My dd#2 said I had to make a resolution before the conclusion of 2007. I couldn't think of one. single.thing. I'm pretty OK dokey these days, albeit a little fluffy. When wasn't I? That's a work-in-progress, and that's OK too. Wait, I take that back. I'm not OK. I'm fantastic. I'm happy, healthy, and have someone(s) who loves me.
One of the top 2008 resolutions made by folks was to "get their finances in order". How can I help you ask? OK, so maybe you didn't, but I'm just sayin'...
Here's something successful that is working for me. Since 2001 in fact. A shamless plug? You betcha. Wish I got something out of it. Oh yeah, I will...YOU might get happy too? *vbg*
And btw, how much interest are you getting on your regular "passbook" savings account at your local bank? If you're lucky, maybe 1%?
In 2001 I decided to save some money. Until that time, that was a strange thing for me. I hadn't had a savings account since childhood. This account I was contemplating was for "travel". My first trip was to Brazil, went, had a wonderful time, have the pictures.
I had been hearing about "an internet savings account" called Ing. Some bank in the east..or west..or maybe only on paper, was touting a huge interest rate for an internet banking savings account.
So I noodled and nosed around a bit and decided I had a little extra to put into this interesting looking account, what did I have to loose? Better than spending my $10 on a lottery ticket, imho.
Fast forward to today. I make 4.1% interest on my little savings account. I still feel like a child at Christmas, "They're giving me MONEY!" They deduct a monthly amount (which you can change, postpone or stop AT ANY TIME) from my checking account and deposit it into my ing savings account. AT ANY TIME I want money transferred back to my checking account, it's easy as a few clicks. Within 3 days, the money is back into my checking for my use. Yeah, that's a delay, but I'll tell you what..if I needed the money that bad, I would have found a quicker way to come up with the cash, lol. Oh, and get this, there are NO service fees, or monthly use fees, or transaction fees. period. I've put money in, taken it out, added my dh to my account, all the things you could do at a walk-up bank.
So here's my point. What do you have to loose? Is there $10 a month that you could part with to save for a rainy day? Yeah, they even do $10/month. And the best part? No one calls, you don't have to get dressed to go to the bank, and only you and your mouse know what you're up to! And won't YOU be the clever one?! Could this be your new Christmas Account? Or your new LONGARM account? (Whew, got your attention there, didn't I?)
Go ahead, save for a rainy day, I double-dog-dare you!
4 comments:
I do this as well and it really makes a difference. If you get even more confident, managed funds with a mix of shares, property etc can make even a little higher % but be a bit more prone to ups and downs...which is fine if you are long rather than short term.
The rule of 72 in regard to interest is that if you divide your interst rate, eg 4 % into 72, it will give you how many years it takes that money to double if you are compounding your returns. 72 divided by 4 is 18 years to double, and far far quicker if you are constantly adding some in....well worth setting up an account and really gets you saving!! A great thing for kids to realise earlier rather than later as well!!!
Thanks for visiting me as well,pleased you like my pics! Tracey
are you trying to tell me to save some money?
i know i know... i need to look into it.
Great way to go on a tangent and NOT tell us your resolution ;-)
Ah, but you're too late, Toots. I opened an ING account a few years ago, just to get $25 free for me and for my DD#1 who referred me. Since then I've plenished and replenished, cleaned out, and on occasion I've just let the dough rise (sorry). It IS a super-easy account. Now, thanks for the reminder and helping to kick-start me for the new year.
PS Your happiness radiates all the way to Tennessee. Thanks for the warm front.
SOMEBODY -- maybe you? -- told me about ING at the end of the summer and I went immediately and authorized $25 per week to be put in. I don't miss it from the checking ccount and on the occasions I check my ING account, I'm always DELIGHTED!
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