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Monday, June 30, 2008

Keep the Change!

Recently a couple of banks have come out with what they think is an ingenious program called "Keep the Change" or something to that effect. I admit it's a clever idea, but not all that new. At least not new to me. I have been doing this for years all on my own. Now, I wish I could say I did this as a way to save, but the sad truth is that I stink at math(BIG time!) and am somewhat lazy when it comes to balancing my checkbook. So for over 18 years now I always round up to the next dollar. For example, if I made a purchase of 1.67 I round it up to 2.00 in my checkbook.
Sometimes if it will make adding or subtracting easier on me I will round up even further.

After a couple of years of doing this we had a rather hefty "Minus Account" as we like to call it. The reason we called it that is a whole other story, I don't want to tell just now! Anyway we started using this money yearly for our Christmas purchases. After Christmas it started building up again.

Presently we are living off of this account. We are struggling financially, and often dip into it to make ends meet. We have about 600 dollars in this account at this time.

So, all of this to say that I think BOA's idea is a great one, one I've been doing for years. If they give you interest on that change, it's even better than what I've been doing! On the other hand if you don't have a BOA account or one with another bank that participates in such a program, you can easily and successfully do this on your own! Trust me, you wont even miss the money(it's just pennies per purchase) and if not by this year, but by Christmas next year, you will have a nice little account to use for your purchases, or use this for a smaller "emergency fund" (those familiar with Dave Ramsey or similar plans will know what I am talking about)

This is an easy way to have a little money set aside for when you need it, and it doesn't hurt you at all to get it saved rather quickly. Give it a try!!

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