Saving for a better day
By taface412
@taface412 (3175)
United States
May 12, 2011 6:47pm CST
So this year I have reached my goal of clearing off some big debts. And I also reached my second goal of officially opening a savings account as I had promised myself. And the third big thing I have been consistently doing over the past two years and plan to continue to do so is tear up every credit card application that comes in the mail (no matter how tempting they are). I am hoping to have one last big bill paid off before I reach my savings goal of $600. If not then I will have that money saved to pay it off. Also once I reach my goal amount I get double interest, so hopefully it will be paid off and I can let my money sit in the account and accure interest so when I have another emergency (and life throws them my way occassionally) I have that to fall back on.
So have you set up a savings? What are you saving for?
11 responses
@randylovesdar (4932)
• United States
13 May 11
I am trying to save money. It has been so hard lately because the economy has really hit my husband and I. I do make money online and lately I have been saving that money in my paypal account until either a bill comes in that needs to be apid or I can use it for Christmas. I will be opening a savings account because many banks are starting to charge banking fees every month and the only way to avoid that is to open a savings account. I am hoping once my husband is working full-time and I am able to find full-time work that we can start building a savings account. Right now I have one credit card bill that needs to be paid off (I owe $700.00) and then I have all the typical bills that everyone else house(mortgage, Internet, city bill, phone bill and Satelite bill). I was hoping to have my mortgage paid off by now, but that is really impossible. Some of my family members seem to think that the mortgage is considred to be a bad debt, but I really do see how it is a bad debt if we need a place to live.
I wish you the best of luck.
@taface412 (3175)
• United States
15 May 11
Not sure if a mortgage would be considered a bad debt, I think it would be more like an investment unless it was a second or thrid mortgage. But on thebank thing...not sure if you have a fifth third bank in your area or not, but they offer a totally free checking account. And on their savings accounts they have several types....the one i chose will allow me to earn double interest once i reach my goal savings amount that i set myself....and they do not charge a fee for this either.
@taface412 (3175)
• United States
15 May 11
It took a long time for me to get to this point because when I was younger of course I did not take things as seriously. I honestly admire the younger set nowdays who actually think about the future and how financially things will work out. Thanks for responding.
@dodo19 (47317)
• Beaconsfield, Quebec
14 May 11
My husband and I have opened a joint savings account a while ago. We're definitely glad we did it. We're pretty much saving for trips, or little things, or something like that. We're just trying to save so that we can try and some of the things we would like to do in the future. We haven't been able to save up much, but we're definitely hoping to save up more.
@GemmaR (8517)
•
13 May 11
I do have savings, however I am currently saving up to buy a home rather than to blow it on a novelty item or an event. I see myself being able to afford my home within the next 5 years providing my work still stays solid, so I should be able to bring my dream to life.
I love my ISA, as the interest rate is relatively good compared to most at the moment, and I get ~£10 per month interest on it right now. I add money to it every month when I get my pay check, so this will be even more each and every month. I hope to be able to live off my ISA interest before I am of retirement age. I know it's a bit of a long shot, but I strongly believe that I have enough power and drive to be able to do it.
@watergirl (567)
• Philippines
13 May 11
Saving for the rainy days is good. Now that I have kids, the need to save more grows. Of course, we also have to save up for well deserved vacations and getaways.
@taface412 (3175)
• United States
15 May 11
I can only imagine what it would feel like having kids and trying to save. I have a hard time coming up with funds without kids. In fact I am doing this not only because I need an emergency account for bad times, but also in a few years if I am still single I would love to try an have a child on my own. Good luck to ya and wish ya the best.
@tiffnkeat (1673)
• Singapore
13 May 11
It is great you have a plan and sticking to it. Congrats and wishing you every success. Wish I could save too...wish ... wish ...
@frontvisions101 (16043)
• Philippines
13 May 11
I can't save up. I really need to setup a goal for me to do that. Once I've save up quite a lot but used it to buy a hard drive and a video card for my laptop. I guess saving up for nothing isn't as efficient as saving up for something. Although, I kept track of my savings then, which was quite useful if you wanna see your progress.
@naija4real (1291)
•
13 May 11
I live in Nigeria ( West Africa ) I have a saving accounts. I opened a savings account immediately I got a new job. I usually save money in the bank because I want to use it as a medium to control my spending habits. I do not like the interest that is being paid by banks in Nigeria it is far too little. The Nigerian banks take charge of your money and use it to do business but they pay little or nothing as interest.This does not encourage good savings habits.
Apart from control my spending habits, I opened a saving accounts to enable me use it to start a small scale business immediately I stop working for my boss.
I have the desire to be a boss also so that I can control other workers.
