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 Expert
Posts: 1631
   
Location: Somewhere around here | I'm considering opening a savings account just for the sole purpose of saving up enough money to buy a new nice saddle (either Jeff Smith or Martin). Anyone ever do this? Just seems like whenever I start saving money in my regular account, my "saddle money" always seems to get spent on other things haha.
Edited by cecollins0811 2017-01-14 5:05 PM
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Expert
Posts: 2531
Location: WI | I have a special horse checking account that I put money into every paycheck - horse expenses only! Some banks make you hold a minimum balance on savings accounts and there are regulations on how many withdrawals per month you can draw from a savings account. |
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  Witty Enough
Posts: 2954
Location: CTX | I have a little envelop that all cash winnings go into. Checks I just put in my checking. But with that envelope I already was able to get a nice saddle in 2015 and some other things (BOT sheet, soft rides, new saddleright pad to name a few) last year.
I don't touch that unless I am buying something for the horses. Works good for us.
But what I am trying to say is, I think it's a good idea to do something that is seperate from what you normaly do. That way you are less likely to use it.
For instance my husband puts all his coins in a 5 gallon waterbottle. Only once it gets too heavy (it's glass so already pretty hefty on its own....) he brings it to the bank. |
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Married to a Louie Lover
Posts: 3303
| Savings accounts may have higher required balances, but you can find quite a few lower balance no fee checking account options.
If it's what works for you go for it! Maybe it's for a saddle first, and then for other things or even just an emergency vet fund, never a bad idea to have some extra money holes up if you can afford it. |
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 Horsey Gene Carrier
Posts: 1888
Location: LaBelle, Florida | I did it to put money in for a pup that I had to wait over a year for. Kept me from spending the money so when he arrived, I still had it. |
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 Total Germophobe
Posts: 6443
Location: Montana | I did that with a checking account, but just for barrel racing, entry fee, etc. expenses. It works pretty good...I take a certain amount from what I earn every month and it goes into that account. Or if I get a raise, and I don't "need" the money, it goes into that account. But I pay for training costs with that money, maybe a saddle, entry fees definitely, but that is what it is there for. |
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 Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | I would just withdraw the cash and stash it. We used to transfer our rent savings money to the savings account but always ended up spending it. So now we withdraw the cash and deposit it when rent is due. If I see it in the account I will spend it. If I take out cash and set it aside it doesn't nag at me like it does in the account. |
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Meanest Teacher!!!
Posts: 8555
Location: sunny california | I saved winnings one time and got enough to buy a saddle. I just pretended that i always lost. |
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 Rebel Without a Cause
Posts: 2758
Location: Adopt a homeless pet - www.petfinder.com! | I opened one when our foal was born last year. We refer to it as "Ruby's Kindergarten account"  I have $100 of every paycheck direct deposited to it. So far I've paid for her incentive fund enrollments from it and will continue to let it grow to pay for training when she's ready to be started. I think whatever helps you save the money is a good way to go.
Edited by Calangelo 2017-01-15 9:48 PM
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 Expert
Posts: 3815
Location: The best kept secret in TX | I have a seperate checking account I'm saving money into.
I requested no debit card and only have a book of checks. Makes me think twice about spending because I have to write out a check.  |
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Regular
Posts: 59
| I actually have 4 accounts. I was horrible at saving money and paydays always meant shopping sprees to me. I have a checking account for bills, spending horses and savings. I put 50% of every check I get in my bills account and I use that account just for paying bills. I put 20% in my spending account and I use that money for food, clothes, and my wants. I put another 20% in my savings account and that's a "don't touch unless you're dying" account. And then I put 10% in my horse account which is for anything horse related. Sometime I'll blur the lines a little between my horse and spending account. But this system has worked wonders for me. |
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 "Hottie"
Posts: 1373
Location: Okemah,OK | I have a saddle savings drawer. I typically just put whatever bill change I have in my pockets when I get home. Not typically 20's or anything but a few bucks or a $5. I figure that amount would just get put in the cup holder of my car and spent on a coke or gum or whatever..... That it would be gone and I wouldn't know where it all went. I also put any money I receive for gifts (birthday or Christmas gifts). And just last week I found $25 hidden in a purse pocket and I threw that in the drawer. I've been doing it for a couple of years but there's over $700 in there. I plan to splurge and buy a nice saddle when there's enough to spend. |
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 Hummer's Hero
Posts: 3071
Location: Smack Dab in the Middle | Sort of...it's not just for that, it's for our "fun/horse" money. I put $100-200 per week in it, but it pays for things like hay--we buy a large amount out of the field--a pony, and last week I bought my boys a swing set. A couple years ago, I bought a new washer and dryer when mine gave out. Money that I'd have otherwise had to borrow...
It also paid a huge amount of my good horse's diagnostics last year that was several thousand dollars. I wouldn't have been able to do that if I didn't have that account. I'm trying to get it built up now to get another saddle in a couple of months. I like to do it this way because it's not money out of my weekly budget. |
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 I hate cooking and cleaning
Posts: 3314
Location: Jersey Girl | I have always had a separate "horse" account. Mine was mainly so I had money to cover feed and everyday expenses for them in the event I lost my job or something.
More recently I did start another account for save for a new horse. |
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 I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | I've had a separate horse account for years and it worked out well for me. |
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 Expert
Posts: 2097
Location: Deep South | Do you have a credit card that gives you cash back on purchases? A friend of mine pays EVERYthing on her Discover card. Rent, utilities, groceries, etc. As soon as she pays a bill, she goes into her credit card account and moves the cash from her checking to pay for it, so it's not like she's racking up a huge bill.
She saved up her cash back all year and paid for her and her husband's trip to Disney world this past year.
I thought that was a great idea! |
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 Certified Snake Wrangler
Posts: 1672
Location: North MS | I use budget software called YNAB- Religiously. Every friday we get paid, I log our income in and divy it out to what needs paying. I've paid off my small CC, next up is a small student loan, and then paying off my truck. I also have a spot I like to call "bluerose2001 money" I put my entry fees into or whatever I want to buy. I've got a budget spot for winter hay I add to each month. This software/app is awesome. I wish I had it in college- I literally think I would be rich now. So no I don't need seperate accounts to save. I just look in my budget category to see if it is available. |
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boon
Posts: 2
| hahah yep Ive sure done that  |
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 Three in a Bikini
Posts: 2035
| BamaCanChaser - 2017-01-18 1:43 PM
Do you have a credit card that gives you cash back on purchases? A friend of mine pays EVERYthing on her Discover card. Rent, utilities, groceries, etc. As soon as she pays a bill, she goes into her credit card account and moves the cash from her checking to pay for it, so it's not like she's racking up a huge bill.
She saved up her cash back all year and paid for her and her husband's trip to Disney world this past year.
I thought that was a great idea!
I do this exact thing.
All of my purchases go on my Discover card.
There is no annual fee and you get cash back on every purchase.
I use it for Christmas presents every year. Works very well. |
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Three in a Bikini
Posts: 2035
| I took all of my horses winnings and put them towards my double j.
This helped me save and feel justified in the expense. |
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