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Interest really adds up.

July 1st, 2007 at 06:21 pm

I added up all the interest that I earned on my different accounts this past month. I have a money market account, 2 C.D.'s, an ING account, a business checking (that pays interest) and another small money market account. All it total, the accounts earned me $2242.92 in interest!(for the month of June)

Posted in saving | 12 Comments »

12 Responses to “Interest really adds up.”

  1. Broken Arrow Says:
    July 1st, 2007 at 08:03 pm 1183320234
    1183320234

    Wow. I want to make that much in interest some day.

  2. dickyvman Says:
    July 1st, 2007 at 09:58 pm 1183327088
    1183327088

    Again...stupid to have that much in savings. You are losing money to the man (aka inflation).

  3. Carolina Bound Says:
    July 1st, 2007 at 09:58 pm 1183327095
    1183327095

    Amazing. That's about what my monthly take-home pay was.

  4. mitch3636 Says:
    July 1st, 2007 at 10:23 pm 1183328587
    1183328587

    That is great!

  5. Ima saver Says:
    July 1st, 2007 at 10:47 pm 1183330032
    1183330032

    My husband builds spec houses. We need a lot of cash because we pay cash for the lots and cash for all building materials. We don't get mortgages or pay any interest. I have about $360,000 in mutual funds. Sorry that you feel this is stupid, but I can't tie this money up in mutual funds.

  6. paigu Says:
    July 2nd, 2007 at 12:36 am 1183336573
    1183336573

    Good for you! And congratulations for being noted as one of the "100 most inspirational personal finance blogs!"

  7. Ima saver Says:
    July 2nd, 2007 at 12:19 pm 1183378787
    1183378787

    Paigu, thank you so much!!

  8. Aleta Says:
    July 2nd, 2007 at 03:32 pm 1183390368
    1183390368

    I agree. There are certain types of money that you shouldn't invest and much of it is anything that you would need in 5 years. I wouldn't put my car savings in a stock fund and take the chance that I could lose it and not recover it. You're right in what you're doing.

  9. Ima saver Says:
    July 2nd, 2007 at 03:58 pm 1183391886
    1183391886

    Thank you Aleta. The last spec house we built cost about $350,000 and we paid cash for all of it. Also, part of this money is my emergency fund, my new car fund, medical fund, income tax fund and christmas fund.

  10. Aleta Says:
    July 2nd, 2007 at 05:36 pm 1183397814
    1183397814

    I know what you mean. I do the same. I have so many different accounts that I have estimated tax money, house and car insurance, property taxes, car fund, medical. Xmas, vacation, emergency funds,and this money has to stay liquid.

  11. Snoopy2645 Says:
    July 7th, 2007 at 03:58 am 1183780706
    1183780706

    I think its wonderful you are doing the right thing what you save in interest like you said above by not taking out loans, you can kinda think of as a gain so you are making even more in the long run ya know AWESOME!!!

  12. Aleta Says:
    July 7th, 2007 at 02:01 pm 1183816912
    1183816912

    What you are doing is smart financial thinking. Instead of paying for interest, you're loaning money to yourself. You save the interest not paid, plus you will be taxed less because of the money going out of your accounts.

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