Saving money..penny by penny...

[Barbara Moulton]

I've signed up for a new program at my bank. Everytime I use my bankcard* for a point of sale purchase, it will be rounded up to the nearest dollar and the difference put in my high interest savings account.

I use this account to save for Christmas, usually transferring 10 to 15 dollars a week into it. I'll continue to do that of course, but it will be interesting to see how this additional savings accumulates.

*Note: In Canada bank debit cards are separate from credit cards.

[Heidi Anderson]

We have this program here as well. It has saved me more than once! It doesn't take long before you have a nice amount!

[Cindi Hammons]

I like that idea when connected to a debit card.

What I don't like is when they are connected to credit cards. One charges on credit, money that is placed in savings. If a person pays off their balance every month, it doesn't cause a problem. However, when one is unable to pay off the whole balance, they are paying fees for the few cents they placed in savings. Doesn't make sense to me.

As I said, connecting it to a debit card is brilliant!

[Jim Franklin]

Us oldtimers remember before credit cards that every January the banks would advertise for people to join their Christmas Club which was set up for clients to put so much back each week or each month so that when they wanted to make Christmas purchases it was readily available. Of course, the bank made money off of the increased money on hand instead of charging interest on credit cards and late payment fees.

[Sheya Stephens]

I do this on my own. I usually try to round up in my check book register, then on payday (once a month) I transfer the extra $ into our savings.