Openned a savings account

iVillage Member
Registered: 12-28-2005
Openned a savings account
2
Thu, 01-12-2006 - 12:57pm

FINALLY!

We haven't had savings for...ever?

Ok, I only openned it with $50 (that my grandmother sent me for Christmas), so it isn't spectacular. But it is a start!

And I set it up for $25 automatic deposit from my checking (where H's pay is direct deposited) each month. And of course I can add to it... my plan is the day before payday, to transfer any funds I have left in my checking into savings.

I'm starting waaaay small, but it's the "starting" that's important here! It felt really good leaving the bank yesterday.

Officially, this is my "adoption fund". But it also is overdraft protection (eventhough I haven't bounced a check for at least 8 months, yay!) and an emergancy fund if needed. Now that our finances are looking better and some big things will be paid (mostly) off by summer, we can most likely start up an emergancy fund later this year.

I have to start somewhere!

iVillage Member
Registered: 03-07-2005
Thu, 01-12-2006 - 4:41pm

I'm jealous ;)

Those were my plans but I haven't gotten off my rear to do it yet.

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Sat, 01-14-2006 - 12:22am

Hello,

Congratulations on setting up a savings account! I have several accounts with Ing Direct. 5 of them are freedom accounts, earmarked for Christmas 2006, Italy Trip 2006, Auto Insurance, Auto Maintenance, and Home Maintenance.

I took the budgeted amount for next Christmas ($600), divided by 12 months, then divided by 2, since we get paid every two weeks. It turns out I need to deposit $22 a paycheck to save that amount by next December. I have to save $44 per paycheck in order to pay for the 6 month auto insurance premium. It seems odd to be setting aside this money, especially when I need to pay off credit card debt, but if I don't set it aside little by little, I'll not have the money available when it comes due.

We do have an emergency fund separate from the freedom funds. My husband was laid off in September, so we put his large severance check directly into a high interest savings account. I've had to pull money from it over the last few months. However, the severance money (and the interest it earns) has helped us pay those minimums with a little extra added on, which we wouldn't have been able to afford without it! I hate using up the "severance savings", so I'm really happy that my husband became eligible for unemployment recently. An additional $310 per week (about half of what he used to make) will be welcome!

Sincerely,
Lindsey Schocke

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Sincerely,
Lindsey Schocke

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