After two months, my Dollar a Day account currently contains $60.08. $60 in contributions and $.08 in interest income. Just over $60 saved, painlessly, in two months. Sure, it might not seem like much. And putting just $1 away really isn't all that much. But it really adds up quickly. … [Read more...]
January $1 Plan Update
Well, this is fairly anti-climactic, but at the end of January, my $1 a day account has reached a grand total of.... $31!I've done some re-thinking of this plan, and I think what I'm going to do is simply sock away $1 a day all year for a total of $366, and see what kind of interest I can earn. I was initially planning to also calculate savings made by smart spending choices, but well, that turned out to be a very difficult task. So instead, I … [Read more...]
Rate Chasing
I have always said that I wouldn't chase rates when it came to high yield online savings accounts. I have an account with ING that I use for both my long-term savings and my day to day account, as well as bill-pay and I (luckily) opened a CD with them just before the rates dropped. I signed up thanks to the lure of the $25 bonus, and I've not been disappointed. But ING's interest rates have dropped severely over the past few months. Most banks … [Read more...]
$1 a day? Why not $10?
Over at No Credit Needed, there is a great post about what you can accomplish if you save just $1 a day and what you can accomplish if you can manage to put away $10 a day.Kind of makes you re-think that trip to the vending machine, doesn't it? … [Read more...]
What is this site about, anyway?
A Dollar a Day is a new saving plan that I have put in place for 2008. The goal is to see just how much money I can save in a year by taking little tiny steps. There are two components to this plan. 1. As you can probably tell from the title, the first step is to save one dollar a day. That means in 2008, I will save a minimum of $366 with this plan (2008 is a leap year). 2. The second part of the plan is a bit more complicated. I plan … [Read more...]