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MONEY MATTERS UPDATE JUNE 28 2025 SAVINGS BUCKETS

 

SAVE AND REAP THE REWARDS

 

 

Families are always looking for solutions when it comes to saving for a variety of wants and needs. The reasons people want to save some money might be for a kid’s college, a vacation, a new house or boat, or just want to build a nest egg for retirement.

As a general rule, whatever we might save for, the money usually gets dumped into one account like a savings account or maybe even a checking account, although checking accounts are easily pilfered by our need to pay a bill or what have you. Having one big savings account is common but humans always function a little better at accomplishing things if we have a goal in mind, and some sort of constant reminder about that goal.

High yield savings accounts, being the preferred method as we want to earn as much as possible on our money, can offer a feature that many may not be aware of.

This feature is called “Saving Buckets”. Saving buckets are like envelopes in the one main account. They let a customer set up categories for each specific savings goal they might have in mind. These are offered by many banks and are free to set up. You can track your savings for a specific item. In other words, if you are saving for a new car, you can set up a savings bucket entitled “New Car” and dump money into that envelope.

In this way, by having a specific account for an item, it keeps in the forefront exactly what it is you are saving for.  You can set up multiple buckets and designate what money goes where.

The advantages can be obvious and not so obvious at the same time. Naming an account keeps the specific need right in front of you and may allow you to make better choices as to how much to allocate to it and when. The balance for whatever it is you are saving for is also front and center whenever you check your statements.

The concept can also incentivize you to save more and make it easier to track your progress on each specific item.

Using buckets under one main account can also eliminate the need for multiple accounts making tracking your money easier.

Additionally, by maintaining only the one main account, the balance would be higher than it would be if holding separate accounts possibly qualifying you for a better interest rate as banks usually pay more the higher the balance.

It may also reduce any fees that banks might charge for each account as the buckets are considered just a piece of the one main account. You can also transfer money between buckets if something changes or even eliminate or cash out a bucket if need be.

There are, of course, things to consider when looking at establishing saving buckets. Savings accounts in general may not offer as much return as time constrained, fixed income options such as a CD or savings bond.

Savings accounts can also see their interest rates move down while CD or bond interest rates might be set for the life of the purchase.

Also savings accounts over $250,000.00 exceed FDIC insurance but that particular draw back can be reduced by simply naming an additional beneficiary to an account. This is because each account owner is eligible for up to $250,000 in FDIC coverage per beneficiary. Setting up beneficiaries on your account can increase your FDIC coverage.

Not all banks offer saving buckets and the number of buckets a bank might allow is also company specific so ask your bank if they offer this option. If not, you can easily find a bank that does.

There usually are no minimum amounts required in each bucket and every bucket, being just a labeled envelope, earns the same amount of interest as the account it is under. Remember, when you have saving buckets, it is still only considered one account.

Saving buckets are kind of a cool thing many people may not be aware of but they may help you better achieve your personal finance goals and needs.

“Watching the markets so you don’t have to”    

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(As mentioned please use the below disclaimer exactly) THANKS   (Regulations)    

This article expresses the opinion of Marc Cuniberti and is not meant as investment advice, or a recommendation to buy or sell any securities, nor represents the opinion of any bank, investment firm or RIA, nor this media outlet, its staff, members or underwriters. Mr. Cuniberti holds a B.A. in Economics with honors, 1979, and California Insurance License #0L34249 His insurance agency is BAP INC. insurance services.  Email: news@moneymanagementradio.com

 

 

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Insurance can protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably. I have access to a variety of insurance products that can help meet your security planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan.

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A Word about Life insurance:

In the event of death, life insurance may offer surviving family members financial security. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.

 

The advantages of life insurance include:

An instant estate for your loved ones at a time when funds are most needed

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  • Avoid probate costs if you name a beneficiary other than your estate
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  • Build tax-advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans

Long-term Care, Disability and Critical Illness insurance, Lifetime income strategies and Medicare:

Help protect one of your most valuable assets – your income – from unexpected events through long-term care, disability and critical illness insurance.

Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.

Long-term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition.

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Contact me today to determine whether critical illness insurance fits into your financial security plan.

 

There are also new “hybrid” plans available that combine the benefits of life insurance or annuities with long term care coverage and at a cost that may be more affordable than you think. Contact me today so we can assess your needs and develop the best strategies for your specific situation to give you the peace of mind you require and protect your family and loved ones.

 

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