Insider Banking

So here is a crazy idea. You want to buy something you don’t have the money for, so you put money aside each week, month or paycheck. When enough time has passed that the amount needed has had time to accrue you buy the thing that you want.

Benefits of this process.

You don’t pay interest for the thing you want because you will not borrow any money. In fact you will be paid interest which in turn gets you to your goal faster.

You have time to think through your purchase and decide if it is really worth it to you.

Certain products may get cheaper over time or actually go on sale, or you have the time to research who else sells it and more importantly who sells it the cheapest.

The pleasure of anticipation and the satisfaction of knowing that you can actually afford what it is you are buying.

This is vintage thinking. This is the way it was done for years. This is the way your Grandparents did it. This is what they did when there were not any Credit Cards – yes there was a time when plastic wasn’t the currency of choice.

The times they are a changing and we need to change with it. It is time to think about what we want to buy and how we are go about paying for it.

Thankfully the changing times have made it a little easier, gone are the days of needing to separate your money up in envelopes of piggy banks (although they still work). Banks, whether they are online or traditional have made it easier to have separate savings accounts and even to have different amounts of money automatically going to them. Some banks even allow you to nickname your accounts.

So go and start saving for Christmas, a car, a spa day or an emergency. You don’t have to put everything on the card!