I have earned $10.09 in interest in my ING savings account for the month of June.
I am always amazed how compound interest on savings…compounds!!! I love seeing my money grow in savings. It was only a couple of years ago that I had vurtially no savings to speak of and I was living paycheck-to-paycheck.
It was the downturn in the economy is what scared me straight and started me on the path to couponing.
I had no clue where my paycheck was going but if I ran short, I used my credit cards to supplement my income…dumb. It’s been 7 months since I paid off the last of my credit card debt. No, I didn’t cut up my credit cards but now I only use them IF I have the money to pay off my credit card in FULL
I know allot of folks follow Dave Ramsey school of thought of having no credit cards and dismissing your credit scores but I think that is unrealistic in my opinion.
My school of thought is simple “spend less than you earn” and try to put 20% of income into savings. You notice that I said, “try” to put 20% of your pay into saving that’s b/c I know that not everyone can afford to put a certain percentage of their pay into savings…so my thing is put something into savings whether it’s $10 or $25 or $100 each paycheck…and you’ll see your money start to grow.
I started my ING savings account with just $50 bucks and things got better for me, financially, I increased my savings rate.
There are 5 more months in 2010 and I have set my goal of adding at least $3,000 to my New Card Fund in my ING savings account.
We will see.