Build your savings on lower gas prices

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Build your savings on lower gas prices

Posted by buylikebuffett 1280 days ago, popular 1279 days ago (http://buylikebuffett.com)
Category: Personal Finance | Tags: finance money saving money savings

Each week I will offer a savings tip to help you save some extra cash. This week’s tip: Use the extra money that you are saving on gas and place those savings in a high yield savings account.

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ultrageek 1279 days ago

Very interesting tip. The question is, do people have the discipline? For me, since I work at home, I rarely use the car - maybe once a week for groceries - but I'm going to try it out.

buylikebuffett 1279 days ago

The hard part is having the discipline to stick to it. But I figure that we got used to paying higher gas prices so we shouldn't even notice the difference. I treat it like a gas bill that I already had.

thekritz 1279 days ago

While this advice is solid, it's also pretty hackneyed, as it represents a convoluted twist on the old adage, "a penny saved is a penny earned." Besides, I don't think a high-yield savings account is necessarily the best investment, given the credit crisis. Probably better to copy our forebears and stuff it in in a mattress haha.

buylikebuffett 1279 days ago

Anytime that you can save money that you normally spend, you are getting that return on your money. Let' s say you paid off a credit card at 24 percent interest. You are actually achieving a 24 percent return on your money because instead of sending out 24% a year, you are saving 24%. You can get an FDIC insured high yield savings account at ING yielding 2.75%. There are other banks giving higher but ING is a name everyone knows.

sunnyspeaks 1278 days ago

Very useful tips! Such tips work wonder when we all are into cost cutting and money saving.

buylikebuffett 1268 days ago

Thanks.

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