless for some people saving money remains a challenging aspect of managing their finances.  There are many obstacles that can make saving for the future difficult, however for most people there are two main problem areas.  The first being a lack of money to apply toward savings and the second, managing savings in a way that makes reaching savings goals a reality.  For an average person, these two issues rank high on the list of reasons why saving money is difficult.  Overcoming these obstacles is imperative if you want to achieve financial security.

Photo by Alan Cleaver via Flickr

Make Saving Non-Negotiable

Saving money cannot be an option if you want to reach your goals.  This is true regardless of how much money you have available in your budget.  For some people, it is just a matter of cutting back on certain areas of spending.  A simple search on the Internet will turn up thousands of articles on the subject.

Other consumers have to be a bit more resourceful to work savings into their budget.  The key is making a commitment to yourself that a certain amount of money will be set aside out of each paycheck for savings.  Some call it “paying yourself first“, others treat savings as an expense.  Whichever method works for you, as long as you are consistently putting money back toward financial goals.  When you begin treating your savings contributions as a non-negotiable cost, you take the first step toward better money management.

Take Advantage of Online Tools

Like so many other aspects of society, the Internet has changed the way people manage their money.  Banks and other financial institutions offer online services to help customers maintain their accounts.  Virtual banks are growing in popularity as they offer many benefits the brick and mortar banks do not.

In addition to online features offered by banks, other online tools are available to make it even easier to meet savings goals.  Instead of maintaining several accounts for your different savings goals, you can combine a virtual bank with online templates to create “sub-accounts”.  For example, instead of depositing money into one account for your vacation fund, another account for your emergency fund and a third account designated for holiday spending, you can simply make one deposit into a single savings account.  By using online tools, you can create mini accounts within the main savings account and track how much money you have saved toward each savings goal.  This allows users to reduce the time spent managing multiple savings accounts while at the same time providing up-to-date information regarding the status of your savings goals.

There are dozens of scenarios where online tools can help consumers manage their personal finances better — from creating a budget to tracking expenses or using a savings calculator spreadsheet. There are also other free tools, such as spreadsheet templates and financial calculators, to make the process easier and more efficient.  In doing so, consumers gain the knowledge and confidence needed to take control over their personal finances.  It is at this point where the journey to financial independence begins.

About the Author

By , on Jan 26, 2011
Debbie Dragon is a freelance writer specializing in personal finance. She frequently writes for which offers a large selection of free spreadsheet templates and financial calculators.

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