Monday, December 15, 2008

Just a little bit of self-control...

I need to work on controlling my impulses - this is a life long issue for me, I'll admit that much...

So, this morning I've been working on opening a new savings account. Thanks to Mr Rudd's economy boosting payment to low income parents and pensioners, we're in a position to finally have some savings. Yeah, yeah, I know that's not what he told us to do with the money, but my understanding is that whatever we do with the money will help to boost the economy, so it doesn't really make any difference what we do with it, as long as we don't just set it alight...

We have spent some of it. We're all getting some very nice Christmas presents this year, that we might not otherwise have afforded ourselves, so we have succumb to the consumerist mentally a little bit...

However, now that the money is (rapidly) dwindling down to the amount I'd previously decided to stick into a savings account for us, I'm feeling anxious to get that money "put away"...

I was going to put it into a term deposit account, so that I simply could not access it for a set term, but a few things make me nervous about doing that... Not being able to access the money in an emergency, not being able to set up direct debit from a nominated account (if I understand things correctly) and term deposits not being covered by the government deposit guarantee - well, maybe they are, but my bank makes a point of stating that some accounts are covered and some aren't...

So, I've opted for an online saver account instead. I've also set up a direct debit savings plan to put away $100 a fortnight on top of the initial deposit. So, hopefully by the end of 2009 we'll have a night little amount accrued, yay!

The thing is, the online saver account is directly linked with my regular account, and at the click of a button (well, a few clicks) I can instantly transfer monies to my nominated account and then use them. Being somewhat impulsive (that's a bit of an understatement), I'm concerned that I might be able to justify accessing our savings in errant moments of lusting after stuff... I investigated having the online savings account "hidden" from my dashboard, so that when I log on, I don't see it there, and would have to seek it out to see it, but apparently that isn't possible.

Soooooo, in addition to dedicating myself to a savings plan in 2009, I now must dedicate myself to some self-restraint. Gosh, wanna wish me luck with that???

Also, this whole "saving without a clear goal" thing is totally new to me. I'm really very good at saving with a goal in mind, because I tend to be a very goal oriented person, but saving for savings sake alone is totally new to me. As I was telling someone last week, I tend to have a lot of faith that come what may, we will be ok - we always have been, so I don't tend to live in fear of insurmountable crises befalling us (and therefore needing emergency money)...

I guess this can be our "dreaming money", the money that allows us to do things we otherwise would just fantasise about, like moving house with short notice, if a great place became available in our preferred area, or maybe even buying that leather couch or that plasma tv (oooh, aaaah), or travelling to Iceland (ok, that might take a few years of saving to make happen, but you have to start somewhere)...

3 comments:

Kebeni said...

great idea. I would re-consider the term deposit though. I know it would be great to access in an emergency but if Rudd hadn't decided to be generous it wouldn't have been there for an emergency and you would have had to find other options so why not do a six month term deposit and pretend you dfon't have the money?

Leah said...

You can get the money out, you just forfeit the additional interest above a bog standard account. Which in an emergency wouldn't be too much of a bother, but would stop $100 here or there for consumer goodies. Then use the savings account to start saving for another td?

How about you make x months living expenses your goal? They say to have 6 to 12 months as a buffer ... if in the meantime you think of something you can always earmark it for that and start on the 6 months things again!

Stitch Sista said...

I really find it hard to take money from the savings...so whilst I can be impulsive at times, once it's in the other account I have to think long and hard before using it, despite having easy access to it.

Anyway sounds like a good plan. Everyone should save, even if it's $5/week, I wish I'd learned that a few years earlier than I did!

Teenagers and the failing parent...