Opening a savings account
By Samanthavv
@Samanthavv (1380)
United States
7 responses
@mrtoffee (1522)
•
26 Oct 15
go for the savings account, that way your money will earn you a little extra in the way of interest helping it to grow.
@Samanthavv (1380)
• United States
26 Oct 15
Is the interest worth it? I've heard that it isn't enough to make a difference?
1 person likes this
@mrtoffee (1522)
•
26 Oct 15
@Samanthavv if you keep adding capital on a regular basis the interest will grow and compound over time, if you get a decent interest rate it can be very worth while.
@Samanthavv (1380)
• United States
26 Oct 15
That's exactly my dilemma. I need to save up for moving expenses in April. But I'm worried about separating the funds out in my checking account. I have no way to earmark them in htheyre.
1 person likes this
@GardenGerty (161216)
• United States
26 Oct 15
I think for me it would depend on a couple of things. One is whether or not there are any fees or there are any benefits from opening the savings account.
The second is whether or not there might come a time when you would need to access it quickly. I have had savings accounts, and I have done "the envelope method" where I put money in various envelopes in a safe place. I do like to pull it aside, though. If it gets left in the checking account it disappears.
@Samanthavv (1380)
• United States
26 Oct 15
As I said in previous comments, there would be no fees for the account so log as I make a transfer once a month.
Envelopes would not work for me. I lose absolutely everything and on top of that, my kids get into everything. Nothing is safe in this house lol
@Samanthavv (1380)
• United States
26 Oct 15
I used to have bonds but unfortunately, I would need the money before I would be allowed to cash out without penalty. I am saving for our move in April.
@Samanthavv (1380)
• United States
26 Oct 15
That's what is thought but my husband seems to thi I should be able to keep track of it all separately.
@yukimori (10149)
• United States
27 Oct 15
If the money is your responsibility, I would say that the proper choice is to do what you're most comfortable with. It doesn't sound like there are any cons associated with opening a savings account (aside from your husband objecting). Were I in the same situation, I'd feel comfortable opening an account on my own and putting the money there even if my husband wasn't completely on board with the idea.
Then again, I'm also the one who manages all of our finances, and he has no objections to the fact that I have an account with only my name on it for savings. (We've found that works best for us, because we use his online banking login to manage our bank and credit card accounts. My account doesn't appear under his profile, which helps with the temptation to transfer funds out of it to cover things we want but don't need.)
