I recently wrote about our debt reduction process – a simple one-page guide to getting out of debt. Over the next few days, I plan to elaborate on each of the steps mentioned in the article, starting today with a few notes about step 1 – and the emergency fund. My wife and I have our primary checking account with…
Category: Savings
A Plan To Increase Our Savings Account Balance
At one time – after getting out of debt and before we purchased our new home – we had enough cash in our savings account for six months’ worth of expenses. We dipped into our savings account when we purchased our home, to purchase new appliances and some furniture. The time has come to rebuild our savings account balance. We…
Make The Payment To Yourself
My wife and I have been saving up for a new-to-us automobile. Instead of financing the purchase of a newer car, we have been making monthly payments to ourselves. Each month I initiate a transfer from my local checking account to my online savings account. (ING Direct makes these transfers super-simple to set up.) The amount transferred is equal to…