Savings AccountsFriday, March 3, 2006
I’m in the process of managing my finances and I realized: a lot of people don’t earn money with their money. In other words, your Wells Fargo savings account is only earning you… what… 8/10ths of a percent? Your money is wasting time in there! If I’m not mistaken, you’re earning money slower than prices are inflating. Heck, you may be losing money.
Well then, what do you do? Simple: find a high interest savings account or put some money in a CD.
Personally, I do both. Since I only pay tuition two times a year I can lock my cash into a CD for a few months (6, 12, etc) and then use it once I actually need it. Money that would have just been sitting around waiting to pay for college has earned me over $400. It’s just that easy…
But, what about the short-term money? Well, I transfer all my cash into an ING Direct account. This savings account earns me 3.8% and through April, my new deposits are earnign 4.75%. I’ve already earned $30 in the first few months. Sometimes a number doesn’t say much so I need to look at it a different way. That $30 is the same as 6 free burritos. Can you imagine a mini pyramid of burritos every month? It’s a great thought…
I guess my point is this: put your money away and let it earn some interest. ING works in a funny way, though. What you do is ‘link’ an existing bank account to it. This serves as a direct connection between the two accounts and you easily (within 2 business days) transfer money in and out. To me, the money seems more difficult to get to. This acts as a barrier to spending and allows me to earn more burritos.
So, to everyone out there with their money sitting around, open an ING Direct account and get $25 for free. Thats right. If you leave a comment here with your email I will send you an invitation. Once you make an initial deposit of $250 you’ll automatically earn $25. Again, thats like 5 free burritos and, well, they taste even better when they’re free.
Plus, if you open an account I’ll earn $10 and that’s pretty awesome. If you have any questions feel free to leave a comment.
[tags]personal, money, finances, saving[/tags]