Apr 1st, 2008
ING is perfect for hiding money
And by hiding money I mean from yourself. I am great about paying bills, doing my investments, etc but one thing I am aboslutely terrible at is golf. No just kidding, Im getting a lot better at golf, what I am actually referring to is setting aside money into a saving account. This is why I absolutely LOVE having an ING account. If I keep it in my wells fargo account which I dilligently track I am often tempted to transfer it back from my savings into my checking and invest it, spend it, or otherwise not have it around anymore. This leaves me with an interesting problem. I want to save some cash but I do not want it readily available. Luckily for me and other savings avoiders I have come up with a solution. Actually its a pretty simple solution.
Open a savings account at a different bank.
Yeah I know, its not exactly Einstein solving mass to energy conversion but it works nonetheless. My personal suggestion is open an ING savings account. With ING I have it automatically withdraw money every paycheck so I never even see the money. If I wanted to transfer the money I would have to log in to ING, and manually transfer it back to wells fargo. This little thing alone is enough to kill the temptation.
Added bonus: You get WAY better interest at ING than you do with a standard bank checking account. So basically I get to kill three birds with one stone. Now open an account there right now. (see link in my sidecare). If you open an account with $250 we both get a bonus too!
- 3 Comments
- Saving
I like the idea of ING savings as a hiding account.
It certainly doesn’t lend itself to impulse buying.
I’m totally with you on this one. I got an ING account in January and set up an automatic transfer every week — $15 from my Bank of America checking to the ING. That way I’m contributing to it when I’m not even thinking about it. It’s also helpful because I’m not looking at it frequently along with my other checking/saving/credit card statements at BofA, so I am less tempted to do anything with it. I’m saving up for a trip to Europe and have been shocked at how fast I’ve been able to sock away money into the ING account. I never really thought of that being because it was “hidden money,” but you are totally right!
Also you might consider a Money market account w/ check writing. Mine has a Minimum of $500.00 so I really think twice before writing a check. This works as my hide out money.