russ-love.com
progressive

Tag Archive for 'savings'



Extreme saving: hide your money from yourself

Stone walletI will confess, I lied to you when I said I would pass on that ING promotion. I couldn’t resist a good deal and applied. Guess what, my application was turned down because I am ineligible. When I called the support I was told that I already have an account with ING. This came to me as a surprise since I don’t recall ever opening it. It appears not only I have an account at ING, I actually have a few hundred dollars stashed in it.

This discovery made my day today and I immediately thought of this new money saving technique that will work best for compulsive and disorganized yet motivated to do something people like myself.

Extreme money saving for compulsive and disorganized

  1. Find good bank savings or CD promotion
  2. Apply for it using your usual credentials
  3. Stash your money away and do your best to forget about it
  4. Repeat the procedure from step 1.

This is somewhat similar to what squirrels do when they hide food for winter in random places. The step 2 is actually somewhat important since it will make it easier for you to recover your money later when you need it. Not that you cant get it w/o the credentials but it will save you some time.

I see several advantages to this “squirrel style” saving. First, you are not tempted to spend the money since you don’t keep thinking about (having) it. Second, you don’t feel accomplished since you never exactly know how much you have and hence you keep saving. Third, well, if you ever discover your own money like I did today, you will have so much fun!

Now, I wouldn’t probably do this for my primary savings (retirement) but I think it is a very good way to build an emergency fund of some sort. In fact, I would have none if I wasn’t forgetting about accounts and missing CD maturity dates. The temptation to spend is just too strong!

Are you nuts? How do I find my money when I need it?!

I knew you would ask it. In practice however you will have more problems hiding than not finding it. Bank statements, emails, 1099-DIV forms, and credit reports, everything will remind you of it. Here are a few tips that will help you hide your money more effectively:

  1. Hide small amounts. They are easier to forget about
  2. Use smaller banks, they tend to send less ads
  3. Sign up for paperless statements
  4. Use an email address you rarely check

And the last, but not the least. If you ever find your money by accident, resist the temptation to celebrate by spending it on that trip to Las Vegas. Instead re-hide it in a better place and keep the game going. ;-)

Update: I gave my wife to read this post. According to her, the best way to hide your money is in the pocket of your winter coat when you are about to change for spring weather. :-)

Disclosure: I am not a financial adviser and this is not a financial advice. Hide your money at your own risk!

Photo courtesy of TruShu @ Flickr

High Yield Bank Accounts – July, 2007

This is another update from BankDeals — my favorite banking blog. FNBO Direct keeps the leading position in savings accounts. I wonder how the rate changes on 9/28 when this deal expires.

On banking deals, the Banking Guy has just published this list of places to go when you need to find the best banking deal. There are some interesting sources there. Check it out!

Checking/Savings/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

24-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

Source: Bank Deals Weekly Summary for July 21, 2007 at BankDeals

High Yield Savings Accounts – May, 2007

This is another update from the banking expert at BankDeals — my favorite banking blog. FNBO Direct raises the bar to 6.00% in savings category, but CD rates overall have been moving side wides compared to last month.

Checking/Savings/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

High Rates with Conditions / Large Balances - Open to All

Source: Bank Deals Weekly Summary for May 26, 2007 at BankDeals

High Yield Bank Accounts – April, 2007

Update: go to High Yield Savings Accounts – May, 2007 for an updated summary

This is another update from the banking expert at BankDeals — my favorite banking blog. The CD rates seem to have dropped slightly compared to the last update which I made on March 24, 2007.

Checking/Savings/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

High Rates with Conditions / Large Balances – Open to All

Source: Bank Deals Weekly Summary for April 21, 2007 at BankDeals

High Yield Bank Accounts – March, 2007

This is another update from my favorite banking deals blog. Fed held the target for the fed funds rate at 5.25% this week for the sixth consecutive meeting and savings rates don’t seem to have changed much since January when I did this roundup last time.

Checking/Savings/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

High Rates with Conditions / Large Balances – Open to All

Source: Bank Deals Weekly Summary for March 24, 2007 at BankDeals




Share your bargains