Paying Myself First

The new year is underway and I'm hard at work on my resolutions. One of my resolutions is to pay off some credit cards. But a part B or 1a is to save some money as well.

I was inspired by an email I received from Queen T. She just started an ING Direct savings account and sent me an email. If I opened an account with $250 to start I would get a $25 bonus and she would get a $10 bonus. That was just the motivation I needed. But there are several good online savings accounts with higher interest rates. Two other good options are HSBC Direct and Emigrant Direct. I also opened an account with HSBC.

I remember going to a seminar called "Pay Yourself First" and in the seminar the lecturer said to see paying myself as another bill that I have to pay every month. That way you won't miss it and you will be saving. So for now, I'm having a samll sum automatically deducted from my checking each month and put in to each account. I know it isn't a lot but it is a good start given that I wasn't saving anything before. And I can still focus on paying off some of my credit cards.

If you are serious about paying yourself first too, send me an email. I can send you an invitation to join ING Direct and you too can get a $25 bonus.