Involve Your Friends with Saving

Photo Credit:  Ramit Sethi

I find it ironic that I got the tip to involve others in saving as I’m visiting my younger brother today. One of my goals, besides just hanging out, is to help him get an ING Direct account opened up. I want to help him get a bank account that will help him grow his money.

Now I’ve been trying to convince my mom to switch over to ING Direct for her checking needs. She’s had several bad experiences with Bank of America ( my old place). Things keep her ‘too busy’ to sit down and set it up, but I’m trying to encourage by example.

My brother is willing to try ING Direct for savings, so I’m happy about getting him involved. I explained to him what I liked about it:

The Orange Savings Account

• Great rate – no minimum balance required. Everyone earns the same high yield. (2.75% right now)
• No fees – your money goes to work for you.
• No changing banks – the Orange Savings Account is linked directly to your checking account.
• 24-hour access to your account – you’re always ready for opportunities.
• FDIC-insured – your money is safe and secure.

There are several other high interest savings accounts, here are a few:

• HSBC Direct
• Emigrant Direct
• Citibank Direct
• Capital One

Just open an account somewhere that you feel comfortable and grow your money.

Some friends have been supportive of my goals even though they may not join the challenge. I’m hoping if I save some serious cash, they might be motivated to start saving (or at least eat out less). I got my brother on board and we’re enjoying a bountiful lunch of pizza rolls instead of eating out. Surprisingly I’m enjoying talking with him without the crowded atmosphere. Plus we’re saving gas money and playing some video games.

Ramit suggested setting a goal in public for accountability. My goal for this Challenge is to save $500 this month. Not only do I want to save money with this challenege, but I’d like to reduce our expenses by $200/month.

Update: (7pmEST) Wow, looks like I have quite a bit of people that know my goals. I’ll try to ‘wow’ all you guys.

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