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Post by leeann on Dec 28, 2010 20:58:00 GMT -5
this is in addition to saving some $$ each pay towards a vacay in the Caymens some day. I've figured I need to put $250 away each pay period, I get paid twice a month. Now if I would only leave the money alone once I put it there!!
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blackcard
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Post by blackcard on Dec 28, 2010 21:08:16 GMT -5
With todays interest rates wouldn't that be more like $6000.01 by Dec 2011?
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Post by leeann on Dec 28, 2010 21:10:54 GMT -5
Oh my, what will I do with that extra cent?
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blackcard
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As of April 2013 Mortgage is paid in full :) NO debt of any kind.
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Post by blackcard on Dec 28, 2010 21:12:47 GMT -5
Invest it in the markets of course. LOL
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swamp
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Post by swamp on Dec 28, 2010 21:38:02 GMT -5
This is what I did to stop me from being tempted from taking money out of my emergency fund: I have a savings account at a different bank from the one I ordinarily use. The ATM card is set up to do deposits only, and I have an autopay from my regular bank account depositing money into it. If I want to get money out of the account, I physically have to walk in the bank and fill out a withdrawal slip.
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Dec 28, 2010 22:30:20 GMT -5
With todays interest rates wouldn't that be more like $6000.01 by Dec 2011? ;D
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Dec 28, 2010 22:31:15 GMT -5
We keep our savings in a different bank, too ~ in a money market account with NO debit card or ATM access. (This helps us.)
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Post by suzwantstobefree on Dec 29, 2010 6:31:41 GMT -5
I have my savings in an Internet only banking (Ally). This way I transfer in from my checking account and I have to transfer out to get the money back. It usually takes 2 days so I have a chance to think about whether I really need it or not. Plus, it cannot be a spontaneous thing.
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Agatha
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Post by Agatha on Dec 29, 2010 8:52:07 GMT -5
Frankly, I love credit unions for savings accounts. When I left my job in November I had to close out my account there. <sob> It was my emergency fund account. I had to physically go there during daylight working hours so with a job where it was difficult to get away from and a lunch break too short to get over there. . .well, it had darn well better be an emergency.
I never really missed the money. Every time I got a raise the difference went into the account right out of my paycheck. Since I budgeted to live on what I originally brought home made that easy. Before I had to have the roof fixed (darn insurance couldn't find storm damage) I even managed a CD with the CU. I love credit unions!
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Post by breezy on Dec 29, 2010 9:55:23 GMT -5
Me too! I'm finally determined to have a fully funded EF. I cut back on my 401k savings, in order to build up EF. My goal is to have fully funded EF by June 2011. I got a nice boost to start my EF by saving my Christmas Cash!! No after Christmas sales for me.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Dec 29, 2010 10:10:12 GMT -5
Do you get paid every two weeks- 26 times; or twice a month- 24 times? If it's the former, you will beat your goal!
I offer tenants the ability to pay every two weeks because most of them can't figure this out, btw., but they like it...go figure.
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NancysSummerSip
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Post by NancysSummerSip on Dec 29, 2010 11:04:53 GMT -5
I do what Swamp and Molly do...I have a "someday" fund online, at a different bank, where money is deposited every month; no debit card or checks for the account are available. I have not touched it since opening it. I have no concrete plans for the money right now; I do want to open my own business someday, so that's where the fund got its name.
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Post by celticqueen on Dec 29, 2010 15:02:33 GMT -5
Definitely use an internet bank. I use ING and it takes about 2 days for money to transfer. Since I don't have instant access to the money I can't spend it. And you can set up automatic bank drafts with them.
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Post by leeann on Dec 29, 2010 19:27:41 GMT -5
I get paid 24 times a year. My big problem is having access to the $$-I work for a credit union so it is even more accessible. I can walk down the hall to the branch
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Post by Deleted on Dec 30, 2010 12:25:44 GMT -5
This is what I did to stop me from being tempted from taking money out of my emergency fund: I have a savings account at a different bank from the one I ordinarily use. The ATM card is set up to do deposits only, and I have an autopay from my regular bank account depositing money into it. If I want to get money out of the account, I physically have to walk in the bank and fill out a withdrawal slip. Hey!! I have a spare savings account!! There's a plan!
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Post by enjoythejourney on Dec 31, 2010 10:12:29 GMT -5
Since we pay our own property taxes, homeowners, life and auto insurance, professional registration fees, etc. out of our savings, we need to have it liquid and available, but we also want to get the biggest bang for our buck, so we keep it with our emergency funds to amp up interest. For several years, we used money market fund and earned only pennies in return! Living in a large city in Texas, we discovered that a lot of on-line banks have a bricks-and-mortar branch here which makes liquidity possible along with on-line interest rates. Then, we discovered that if we keep it in a checking account, do so many debit card purchases and one electronic bill payment a month, we'd get FOUR PERCENT INTEREST!!! So, I set up a utility to draft once a month, and I put an additional $20 every month in the account to cover debits. These usually come to no more than $1.08 per transaction at the dollar stores or the dollar's worth of gas I start with every time I fill the tank. Since I don't get paid outside the home, I look upon this as my part-time job. The month before we started this we got around $4 in interest. Last month we got $155. My best friend scoffs, saying it isn't worth the trouble. It's certainly worth a dozen dollar-store transactions to me, however.
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Tiny
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Post by Tiny on Jan 1, 2011 17:40:36 GMT -5
Don't forget you may be able to set up the transfer to the "special account" thru your Payroll department if you have the option to have multiple deposits for your paycheck. My paycheck gets divided between two accounts - a fixed amount goes to a savings account at one bank and the rest of the check goes to a checking account at a different bank. Not having to see (in my checking account) or 'touch' (transfer it manually) the savings makes it even easier for me to ignore it and not spend it...
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973beachbum
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Post by 973beachbum on Jan 1, 2011 17:51:46 GMT -5
I also have a savings account in a different bank. It is also a straight savings account without a debit card attached. You can use direct deposit at some companies to deposit you check into more than one account. That way most will go into the regular checking account and the $250 into the special savings account.
Good luck.
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motherto2
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Post by motherto2 on Jan 2, 2011 21:50:51 GMT -5
I used to have my paycheck sent directly to one bank, and then a set amount of that sent from the first bank to a second one. The set amount sent to the second bank was all the money I needed to pay bills, debts, food, gas, etc. What was left in the first bank was whatever was the difference between my pay and the allotment sent to bank #2. The beauty of it, was anytime I received some money for something other than my pay (travel reimbursement, bonuses, etc.) that money would automatically be sent to bank #1. A good way to not see or touch the extra.
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Post by blockeconomics on Jan 3, 2011 0:42:50 GMT -5
I hope you all do well with your savings and investments this year.
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Post by emptypockets on Jan 3, 2011 1:45:10 GMT -5
I keep the emergency fund in one credit union. It is only for deposits, no-touch money. No withdrawals unless it is truly an emergency that cannot be handled by bill paying account. I have a bank checking account for regular bills and deposits to other working "savings" accounts. and a third checking account with a different credit union as the consolidation point for certain bills that are recurring such as life insurance policies, and other family funds management. and as my dad always said, "allocate your funds accordingly and stay within your budget." It's getting into a monthly routine, be realistic of your living expenses, pay your emergency fund and retirement savings accounts like a regular household bill for phone, cable, electricity. Don't touch your retirement account and emergency fund monies so it compounds over the years. You can roll over some of your retirement account funds into a CD when rates go up. Saving this much means no frills, no junk, no wants, and you might want to forgo your Caymen Islands vacation this year and save all that bread for this year's hard times. The economy might not improve enough....
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Post by Deleted on Jan 21, 2011 23:26:06 GMT -5
this is in addition to saving some $$ each pay towards a vacay in the Caymens some day. I've figured I need to put $250 away each pay period, I get paid twice a month. Now if I would only leave the money alone once I put it there!! Sounds old fashioned.... But open a Christmas club account. They don't pay much interest. However, you can't touch the money. I opened one Black Friday... Already I have $250.00
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NoNamePerson
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Post by NoNamePerson on Jan 22, 2011 8:58:13 GMT -5
this is in addition to saving some $$ each pay towards a vacay in the Caymens some day. I've figured I need to put $250 away each pay period, I get paid twice a month. Now if I would only leave the money alone once I put it there!! Sounds old fashioned.... But open a Christmas club account. They don't pay much interest. However, you can't touch the money. I opened one Black Friday... Already I have $250.00 Yep, you can close Christmas Club account. If thru your employer, they will have to approve (in form of letter to bank) the closing. As for individual account all you have to do is tell them you want to close it. Hopefully you don't bank where they will shoot you if you want your money
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NastyWoman
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Post by NastyWoman on Jan 25, 2011 0:01:54 GMT -5
Invest it in the markets of course. LOL Ask on YM, they all know how to get the greatest returns. Following their advice, in a few years you may have $1--- it boggles the mind
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