2009-05-04

A Virtual Piggy Bank!

I think I've mentioned before that of the hugest problems I have with my ADHD is saving up money. It is really hard for me to manage my money, because I often forget to write things down, I forget to pay bills, and I just suck at math in general. It has been extremely hard for me to save up any amount of money! If I have a hundred dollars, I feel like I have a million dollars, and I tend to spend it all!
The other night I went to church with my aunt, and they were talking about money management. I never knew that the Bible actually offers advice on money management, but apparently, it does! The Bible's take on it is that everyone should have a 10-10-80 plan. It goes like this. Every time you get paid, you take ten percent of your paycheck and put it in a savings account, and you take another ten percent and tithe it to your church. Then you have to figure out how to live off of the other eighty percent.
The point of the pastor talking about this was to encourage people to live below their means, instead of trying to live the best possible lifestyle they can afford. A lot of it as meant for richer people... aka, maybe you should think about owning a $25,000 car instead of a $55,000 car, and things like that. But I figured it could help me a lot as well!
I don't really go to church. I can't sit still for it! But I figured that, when I have a place to live, I'm going to become a foster parent, and caring for children will be kind of like tithing. SO I decided to start saving twenty percent of my income in a non-touchable savings account.
I had heard of this site called Smarty Pig, and I set up an account with them. Basically, you save up a savings goal, and you set up an amount of money you want withdrawn into your Smarty Pig account on a monthly basis. Then, Smarty Pig just does automatic withdrawals from your bank account each month, and saves it up for you! You also get to accumulate interest.
And, here is something else very cool. You can post a link on your website or blog, and other people can donate money to your savings account!
You can get your money out of the account at any time, by closing down your goal and having the money put back in your regular bank account. SO, if you have an emergency, the money will be there!
I think this is a really great way for me to save up money! What do you think?

1 comments:

Adelaide Dupont said...

I hope Smarty Pig works out well for you.

It's the people who have the least who have to manage their money the most, so I can see the church advice being valid. The Bible offers advice on almost everything human ... Most religions do try to help the people who believe in them to become prudent (fiancially and otherwise).

I wonder if there are any bill-paying-reminder sites which you could use?

3.05% is a really good interest rate - especially as the Federal Bank (I can't remember its American name) has interest rates of 0%.

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