After my mother passed away when I was at the young age of 14, I vowed to live for the moment and not think about the future. I didn’t really believe in having a savings account and money flew out of my pocketbook at the speed of lightning. After all, I was “seizing the day” and following my hearts desire - which meant spending hundreds of dollars shopping for things I really didn’t need.
Little did I know I was spending all that money to fill that void of losing my mother. In retrospect, I probably would have kept that money in a savings account or CD and used it to pay for college. Who knows, I could have been a billionaire by now ;)
To this day I still live by the philosophy of living in the moment, however, there are a dozen projects that I would like to do and of course, these things require money. I could do the stock market thing - which I’m learning about day by day over at my other blog, Fully Stocked - however, I would like to keep some my money in a more conservative venue like a savings account for stability and liquidity reasons.
At the same time, I'm torn between this and another idea that we should always know that The Universe will provide for all our needs, so there is no need to worry about the future and saving for a "rainy day". The resources we need will come to us in due time, so there really isn't this need to save. Is there anybody else that feels this way?
Anyhow, I was asked to review a website called SavingAccouts.com - a website that lists different banks with savings accounts and their going rates. Little did I know that it was possible to get an account that gives you 6% (HSBC) - not the greatest if you compare it to stocks and real estate, but it certainly beats leaving it in a checking account or under the mattress ;)
SavingsAccounts.com is for the consumer and right now they’re in the beginning development stages. However, they’re working on helping people get better rates in the future. Consumers have a right to higher rates! After all, we’re the ones loaning money to the banks when we deposit our money into savings accounts. When they lend money to us, they want high interest rates, right? A company that will help negotiate better rates is all good for me ;)
I’m curious. Where do you invest in your money and what are your thoughts on savings accounts?