Savings Goals

Currently  I have a total of four savings accounts. One is with my everyday bank and the other 3 are with Tangerine (previously known as ING Direct). Why four savings accounts you might ask?

For me the answer is simple. It's easier for me to track my saving goals if the money is separate from each other.

So what am I saving for?

1. Emergency fund. This is my savings account with my everyday bank. I wanted to be able to have easy access to this account in case of an emergency. Currently my goal is to get this account to $1,000 then to get it to 3-6 months worth of living expenses. Currently this account has $100.02 in it. Putting together a spreadsheet I calculated that at the $25 every pay day (every two weeks) I will get $1000 in my account in October 2015. This does not include any interest. The amount I'm contributing may increase before then thus decreasing the Goal Date.
2. Christmas/Birthday fund. And by birthdays I mean for all the ones that happen in November, December and January. I have lots that occur in that period. So $25 a paycheck also will be going here. This has no amount just to do it every paycheque.
3. Long term savings. This currently gets $25 a paycheque and is meant to cover things like new glasses and getting crowns for my teeth. Insurance will cover part of my crowns but I have to pay the rest. Eventually travel may be in here or I might give it it's own category.
4. My Tax Free Savings Account (TFSA) is also getting $25 a paycheque. I know it's not maxing it out but right now $25 is all I can afford. It's better than nothing and once some of my debts are wiped out this amount will increase.

Overall I'm putting $100 a paycheque into savings. This isn't a lot but it's better than nothing. I could put this money towards my debts but I need to have savings in place. I'm trying to be balanced about debt and savings. Eventually the amount I'm putting into my savings accounts and RRSP accounts will increase. But for now slow and steady wins the race.