Free Money

Feeling a bit behind since I have only deposited about $200 into my AMEX savings account this month so far. I know I'll have more to put in as the month goes on, but it just doesn't seem like much. The good thing is, I have some money from other irregular sources coming in.

I have been a Upromise.com member for some years now and a couple of weeks ago I requested a check for the balance of about $65.00. Their site said it would take up to 8 weeks to reach me, but it arrived this week and went right to savings. :)

Also, I'm a member of ebates.com and so I can get some extra money back when I shop online. I just logged into my account and they are sending me a check for about $15.00 with another $30.00 pending for the next round of checks!

I love free money!

Beautiful Weekend

Last weekend I spent some time with friends and relatives going on a walk to see the leaves. Some time ago, one of them showed interest in Dave Ramsey and getting out of debt so I loaned her my "Total Money Makeover" book. I wish I could say she's been working on her financial situation, but she hasn't. However, she did ask me again today what station Dave Ramsey was on, on the radio.

I had a little talk with another of my cousins and told him that if I had started saving when I was his age (20), I could have a paid for house right now. Hopefully that got him to think a little because he is at the age where he just wants a fun and fast car. He told me that he pays about $800 a month on the car payment and insurance!! Yikes!

I really want friends and family to realize what they can have if they don't accumulate debt, such as less stress, security (savings), and the ability to do things for others.

Oh, and there weren't many leaves left on the trees, but it was beautiful!

First Month of Amex Savings

Just about a month ago I opened a High Yield Savings Account with American Express where the interest is 1.30%. I opened the account with $5,130 and now have just over $6,600 in it. Of course I've been waiting for a month to go by so I could see what the interest earned would be, and it showed up today! A whopping $6.52!

I know this isn't a lot of money, but it is exciting because it's free money! So much more than if I had kept my cash at my local credit union where I was earning .25%.

The other option is to open a CD where the interest rate would be around 2.75% if I keep the money there for 5 years. I am thinking of doing this, but only with $1,000 or so. I hate the idea of keeping money tied up for 5 years when I don't have that much, just in case I need it.

One option I thought of was to set up a 2 year CD, 3 year, 4 year and then the 5 year. This way I would have access to my cash sooner, and then continue to set up 5 year CD's so that I will have a 5 year CD closing yearly and get the higher rates. This is all unless/until I decide to put money in a mutual fund where I would (hopefully) earn more interest.

Seems I have a lot to learn.

Still on track...

Two things I'm on track with...savings and going to the gym.

The month of October I was able to transfer $1,630.00 to my savings account! Yipee!!

Also, I've gone to the gym as planned, three times a week for a total of 10 times now! This is my fourth week of going and I do feel like it's becoming a habit.

This month I don't think I'll be able to save as much, but should still be able to reach my monthly goal of $1,000.00.