frustrated
Find a Conversation
frustrated
| Tue, 05-16-2006 - 4:24pm |
Hi all,
Just wanted to share my frustration. No matter how hard we try we just can't get ahead and build up our accounts. This has always been an issue. Neither one of us buys fancy lattes, we pack our lunches and we buy clothes that are on sale. We recently increased our income to approx. $53K and purchased a house. We have good credit, pay everything on time, haven't used credit since February but that's where it ends. Our weakest point is saving and that's where we've been stuck for a while. Did any of you have a similar situation and overcame it? Or, would you have any suggestions even if you are not in a similar situation?
Sincerely, student.
Just wanted to share my frustration. No matter how hard we try we just can't get ahead and build up our accounts. This has always been an issue. Neither one of us buys fancy lattes, we pack our lunches and we buy clothes that are on sale. We recently increased our income to approx. $53K and purchased a house. We have good credit, pay everything on time, haven't used credit since February but that's where it ends. Our weakest point is saving and that's where we've been stuck for a while. Did any of you have a similar situation and overcame it? Or, would you have any suggestions even if you are not in a similar situation?
Sincerely, student.

Hi there,
We have been there many times.
lvhunnie2005
student.
Hello,
I too am a fan of "Automatic Millionaire" and suggest you borrow it from your local library. It's a fairly short read but useful. The whole point of setting up automatic savings with Ing Direct, (which debits automatically according to the schedule you assign) is to make it happen when you aren't paying attention to it. I have $235 deducted from our account every payday (we are paid every other friday) and it goes into separate savings account at Ing Direct. Sometimes, I'll check the balances and be surprised at how much is in there. Those balances will also earn interest the longer they stay there too, which helps.
I would suggest starting small (like $5 per month) with an automatic withdrawal to a savings account like Ing Direct. Then, once a month, raise it to $10, then $20, etc. This will let you "ease" into it and you'll find that you'll naturally adjust your spending a little to account for it. I have set up a Christmas 2006 savings account, a small vacation savings account, and a car insurance premium (every 6 months) savings account. When December 2006 arrives, the money I budgeted for christmas gifts will be ready for me to use. The same goes for the other savings accounts.
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Hi there,
me, too! That is: I, too, have an automatic transferral scheduled to take out some money evry time my pay arrives in my account. It is only 15/month, but it's a start :-)
The same goes for my 'X-mas & Birthday'-fund, which gets another 10/month.
Those little payments do add up, and it feels really good to do at least something - and slowly, little by little build up at least some savings. Right now the money is going into what I consider my emergency fund, but as soon as that has reached its planned size, I will earmark that money as 'real' savings.
I'd second the idea of starting little - you don't really notice it when it is done automatically, and you can always take any extra money you come to and out it into that savings account,too. And wonder where all the money came from that is already sitting there ;-)
Greetings, Jordis
ivy_jordis
![]()
Hello Whiz,
My "christmas fund" is simply the *nickname* I gave to one of my savings accounts at Ing Direct. You can assign a "nickname" in the "properties" section of each account. So it's nothing special, just a savings account that has an automatic transfer set up on payday.
I have set up several "sub accounts" under my customer # at Ing Direct. You do this by logging into your account on the Ing Direct page, (click "View my account) then clicking "Open an Account". Click "Orange Savings" (or "open now" under Orange Savings). Choose Joint or Single.
Specify an amount to deposit into the new account (I usually just transfer $1 from my "main" account) and give it a nickname, like "Christmas 2006 Fund".
Soon you'll have a subaccount called "Christmas 2006 Fund" (or whatever you named it) with $1 in it. You can do this multiple times if you like, and set up automatic transfers for each one. One payday, I have a transfer going to our christmas fund, auto insurance fund, auto maintenance, and home maintenance. I have a few other savings accounts set up for different uses that I don't send money to yet (like new car fund and italy trip).
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Hello,
In order to get money in or out of Ing Direct, you do an electronic transfer (from inside the account area, click on Transfers) to or from your checking account. For instance, when view your account, you'll see the savings account listed. Click on it, then click on Transfer. You can "transfer" money from your checking account to Ing, (specifying which account it goes to) or transfer from Ing to your checking account.
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished