My Disney Savings are growing!

[Rachael Q]

Thanks to a little help from this board and ING.

I opened an account the middle of August with ING, after reading about the benefits on this board. My bank was paying about 1/2% interest and only if I had a minimum balance. ING pay me 2.25% and no minimum.

I asked them not to send me an ATM card, so I will not tempted to take money out.

Each payday (every two weeks) I have $50.00 automatically transfer from my regular account. I put all my change and any extra cash (from scratch and wins, found in laundry) in a box. I drink Starbucks almost daily (it's my bad habit), so twice a week I put my coffee money in the box as well, and no coffee for those two days.

Then every pay day I take it in and deposit into my regular account.

Then I transfer the total of all that "extra" money to ING.

I have saved $250.00 over and above my initial deposit (about a month).

We are going to put xmas money in there as well.

The ING account does not show on our regular internet banking, so we are not tempted to spend it.

By January we should have enough for spending, segway tour, dinners, and maybe some extra treats.

After Disney in Jan we will keep doing this, and it will be our rainy day fund!

Finally we have learnt how to save - we are only in our 30s! Ah to have been smart when I was younger.

 

[alohamom]

Way to go! Have a garage sale and put the cash in there too! It is incredible how much a person can save without feeling it. Good for you.

 

[MECH8T7]

You may want to consider opening a U.S. dollar account with ING as well to have somewhere to transfer your savings into U.S. dollars when the rates are favourable (like they are now).

It doesn't pay as much interest (1%) but, if the exchange rate moves say 4% in favour of USD over the next six months, that savings in foreign exchange would be equivalent to 8% annual interest on that same amount.

 

[pkitty]

I started doing this as well but for my daughter. At first it was money that she was saving to put towards her horse. In 7 months she had accumulated in excess of 800 dollars. This was between birthday money, xmas money,report card money (granny and grampy) and "found money" meaning change! I started taking lunch to work 4 times a week and placing the extra cash into her account. as well she started saving change she would find and her 5$ a week allowance. It's amazing how quickly this accumulates. She now has her horse but is still saving in the same fashion. She just purchased a new saddle which she also paid for with this type of cash. When the saddle is paid for she still has almost 6 months to save for WDW. I was fearful that she would never learn how to save so we made it our "project". When you use to hand her pennies she'd roll her eyes...until she rolled them all one night and realized that they were real money after all...surprise,surprise! She doesn't roll her eyes any more that's for sure! Oh one other thing...I had a young employee once (17 years old) and she told me that she had put all her babysitting,birthday and xmas money into an account from the time she was 12 years old...and she was investing in RRSP's...in 5 years she had managed to save $20 000.00 and that was without using her wages from her PT job!! Outstanding and a great example (even for me!!).