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Boost Your Interest
By Daphne | February 1, 2008
If you are transferring money from a savings account to another, try to do it after the average daily balance is calculated so you will earn more interest.
Let’s say you want to transfer money from one account to another to use at the end of the month but your interest is calculated on the 7th using your average daily balance for the last month. If you can wait you may earn a little more in interest than you would if you took the money out right away. This will definitely make a difference when you are transferring larger sums of money or even small amounts because ever little bit helps.
Savings accounts aren’t for long term investments but even in the short term if you are saving money to pay insurance premiums, income or property taxes and save to pay them throughout the year then you want to have your money in cash. Even if you are saving for a vacation, if you have at least $1000 saved that you don’t need for at least 3 months you may want to check out a CD.
Saving money is something that everyone should do but sometimes can’t because of unforseen expenses Just because you can’t afford a certain item or go to certain places doesn’t mean that you should forgo savings in order to afford a certain lifestyle.
Starting out with five dollars a week can help you build up your little nest egg, even if it means that you give up something that is only temporary. Saving and frugality go hand in hand. This does not mean that you are miserly if you decide that you can’t afford something because you are saving… you are being fiscally responsible.
Topics: February 2008 |