Wednesday, July 30, 2008

Savings Account

One of the best things that we have done was open a savings account that automatically takes money out of our checking account. I started slow with $25 a month. That seemed painless enough so I worked my way up to $100 a month. If my husband or I work an extra job or a few extra hours, I'll make a one time transfer into that savings account. I don't do any other banking online, but I'm comfortable with this account. I've also found that it becomes a challenge for me to see how much extra I can deposit each month. It's also very rewarding to check the account and see how much it's grown and how much it's made in interest. We have made a deal not to withdraw from this account at all. It's totally separate from our regular savings or emergency fund. I am surprised at how much it has already grown in less then one year! I'm hoping that in a few years we'll be pleasantly shocked at how much we've been able to save with just a few dollars at a time. Let me know if you have any tricks or tips on ways that you save, I'd love to hear them.

1 comment:

Stephanie said...

Great idea! I have a high interest savings account that takes $1 from my checking account each time I use my debit card. It turns out to be about $100/month deposited. It's slow going, but it's growing slowly. :)

I like your blog. Thank you for sharing your thoughts!

Stephanie @