Friday, February 18, 2011

Automated Savings

With Y's previous job, he was paid weekly and I had it set up so $125 was transferred to our ING savings account on his payday.  I cancelled that transfer when he quit getting a weekly paycheck.  I hadn't set anything up and I realized that we are saving very little to nothing every month.  I was able to put $550 from my paycheck into savings but that's the first time in a couple months that anything has been deposited into savings.

I set it up today so $100 would transfer from our checking to our ING savings on each payday.  That will be an automatic $400 per month. 

We are also on another type of automatic savings plan.  We use Y's flex dependent option to the tune of 5 grand per year.  Thus far for 2011, I haven't submitted the forms for flex dependent or flex medical reimbursement.  If I wait until the end of the year, it would be $5000 in one pop.  That does sound kind of tempting to do but I would miss out on the interest along the way.  I also have $175 in medical expenses that I could request reimbursement for but haven't done so yet.  There again, I could wait until the end of the year and just get the entire $1000.

1 comment:

  1. Setting up automatic savings is a great way to make sure you save. If I don't set it up automatically, it doesn't happen.