$1 at a time

This is a thread for people who are saving up for something, or who want to start saving up for something.

Could be a new gadget or toy.
Could be for your retirement.

Saving money is similar to managing your weight.  If you want to have more money (fitness), then you have to spend (eat) less than you earn (burn).

So we'll talk about

• ways to spend less money on the stuff we need
• how to figure out if something is a need or a want
• (legal) ways to earn more money
• practical strategies for saving
• safe places to put our money (hint: not Nigeria)
  

and we'll encourage each other and cheer for each other for however many dollars we've managed to save.  And we'll profusely congratulate you when you manage to reach your savings goal.

(I will probably be the only one in here.  ::giggle:: oh well!)

I should say that I didn't include the obvious:  Online savings accounts with ING, HSBC, Citibank, etc...those are hovering around 2.5%

To add to dnrothx's list, there's also ShoreBankDirect at 3.15% right now (down, I think, from 3.5?)

From their website,

ShoreBank invests in people and their communities to create economic equity and a healthy environment.

And Zions Online Savings Account is at 2.79%

Online savings makes me nervous. Help me think it through  - what are the risks to get that higher interest? Any way to check the FDIC and be certain they're insured.

...duhhh...I guess I could just go google :)

they make me nervous too kathy, but i assumed i was just being overly paranoid since lots of people have those kinds of accounts...

Another money saver I found was terminating the land line and relying solely on cell phones. At the time we needed the cells a lot more than the home phone, so the choice to save the extra 60.00-80.00 a month was easy.

I bet that's a nationwide trend, these days.

At least the ones dnrothx and I mentioned are FDIC insured.

I think the reason for the higher interest is that they don't have brick and mortar... so less overhead.

The downside that I know of is that I can't go into a bank and talk to them about my account, but I never need to do that (even with my checking account which does have a B&M). And you don't get paper statements, in most cases, which some people would find alarming.

Re online savings: also how can you be sure you are saving with a US bank? Seems like it would be easy enough to set up a dummy that is federally insured?

It's not only being an US Bank that may be a consideration but also what state it is in.

Massachusetts taxes out-of-state accounts, for example, thus killing what you're making.

I'm in NY; I've had my ING account for a couple of years; No complaints, but not totally loyal, either, obviously.

Original Post by amethystgirl:

To add to dnrothx's list, there's also ShoreBankDirect at 3.15% right now (down, I think, from 3.5?)

From their website,

ShoreBank invests in people and their communities to create economic equity and a healthy environment.

 Shore Bank = off-shore banking? :D

bankrate.com is a good place to check out what interest rates different banks are offering for different kinds of accounts.

I used to have my big savings account with GMAC, but Zions Bank seemed to always have better interest rates, so I switched over to them. Zions typically has the best or second best interest rate listed on the site. I just don't have a debit card for the account, have money automatically deposit from my paycheck every week.. and watch it grow! :]

My regular accounts are with BECU and their interest rates are... pitiful.

So...how are we all doing with our saving?

I've hit my savings goal for January and February!

W00t!

Still struggling with the weekly 'do I really want to make coffee instead of simply buying it at the drive-thru' - other than that fine just fine.

Good job, Doc. :)

Still saving for the spring remodel project keeping fingers crossed hubby's job is safe.

I was also saving to buy Rosettastone's Spanish series, however, today I called the Public Library and can get it from them for nothing so I saved 400 plus dollars and am most pleased.

P.S. I like home-brewed coffee better.

That is cool. Good thinkin'. Am more committed to cooking meals rather than eating out. And doing a lot better with using up leftovers.

Am going to get myself a French Press and brew at home. My coffeepot bit the dust. :)

Oh I want a french press too. I wonder if I can mind meld my drip machine to fail.

Kathy I read your journals and drool over your menus, often.

Yeah it ain't a thyroid condition - it's an absolute love of food. :D

Original Post by kathygator:

Another money saver I found was terminating the land line and relying solely on cell phones. At the time we needed the cells a lot more than the home phone, so the choice to save the extra 60.00-80.00 a month was easy.

I bet that's a nationwide trend, these days.

I've done this months ago. We plan on getting a 2nd phone and add another line ($9.99) to our service so my husband has a phone on him too. And it's still cheaper than the landline was.

I want to open a savings account with my husband at our bank (citizen's bank) but I have no idea how any of it works... =/

So far, I'm on track! If I keep this pace, I'll have 3 months expenses saved by the end of April.

After that I'm going to go back to paying down debt and should have my one private loan paid off by the end of Nov...and my car paid off by May 2010. Yes, I'm a dork...I have a spreadsheet detailing my budget for the next 14 months :)