Saving For A Rainy Day
August 31st 2008 16:52
It's hard to find a high-yielding savings or checking accounts in this day and age. You have to admit that a 3.28% APY is a pretty good rate. How about an extra bonus of no minimum deposit required? That's the current offering at IGObanking.com*, which may be subject to change. In March it was 3.5% APY, currently it is 3.28%! Still an overall good rate. Saving should be a habit and if your money can earn something while it sits, more power to you!
Now for a high-yielding checking account, I would look at Schwab*. The 2.01% is probably the best you will find.
Now, I'll be the first to admit that I don't always save like I should. I get hit with unforeseen bills(car repair) or overindulge in something I shouldn't have. But overall, I try to save at least $10 a week or as much as $50.
My biggest savings began after I quit smoking and, I really hate to say this, after I lost a beloved pet. By today's standards if I still smoked(up to 3 packs a day) and I still had my dog(keep it simple...just food and treats), that would be over $150 a week! That's just extra money if you think about it. The thing to consider is that cigarettes were a lot cheaper when I quit and dog food and treats were cheaper when I had my dog.
The thing about me is that I am a compulsive buyer, but I am really starting to correct that. At one time I was buying tons of collectibles such as sports and super-hero cards, comics, action figures, beanie bears, nascars, matchbox, posters, etc. All I got was clutter and dust. Plus all that money I paid for them. Never could get my money back and eventually I had to take a loss. Leave collectibles for what they are...kid's toys. A rule of thumb about 'collectibles' is to buy and sell quickly for a profit while the craze exist!
Still the price of gas, food, utilities, etc. have skyrocketed compared to a year ago. The price of gas may be ever so slowly coming down, but I foresee it going up again if Hurricane Gustov damages the refineries in the Gulf. Still it may go up due to the fact that they shut the refineries down because of the storm! If you prepare and I am wrong, guess what? You saved money. Petty, maybe, but still saved!
To start really saving you should keep track of your spending. It gives you an idea of your spending habits and how to correct them to save money. Another way of looking at tracking your spending that has a bit of wisdom to it! Even budgets may not work as well as keeping track of spending.
*From Money magazine May 2008.
Now for a high-yielding checking account, I would look at Schwab*. The 2.01% is probably the best you will find.
Now, I'll be the first to admit that I don't always save like I should. I get hit with unforeseen bills(car repair) or overindulge in something I shouldn't have. But overall, I try to save at least $10 a week or as much as $50.
My biggest savings began after I quit smoking and, I really hate to say this, after I lost a beloved pet. By today's standards if I still smoked(up to 3 packs a day) and I still had my dog(keep it simple...just food and treats), that would be over $150 a week! That's just extra money if you think about it. The thing to consider is that cigarettes were a lot cheaper when I quit and dog food and treats were cheaper when I had my dog.
The thing about me is that I am a compulsive buyer, but I am really starting to correct that. At one time I was buying tons of collectibles such as sports and super-hero cards, comics, action figures, beanie bears, nascars, matchbox, posters, etc. All I got was clutter and dust. Plus all that money I paid for them. Never could get my money back and eventually I had to take a loss. Leave collectibles for what they are...kid's toys. A rule of thumb about 'collectibles' is to buy and sell quickly for a profit while the craze exist!
Still the price of gas, food, utilities, etc. have skyrocketed compared to a year ago. The price of gas may be ever so slowly coming down, but I foresee it going up again if Hurricane Gustov damages the refineries in the Gulf. Still it may go up due to the fact that they shut the refineries down because of the storm! If you prepare and I am wrong, guess what? You saved money. Petty, maybe, but still saved!
To start really saving you should keep track of your spending. It gives you an idea of your spending habits and how to correct them to save money. Another way of looking at tracking your spending that has a bit of wisdom to it! Even budgets may not work as well as keeping track of spending.
*From Money magazine May 2008.
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