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Question for my Friends

July 7th, 2017 at 11:57 pm

So...I just posted a blog and of course, thought of another question for my friends to give some thought to.

As you know, I have opened a "Loose Change Account". My sidebar reflects my progress. I still don't know what I am saving for but it's fun to do nonetheless. Anyway, I had an idea after loading next week income/expense transactions:

What if I maintained an even balance in all of my bank accounts (operating account, emergency fund, rental account, etc), taking the minor overages and putting them in "Loose Change Account".

Just a thought...what say you?

Posted in Saving Money | 6 Comments »

6 Responses to “Question for my Friends”

  1. ceejay74 Says:
    July 8th, 2017 at 12:57 am 1499475467
    1499475467

    I say anything that makes finances fun and keeps you motivated, do it! Smile

  2. CB in the City Says:
    July 8th, 2017 at 01:06 am 1499475977
    1499475977

    That's kind of what I do in my checking account -- I always round down deposits and round up withdrawals. I build up a little "loose change" that way.

  3. creditcardfree Says:
    July 8th, 2017 at 01:40 am 1499478011
    1499478011

    If you can track it and make it work, I say go for it. Bank of America used to (maybe still does) had a checking account that would do the rounding up and down for you. My point is it is a good savings method!

  4. PatientSaver Says:
    July 8th, 2017 at 11:14 am 1499512457
    1499512457

    I am not familiar with the whole rounding up or down your bank balances. It sounds like all you're doing is skimming nickles and dimes from your bank accounts and putting them into a dedicated Loose Change account? If that's what it is, I would be against it since you're just slowing your savings rate for the big things that matter: paying off your mortgage and any other debt. Especially since you've just admitted you don't know what you'd use the Loose Change account for.

    I think there are other schemes you could dream up to make savings "fun" that would actually be more productive.

    Can you or have you been able to make any prepayments of your mortgage over and above your usual monthly payment? If you really want to retire in 6 years, it's very important to pay off the mortgage before then.

  5. MonkeyMama Says:
    July 8th, 2017 at 12:48 pm 1499518088
    1499518088

    I think it sounds fine. But, if all of your bank accounts/emergency fund, etc. are where you want them to be, then invest all the extra. Stuff like that I personally invest or throw to the mortgage. Anything else, and it's just going to get spent. Unless you want to spend it. I guess maybe a good first decision is if you want to keep it accessible in cash or if you want to start thinking bigger and more long-term than that.

  6. rob62521 Says:
    July 9th, 2017 at 06:31 pm 1499625091
    1499625091

    If you think it will keep you motivated, I say go for it!

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