only help my unbelief

The obsessive-compulsive’s guide to saving money
July 16, 2008, 5:00 am
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A few months ago, I learned about ING Direct at Jason’s Web site. Intrigued, I looked into it. Basically, it’s a high interest savings account. Nothing more, nothing less. It was appealing because I wanted to find a motivating way to save money for the future.

The clincher was, if I used one of the referrals on Jason’s blog and deposited at least $250, I got an instant $25 in my account. Also, ING was rated one of the most secure banking sites on the Internet. And so I signed up.

You link the ING savings account to your checking account at your bank. Transfers from the bank take 2-3 business days, and once the money is in the ING account, you can’t get at it for 5 days. That means you shouldn’t put all of your money in the ING account, because in an emergency, it won’t be helpful.

The best thing about it, I think, is the ability to create multiple accounts. For people with OCD like myself, this is basically paradise. Why is it so good, you ask? Because you can name the accounts whatever you want.

The main account I transfer all money to is called “Chelsey’s Money.” Then I’ve got “Living expenses,” where I’m aiming to put six month’s worth of living expenses; “Presents and gifts,” so that I won’t be blindsided when Christmas comes; and then there’s one called “Future,” which is just for unforeseen expenses that I couldn’t possibly predict.

Oh, and then there’s an account with a very small amount called “Interest,” where I transfer all the cents from the other accounts once the interest gets added each month. This may sound silly, but being the way I am, I can’t stand seeing an account balance of something like $121.56. $121 looks so much better, so I just move $0.56 into the “Interest” account. It may not make sense, but it makes me feel better. I know. Don’t worry about me. I’m OK.

So far, I’ve been so encouraged at how ING has motivated me to save. If you decide to try ING out, then consider using one of my referrals. If you sign up through my referrals, you get $25 in your account, and I get $10. As Michael Scott would say, it’s win-win-win. Oh yeah, and I won’t know that it’s you who started an account – I’ll just know that someone did, so your privacy will remain intact, if you’re worried about that.

To get this special deal, just send me an e-mail. I’ll send you the referral e-mail, and we’ll both be on our way to saving more money.

For more information on online savings accounts, check out this post from Five Cent Nickel.