Browse Category: Saving

Bar chart for post on Risky Business of CD Rates

The Risky Business of CD Rates

Last November, J opened a CD at Ally Bank. The idea came from a big conversation we had about making his money work harder.

He invested $500 in a 2-year Raise Your Rate CD at 1.5% at Ally. This type of CD allowed him to increase the rate once during the term. (For reference, his online savings account was earning 1.25%.)

What happened

Fast foward to this spring and I saw the rates going up. And up. And up.

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February 2018 Interest Report

February 2018 Interest Report (and Total Savings at the Bank of Mom)

Six months ago, I published a post on how much interest J had earned since the Bank of Mom opened for business.

At the time, he had gone from $45.00 to $231.99 over the course of 15 months.

Today, just six short months later, he’s surpassed the $400.00 mark with a total of $405.21. I love exponential growth in action!

Here’s his statement for this month:

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Header for Pay Day - Our New Favorite Board Game

Pay Day – Our New Favorite Board Game

I don’t normally go out on Black Friday, but my sister and her husband came home this past Thanksgiving, so a trip to Target was in order. While shopping, I stumbled on a magical game called Pay Day.

A quick scan of the box showed that it was a money management game, and I knew I had to have it. Plus it was the “retro” edition, which made it even more desirable. (Why is that?)

I bought the game (for a discount because the Cartwheel price was lower than the in-store price) and we played our first game that weekend.

The Game

The rules are easy. Everyone starts out with $325 (in the retro edition). The board is a month, and before the game starts, you decide how many months you want to play.

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Header image for making your money work harder part 5 keeping track

Having “The Talk” About Making Your Money Work Harder: Part 5 – Net Worth

Welcome back to our five part series on making your money work harder! This series is part of a BIG conversation I had with J where we talked about other ways to invest his money beyond the Bank of Mom.

In part 1, we talked about savings accounts, in part 2 savings bonds, in part 3 CDs, in part 4 stocks and today in part 5 we’ll wrap up our discussion with keeping track of your net worth.

Paying attention

It sounds a little pretentious, doesn’t it? Keeping track of your “net worth.” Like something only rich people do.

But think about this. If you go on a diet, do you log your meals and calories? What about if you’re training for a marathon? Would you write down your runs and workouts? And if you want to cut back on social media? Would you track your time?

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