How do you Save?

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I’ve got some investments though I’m not really adding to them right now. I don’t feel educated enough so until I’m debt free I’m just using tools that I’m familiar and comfortable with.

For me it’s a high interest savings account. When I opened my account many moons ago with this particular institution they weren’t set up for you to have multiple accounts with them. You got a savings and a chequing account, it was fairly new then. I remembered that conversation so I never opened another savings account with them but it got a little difficult putting all my savings in one account. I’d see this huge figure but have to remind myself that all my eggs were in that basket.

Today, I called in and asked if I could open another savings account with them. The response, ” Yes! As many as you’d like.”

I felt like a whole new world opened to me. I quickly opened 4 additional accounts and started transferring the money over to:

  • Planned household expenses
  • Life happens
  • Job loss
  • Leftover weekly

Too bad I can’t actually name the accounts those so they’re numbers that I have to keep track of.

The original account this has all been housed under is now my Vacation account. I also have automatic transfers happening from my paycheque to almost all of these accounts so I can continue to watch them grow but this time know, at a glance, exactly what’s in each. It also stops me from accidentally putting money in the wrong category.

How do you save?

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

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2 thoughts on “How do you Save?

  1. Great to see you take responsibility to save. That is the first step to needed to accumulate enough for the future. I don’t know how old you are, but placing everything into savings will actually cost you money because savings rates are below inflation rates. Finding a reliable professional to work with can be difficult. They must have fiduciary responsibilities!! A good person to talk with (even if you do not ultimately work with them) is a representative from the Mutual Fund Store. (I have no affiliation with them.) You can look them up online and find a local representative. They also have a weekly radio talk show. This can be found at http://www.mutualfundshow.com. They are an ethical organization that sit down with you and discuss YOUR needs. They find out from you what your risk tolerance is (by asking multiple questions) as well as your goals and timeframe. They are not pushy and provide the same quality of service to someone with $50,000 or 1 million. Thought this suggestion might help.

    Liked by 1 person

    1. Thanks! That’s fantastic information. I’ll definitely check out their show. I do need to head back to a service like the Mutual Fund Store. My last advisor was good but I wasn’t on top of my finances at that point and I really didn’t like not being able to easily see my progress. He moved to a completely different part of the country so I’m back in the market for someone I trust.

      Liked by 1 person

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