Bank Account

[anotherlaujgirl]

Finally opened one up for me. NOW.

LOL I just received my debit card sooooooo...

You know what that means!

TIME TO SAVE MONEY! xD

[ancmetro]

   Save and save. Smile and smile.

[potluck6]

good girl saving your money is a great idea,but buy something nice for yourself too.at your age my daughter loved clothes maybe to much that is what she bought with her first job money.

[jmccaskill]

I strongly urge that you open a second account at some point just for savings. Get in the habit of putting aside a specific amount of say 10% of every penny you receive into the savings account. The percentage you save should never be reduced and even the amount that comes to from every sum you receive even if is just one cent should be set aside into that account. The amounts are not important, the big deal is starting the HABIT of saving religiously!!

I promise that you will NEVER regret doing this, the small amounts set aside will not be missed in your day to day life and just as you pick up small amounts here at FC, they will add up remarkably fast.

Oh yeah, NEVER touch those savings, or course you will at some point, but that should be only for something super important. You will know when and you will do that reluctantly as you will have become established in your saving program. A second really important point is to NEVER tell ANYONE, and I mean ANYONE you have this savings account... even the bestest of friends or family will drive you nuts for a 'helping hand' if they are aware of it. This is only yours, paying yourself so to speak.

Starting young is the key. This will do amazing things for the rest of your life!!

Wish you the best!

[anotherlaujgirl]

Thanks everyone!

I opened up a savings account too

[12amos]

Thanks jmccaskill this is excellent advice for any age.  I completely agree with you starting to save early is the key.
Good one.


----------------------------------------------------------------------------------------------------------------------------------------Posted by: jmccaskill
Re: Bank Account

« Reply #3 on: July 05, 2013, 08:03:02 pm » Message ID: 761733

Reply with quoteQuote  Say 'Thanks' Say 'Thanks'
 

--------------------------------------------------------------------------------

I strongly urge that you open a second account at some point just for savings. Get in the habit of putting aside a specific amount of say 10% of every penny you receive into the savings account. The percentage you save should never be reduced and even the amount that comes to from every sum you receive even if is just one cent should be set aside into that account. The amounts are not important, the big deal is starting the HABIT of saving religiously!!

I promise that you will NEVER regret doing this, the small amounts set aside will not be missed in your day to day life and just as you pick up small amounts here at FC, they will add up remarkably fast.

Oh yeah, NEVER touch those savings, or course you will at some point, but that should be only for something super important. You will know when and you will do that reluctantly as you will have become established in your saving program. A second really important point is to NEVER tell ANYONE, and I mean ANYONE you have this savings account... even the bestest of friends or family will drive you nuts for a 'helping hand' if they are aware of it. This is only yours, paying yourself so to speak. Smiley

Starting young is the key. This will do amazing things for the rest of your life!!

Wish you the best!

[ilovepatrick]

some of the anks will pay you for opening an account with them search the internet for a list of them that give promo also i saw ally was giving compounded interest (wow i haven't seen that since i was a kid) saving is good but make sure your money keeps up with the rate of inflation

[blondie71]

I am glad for you.  I have a debit card through my checking account.  I got some credit cards where you load them yourself well some of them have fee's for using your own money so I don't thinks that is right so I didn't put any money on it. I wish I could save money but we spend every bit on bills and cleaning supplies for our home.

[melissajh44]

Awesome. Always remember a penny saved is a penny earned. Save as much as you can.

[sdenimandlace1]

What great information for any age. I need a saving account, will check into that next week.

[rpse1927]

i have a bank account and i tried to save as much as i can. its hard sometimes

[kapeh12]

Glad to hear you are starting on building your financial base early.  In addition to what's been said regarding savings, is to have goals for your financial base.  There are different reasons to save money - emergency backup, vacation, house/car, retirement, health, etc.

I recommend your first savings goal is to save up a 6 month emergency fund.  The emergency fund should have enough money in it to cover 6 months living expenses - rent/mortgage, utility bills, vehicle maintenance (including gas and insurance), food, other incidentals, etc.  Take time to calculate how much you are spending each month - including fun activities, and determine what you need to sustain yourself for 6 months.  That will be your beginning target savings amount.  The purpose of this is to provide some financial security should something happen where you cannot earn money - lost job, injury causing you to quit, etc - to help sustain you while you come up with plan B.

Once you obtain this goal, then you start thinking of the next goal to save for in addition to those funds - car, house, retirement, HSA (health savings account), etc.

Another thing if you haven't done this yet - now that you have both a checking and savings account - if they are at the same bank - if you haven't done so, you'll want to include overdraft protection on your checking account.  What this does is if your checking balance does ever go below zero, the system will withdraw money for a smaller fee than if your checking account bounced the check for insufficient funds.  This typically will happen at some point in your life when finances get tight, so having this gives you some financial protection by reducing fees in such circumstances.

Lastly, when things start to stable out for you, you might want to consider looking for banks that offer Reward Checking accounts.  I started researching those as alternative short term "savings" accounts for myself last year.  These accounts will pay a significantly higher interest on your balance than a traditional savings account (right now with these low interest rates, my traditional savings account is only paying 0.1% interest, but my reward savings is paying 2.01% interest - big difference).  To really leverage a Reward Checking account takes some discipline.  You need to think of it more as a savings account vs checking account.  Typically these accounts require a direct deposit, a certain number of signature debit transactions (where you pay with your debit card, but not using your PIN), and getting your statements electronically.  Where some people fail to leverage such accounts is with the debit transaction requirement by overspending.  When I setup mine, I budgeted how much I would spend vs deposit, and am using this account to pay most of my monthly, low dollar bills, which leaves a handful of transaction I can use for things like eating out on the weekends.  I recommend before setting up a Reward Checking account, that you plan out your strategy of how you plan to minimize your spending so your balance in that account grows.  I maintain that advantage by keeping my traditional checking account (at a different bank) for the day to day spending so my Reward Checking account can remain fairly untouched.


Hope these give you some ideas for financial goal options.

[Tresbn00]

I remember my first account...it can be so exciting...every penny is another brick in your financial castle! I get more excited about the pennies, nickels and dimes that I make on these PTC's-especially Fusion Cash!  More excited about these odd cents then all of the money that I make at my other two full-time jobs because these odd cents are mine to keep! I haven't spent a cent of my online cash on anything but investments and am amazed at how quickly the money has accumulated.  The money that I make from my other two jobs get spent, by my family, faster than I make it.  I would love to show them how the money has accumulated from the pennies that I make but they would latch on to my stash and spend without a thought.  For instance, I have been accumulating aluminum cans and take them in to recycle every three months. The family has grabbed all of the cans and are getting ready to cash them in!  They want me to take them in!  I told them to take them in themselves and enjoy the eleven dollars they get!

[ljrjess69]

yep got to save ,never know when a emergency will come up! 

[anotherlaujgirl]

Thank you!


Gosh, I'm so bad with saving but, it's reasonably doable.