Struggling to make a decision...

**FrugalMomof3** · 02-12-2006, 08:14 PM

Ok... here's the breakdown...

I have an ING account and as we probably all know the saving rate is pretty darn good, atleast more than our local banks offer, but here's my problem..

I want to put in atleast $25 every 2 weeks into there but my brain keeps telling me DO IT DO IT.... then I set up the automatic drafts every 2 weeks and then I go back and delete it, now my brain is saying DONT DO IT DONT DO IT.

I think my one side of my brain is saying "you know you should, $25 every two weeks is nothing, you can just cut down on something".

My other half of my brain is saying "You know everytime you try to save something comes up and you might need that $25"

I want to do it but afraid to do it because I will just keep thinking how bad we might need that $25.

PLEASE offer some support, encouragement or maybe some tips or ideas on what I could cut $25 from so it's really not missed and both sides of my brain will get along.

~Tracy~

**justmeD** · 02-12-2006, 08:28 PM

I would make the deposits and if you don't need it, it will earn interest. If you do need it, you can make a transfer. I say put it in until an emergency arises.

ESPECIALLY since right now, with the ING sale, it's earning 4.75%!!!! whew!

I would treat it like a monthly bill. If that means you have to go without a meal out or snacks for the week, then so be it. Pay yourself first.

You can do it! ESP. while this sale is going on.

**FrugalMomof3** · 02-12-2006, 08:35 PM

Thank you! I am going to set it up so it starts this Friday and comes our every 2 weeks. If things start going better I can make it $20 a week but for now I will stick to $25 every two weeks and see how it goes.

Thanks for the encouragment!

~Tracy~

**FrugalMomof3** · 02-12-2006, 08:44 PM

Ok I just did an initial deposit of $20 that will be taken out tomorrow and then starting the 17th it will take $25 every two weeks.... this is actually exciting. In no time I will have some savings that's earning interest.... YAY!

I am sure I can cut down on something, possibly renting movies, or for this week no spending at all, I mean for measly items, we are stocked with necessities and the only thing that I might need is TP and milk.

~Tracy~

**Kimberlina** · 02-12-2006, 09:03 PM

Good for you for just doing it!

**Michelle** · 02-12-2006, 09:12 PM

Originally posted by justmeD
I would make the deposits and if you don't need it, it will earn interest. If you do need it, you can make a transfer. I say put it in until an emergency arises.

It's not like you can't touch the money once it's in ING if you need it.

**PrairieRose** · 02-12-2006, 09:16 PM

I agree with the advice you've gotten already. The money is your's, it's there and you can get it if you need it. Just do the withdrawal before you start paying the bills and then you won't miss it, after just a few paychecks.

**FrugalMomof3** · 02-12-2006, 09:20 PM

I agree, I can always take it out if I REALLY need it, but I want to just deposit and forget its there until something comes up (see the new thread on making a new move).

I will actually try to make periodic deposits as I see how much is left over after bills and what-nots.

Thanks everyone for your encouragment!

~Tracy~

**sillybutt** · 02-13-2006, 07:29 PM

I have a monthly direct debit from my current account (checking account) to an external savings account which acts as my EF. I put £50 in (I'm paid monthly) the day after payday. If I ever really desperately need the money, then I can get to it. But because it's taken out right away, I don't miss it and I budget as if it was never there in the first place.

It's been a really good move! I'm now just 5 weeks away from maternity leave and know that I have money socked away if we really get into a bind at any point. Very comforting!