Saturday, October 8, 2011

Purging and Saving

I've been doing pretty well at throwing something away every week, and now I've gotten busy getting my unused computers ready to sell, to be followed by some unused furniture. It feels good to be making progress in the purge.

Back in August, I got notification that Wells Fargo would start charging me $3 a month to use my debit card. I'm not terribly fond of Wells Fargo as it is, and I'm a heavy debit card user, so I did some research and decided to get a Mango debit card. If you sign up for direct deposit, you get $20 added to your account after the 2nd deposit is made, and with direct deposit you can get a Savings account that's currently paying 6% APY.  That's not a typo - 6%! I'm a lousy saver, but this interest rate has given me tremendous incentive to work on my savings.

I'm also trying really, really, hard to avoid using my credit card. I'm not a devout follower of Dave Ramsey, but his advice is sound, and I very much want to have that savings/safety net. My only debt is my mortgage, so I've got that part down... though I'd rather not have one at all.  Not using the credit card means thinking carefully about what I can pay for right now, not next month. And I'm also trying to take into consideration that any money I spend that I don't have to isn't going into the savings account.

Thankfully, I do have a good job and benefits, unlike most of these people. Reading their stories should give anyone incentive to get and stay out of debt and to save money!


tffnguy said...

Bad part bout credit cards is that they are way too easy to use and its real easy to justify making a charge until you've done it and its too late.

Abby said...

You're right, David. My last charge was September 14. I'll see how long I last :)

Terry said...

I will be down in Terlingua doing some work on my property over Thanksgiving too. Maybe we can get together and compare notes on what we're doing...I'm Terry....Just came across your blog.