Thursday, January 24, 2013

Savings Account Update

Below is the latest balance on our Discover Bank savings account. I've been sending it money like crazy and the balance also reflects most of my eBay sales, holiday gifts and my new goal of sending $250 out to it out of every paycheck. So far I think I'm doing pretty good, the balance right now is $5,647:


Notice the interest rate is 0.80% which is not bad but not good either. I think Ally bank is a little bit higher at 0.95%. I would like to transfer all the money there as soon as I can find the time to open an account. I will also add another $1,000 to this balance as soon as we get our tax return. The goal is to be at $10,000 by June but I see nothing but expenses and more expenses coming up. Whatever happens, I will NOT touch this money.

The emergency fund with Bank of America will also be going up. The current balance right now is $1,000 but I also plan to use the tax return money and bring that up to $2,000 to cover our friend Murphy which I talked about on the last post.

HS

5 comments:

  1. Very nice. I also recently opened an Ally savings account to stow away my EF. I feel a lot better having it a bit less accessible, compared to it sitting in my ING account. And have to like the slightly higher interest rate... I'll take whatever I can get, eh?

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  2. Agreed, what's nice and not so nice about Discover bank is it takes 5 days to transfer the money, so you really can't get to it unless you really need to get to it.

    HS

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  3. Good job! Now, use some of this to fund your frugally-planned trip to New Orleans. No impulse shopping, no buying drinks for others. Don't put your trip on the credit card. I know CC are easier than cash. I wonder if you could use some of this for a pre-loaded credit card, so you don't over spend in New Orleans?

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  4. Nooo I am not touching this money, I'm going to pretend it's not there.

    HS

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  5. Better to touch the money (not completely drain it) that build credit card debt. :)

    Then after the trip pay yourself back instead of stupid CC company!

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