quarter hundred
I have $25.00 in an account that I set up with ING that’s ear-marked "My Own Home."
I’ve been with ING for a couple of years now, and for most of that time, I didn’t know if I could create separate pots of savings for separate and distinct purposes. As I began to read the personal finance blogs, I discovered that people were doing this, but nobody was describing exactly how. Then I stumbled upon one blog (I wish I could remember which one) that said that all you have to do is open a new account. I’d seen that link before, but the words "open a new account" led me to think that I’d have to start a registration process all over again - not true. Since I was logged in, ING already knew who I was, so it simply created an account for saving that was linked to all my existing personal information, my existing ING savings account, and my existing linked checking account. The new account does have its own number, but it’s all connected, and I didn’t have to link it to an existing checking account and confirm deposits like I did with my first account with ING.
I started the account with $25 from my existing "Emergency Fund" account with ING (I still have over $1,000.00, which is my minimum e-fund amount, in that account.) This was an action of faith. My most treasured goal, after killing my old credit card debt, is to get a down payment together and get a house before New Year’s Day 2009. I want to ring in the new year in my new house. I want this to be more than a dream, so I have committed $25 to making it a plan instead of a wish. I will continue to use the bulk of my discretionary income to pay down my old credit card debt, but I will regularly contribute some nominal amount to the "My Own Home" account. It’s about keeping my morale up, and backing up my words with deeds. A quarter of a hundred dollars isn’t a fortune, but it’s more than zero, and as it grows, the distance between me and my own home will get shorter and shorter, even if it’s only $25 at a time. When I’m done slaying the credit card debt dragon, I won’t even have to start from zero when getting my downpayment together - that little boost will help a lot.
I like that you are doing an action to boost your morale. Faith w/out works is dead.
Comment by S23 — August 22, 2007 @ 11:17 am
Taking action is the first step, makes everything more real, especially when it comes to money. Congrats girl, I’m workin on rebuilding the e-fund, after that I’ll be doing the same thing for the “home account”. I’m shooting forabout the same time period as you are, at least to be in position to even look for a house. I don’t to set a time to buy so I won;t rush into anything.
Comment by Rad — August 22, 2007 @ 12:41 pm
Hey Rad, when you set a date you tend to get more aggressive. You push yourself to achieve the goal.
Sister Ant, make sure you know how much the house is and how much your payments will be including taxes and insurance.
The first year in buying our house alot of unknown bills came into play that I did not expect. So make sure you have a large EF when you buy
Comment by Moneymonk — August 22, 2007 @ 6:39 pm
I love your focus and dedication. Even with $25 at a time, you’ll get there. Patience and consistency works for me every time. You’re well on your way. I look forward to watching you achieve that goal.
Comment by Single Ma — August 22, 2007 @ 6:49 pm
I love ING. I have six separte accounts LOL!
Comment by Constance — August 23, 2007 @ 10:11 am
I love ING. I have three separate savings account with them. E-fund, travel and insurance. The E-fund is the only thing that is permanent. The name and purposes of the other two are subject to change.
Comment by tiredofbeingbroke — August 24, 2007 @ 3:27 pm