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Emergency & other funds: my thinking

July 24th, 2007 at 08:08 am

Well, I think maybe what I'll do, since someone mentioned starting a savings account for my emergency, entertainment and travel funds, is open a "goal savings account," which my bank offers. It's linked to my checking account, it's free as long as I make a $25 monthly automatic deposit, there's no minimum balance, and it even earns a teeny bit of interest. I'll keep my own records as to which parts of it are allocated to various funds.

This is, of course, assuming that NT gets offered enough money to meet some of my debt-repayment goals. Those come first, but I think it would help us control our spending if there were separate, finite funds for various things.

Our spending has been way controlled since I started budgeting us back in late March, but thinking long-term, if I'm going to keep my household on board, I have to be willing to spend a little on travel and entertainment! Don't want any mutinies down the road. :-)

5 Responses to “Emergency & other funds: my thinking”

  1. Aleta Says:

    You could open up any online bank account and do the same thing. Sometimes, I keep multiple accounts ( emergency funds, vacation, car maintenance, car insurance, house insurance, gifts, etc in the same account. You could open an ING Direct account at 4.50% or an Emigrant Direct at 5.05% and they will transfer your money for you whenever you want from your checking account and you will be making some decent money. If you open up an ING Direct account with $250.00, they will will give you $25. and you only have to keep that money in there for 20 days and you can withdraw it. If you have any money allocated for something in the future, you could borrow it for 20 days and put it back. At least you would have $25. already in your account plus the interest it makes. Geting $25. dollars for depositing $250 and equal to earning 10% on your money in 20 days.

  2. Aleta Says:

    I forgot, after you open the account, they will give you 25 referrals to offer to other people and will pay you $10. for each person that signs up. You can sign up with ING through Savings Advice.

  3. ceejay74 Says:

    Hmm, that does sound like a better deal! I suppose one more online account to keep track of wouldn't kill me, especially since there are so many bonuses.

    Did you already use all your referrals? If not, let me know how to reference you if/when I open the account. I'll probably know in a week or two whether this is the route I'll take.

    thanks!
    CJ

  4. Aleta Says:

    You can type in ING INVITES in the search section at the top of the savings advice area and it will show you one at investing and banking section where Jeffrey's post will be the first one and it will give you a link there. Sorry, I've used all of my referrals.

  5. kashi Says:

    I second the ING recommendation! I've had an account for years and I love it. The interest rate is so much better than anything you can get from a bank.

    BTW - Yes, I'm in the Twin Cities too! Nice to see you here! Smile LittleGopher is also from the area.

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