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My Own 'Sales Tax'

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My fiance and I have our bank accounts set up so that every transaction - debit purchase, transfer, deposit, etc - automatically transfers a set amount of money into our savings account. Over the last year, we've put away over $500 this way. It also has a hidden benefit of making us think before we spend, since we know that any debit purchase will come with a 'charge' - it's a win/win! Best of all, the bank lets you choose any amount between 50 cents and five bucks, so it doesn't have to hurt.

- Submitted by CHRISTINA791 11/18/2010 in Saving Money | 4 Comments

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VEHAMILTON1 11/20/2010 5:34:00 PM

Great idea!

CHRISTINA791 11/18/2010 6:54:00 PM

I'm with TD Canada Trust (in Canada, obviously), but I think most of the banks here offer a similar program. I'm not sure if any US banks offer something similar, but I seem to remember hearing about accounts that will round up to the nearest dollar on purchases and deposit the difference in a savings account. It never hurts to ask if your bank has any programs to help with saving.

If all else fails, it would be simple enough to do it manaully (record transactions and then transfer your set amount), but would take a little more discipline

SMITHANI 11/18/2010 4:59:00 PM

Cool...Thanks

OFF2SKINNYTOWN 11/18/2010 12:53:00 PM

Can you share what institution you bank with?

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