Friday, January 28, 2011

let's save some money.

Back in 6th grade when I was a professional babysitter, my family was planning a trip to Disney World for the fall.  So that summer, I constructed an organizational center to save my money.  (Typical, I know).  I wanted to put money in my savings account, have some spending money, and save for our trip.  I took an old shoe box and glued in tabs with these labels and would spread the cash into each section.  Then when fall came, I had plenty-o-money to spend on mickey gear.

Fast-forward about 14 years, and I still follow this same concept.  Don't know what is scarier- being the same as I was in 6th grade, or that being 14 years ago.  My oh my.

In any case, I am all about sorting my money for saving.  Between Ryan and I, we have nine bank accounts.  Yes, you read that correctly, nine.  And no, they aren't offshore shady accounts.  Legitimate accounts (all of which are free by the way).  I won't bore you with the details for every account- but here are my favs:

Savings Account [For when life throws us lemons]
House Account [For our McMansion]
Mandatory Fun Account [To travel the world]
Oh Crap Account [For the fun, unexpected surprises]

These four are all through ING- which is totally free and gives you much more interest then your standard brick & mortar bank.  Right now it is around 1%, but a few years ago it was at 4%.  It basically follows the rate of inflation.  We totally recommend this bank- might as well make as much with a bank account as you can.  (If your interested, I can send you a link to sign up).

Why all the accounts?  Well this way we can save money, and it is earmarked for each category.  So when we went to Spain, we knew that it was ok to spend the money, because we had it.  Or, if we need new tires, we can pull from the Oh Crap account and not stress.  Essentially it takes the guilt out of using money that we saved, because let's face it, that happens.

Then, once an account is deflated, we know that it is a priority to allocate money to that account until it gets to a level we are comfortable with.  And, it is fun to watch the Mandatory Fun account grow, because that means we are that much closer to our next adventure.

So happy saving!

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