cash | Online Savings Blog

Online Banking is Pricey, But For Who?
11.03.08 | Online Banking | 0 Comments | by junger

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Bankrate recently announced the results of its 2008 Checking Study and found some interesting results:

The 22 checking accounts we surveyed at 18 online institutions show that they can be somewhat pricey, especially if you're intent on earning interest, but at least they pay decent interest. You may find that abiding by a couple of minor stipulations will eliminate fees.

Honestly, I'm not sure Bankrate did a great job of really looking at online banks — and it's a little confusing just exactly who they surveyed.

The text above says "online institutions" — implying online banks — but their methodology says they "surveyed one interest checking account and one noninterest checking account at each of the largest banks and thrifts in each of 25 large markets."

That seems to imply they are looking at the online versions of brick and mortar banks, but I'm not totally sure.

If you're looking to open an online checking account, the best is ING's Electric Orange.

When you open an account with at least $250, you'll get an automatic $25 deposited as a bonus.

It's got no fees, no minimums and is super-easy to use.
Why Paying Cash For Everything is a Misnomer
04.07.08 | Consumerism, Money | 1 Comment | by junger

One of the bigger "disagreements" in the personal finance blogosphere is whether or not it's better to pay for everything with cash, use a debit card, or rack up rewards on your credit card (if you pay your balance off each month).

My personal spending habits are to use my debit card for everything. If I purchase something with my debit card, I know that I can see the transaction online, which carries over to my Yodlee monthly spending reports. I rarely carry cash because I rarely go the ATM (or maybe it's the other way around).

Others say that you should only use cash — specifically, what you have in your wallet. Once you see it leaving, you realize you don't have it any more.

The discrepancy in advice doesn't necessarily mean that some folks are wrong and some folks are right — everyone is working toward the same goal: spend less than you earn.

When you spend less than you earn, you're only buying things with money you actually have. That's "cash" in hand, whether it comes on paper or from your debit card.

Your preference — using cash or debit — depends on your ability to manage your spending. You need to figure out what works best for you.

The only wrong answer is spending beyond your means.
On Living Without Direct Deposit
12.21.07 | Money | 1 Comment | by junger

My wife recently started a new job after we made our move, and so far she's loving it.

She works great hours with good people and even gets to use the in-house gym, so she's maximizing the most out of work.

But because she hasn't been there for enough pay cycles, we don't have direct deposit yet. It's not a huge deal, since she's still getting paid, but you realize how convenient it really is when you don't have it.

We're not so good at going to the ATM, so the checks have a tendency to sit around for awhile.

When the checks aren't deposited, the money won't get any interest (however little it may be) and we have to watch our balance more carefully to make sure our automatic payments won't short us too much.

We'll have direct deposit set up for her in the next pay cycle or two, but not having that automatic system really adds another layer of managing your money that can be avoided.

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