live-richer-challenge-money-bucket

New to the Live Richer Challenge? Learn more about it HERE and sign-up.

Missed some of the Challenge tasks? Catch-up then come back…

Day 1:  HERE: Savings Goals

Day 2: HERE : The First Law of Gold

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Week 1: Savings Mindset

Today’s Easy Financial Task: Open a Money Bucket to stockpile your savings.

How to rock this task:

  • Visit the website www.MagnifyMoney.com to find a free Savings/Money Market Account (MMA) that has no fees.
  • Select the free account that offers the highest interest rate.
  • Apply to the account.

Today we’re opening up a Money Bucket Account. What’s a Money Bucket?

After it rains, the water disappears. Why? Because the ground soaks it up. You’re just like the ground. When it rains money on payday, you too soak up the water a.k.a. your paycheck. You need to save some of that “rain” (income) with a bucket.

The perfect place for a Money Bucket is an online-only Savings Account or Money Market Account (MMA). So today I want you to sign up for one. Opening an account can take anywhere from a few minutes to a few days. Make sure you apply for your Money Bucket today because you’ll need it for next week’s tasks.

 

Why choose an account at an online-only bank?

  • It’s FREE. Yay! (At least it should be. Choose a free, no-fee Savings Account from www.MagnifyMoney.com)
  • There’s no minimum or maximum amount of money you can transfer into your Money Bucket. You can transfer $5 just as easily as $500.
  • It takes 2-5 business days to transfer money from the online-only account (your Money Bucket) back to your regular bank account at your physical bank. This makes accessing your money inconvenient and inconvenient money gets saved. (Don’t open a checking account at the same online-only bank where you have your Money Bucket. You’ll be able to use a debit card to spend your savings or make transfers quickly. Not a good idea.)

 

The purpose of this task is to show you how easy it can be to start saving. When you open your first Money Bucket, all you have to do is put money in it once per week—even if it’s only a small amount. During next week’s tasks, I’ll also show you ways to cut expenses so you can save even more money!

One more thing: don’t just choose any online account. Use this checklist to help you select the right account for your Money Bucket at www.MagnifyMoney.com.

If you did this task during the last Live Richer Challenge, you can use the Magnify Money to make sure you’re getting the best rate.

Gentle Reminder: Every task is a suggestion. The key is to do what’s best for you. Also if you DO NOT live in the United States or are not approved for an online only bank account,  opening a Savings Account at a physical bank or credit union, that is NOT your regular bank is an alternative.

 

Look for a Money Bucket/Online Savings Account That:

  • Is FDIC-insured. (This is essential. “FDIC-insured” means that the Federal Government insures your money in the bank up to $250,000.)
  • Has no fees.
  • Has no minimum balance requirement.
  • Has the highest interest rate available.
  • Bonus: Find out if opening an account requires a hard inquiry BEFORE you apply. A hard inquiry on your credit history can impact your credit score by a few points. Call the bank you’re interested in & ask. 

Know someone who needs help with saving? Share the wealth and pass along Day 3’s Easy Financial Task by using the social media buttons and teaching the people in your network what you’re learning.

Share your plans today with you tweeps.

Today I'm opening a Money Bucket for savings using @Magnify_Money! Day 3: #LiveRicherChallenge Click To Tweet

 

Then share your progress with your accountability partner and with me in the comments vs. email. For example what bank did you choose? I personally use Ally Bank for my Money Bucket Accounts.

Lastly, share your choice in our private online Dream Catchers group. Not a member? Join us HERE.

 

Ways to find me…

Twitter: @thebudgetnista

Instagram: @thebudgetnista

Facebook: The Budgetnista

Forum: Dream Catchers  (if you’re not already a member.)

 

Live richer,

Tiffany “The Budgetnista” Aliche

 

A Freebie: Have you saved and printed the Live Richer Starter Kit yet? It’s full of awesome freebies. Click the picture to get your kit.

Copy of 2016 LRC Starter Kit

Want to work through the Live Richer Challenge: Savings Edition in a workbook? It’s already an Amazon Bestseller!
Click the link below and get your copy.
  • Julie Green

    Done and done! Challenge complete! You are an amazing resource and I am looking at money in a new light for the first time! I was uneducated and afraid, but I’m getting back on track. Slow and steady wins the race!! Thank you!!

  • Che Rodgers

    I already have an online only savings account i currently have money going into it both weekly and biweekly. Should I still open a new online only account? Thanks!

    • Fruitbowlk

      If you already have one I wouldn’t open a new one just for this task.

  • Lisa T

    All done! Excited about my future! It came down to Ally and Barclay. I went with Ally. It was so easy! #watching$grow

  • shameika

    I opened my Ally account a few days ago so I’m ready! #3

  • Lauren

    I already have a Capital One 360 account, I will start an automatic savings plans for the penny challenge

  • Sonia Grayson

    I have an account that I have money going to and I don’t have a card to it. I would have to drive across town inorder to get it and I despise going to that side of town so I think that I am good but I may still do one of these accounts. Let’s rock!

  • Luny

    I opened a GE capital bank account and set up direct deposit with my job to have money transferred. I won’t have a debit card so I won’t be able to transfer the saved money like I would with my regular savings account.

  • Sheva Dabey

    I opened a Barclays online savings account – I dnt need to be able to access my money so easily – glad it takes couple days for a transfer – I am headed in the right direction

  • Nicole Williams-Hall

    I opened an Ally account Monday and will be transferring $25 per paycheck to this account. #livericherdaybyday

    • TiAna

      I do $25 per pay to mine and my daughter’s account. I don’t even notice it missing

    • Yes, living richer is a daily routine of choices! Thanks for sharing @nicolewilliamshall:disqus!

  • Cherise Gaddy

    My online account is with Smarty pig. I started it last month. I just put in a portion of my pay check starting my 26 week savings challenge.

  • Laterra Jones

    I just got done opening my capital one 360 account. I’m so hyper up about being on the right path to pay myself 1st

  • Ashali Antique Snead

    I will be opening an account today and putting all the change I have rolled up in it. I started saving change years ago for my son college fund. I’m curious to see how much it’s going to be once we roll it all.

  • LaTisha Watson

    I opened my account on Monday, a Capital One 360 account, but I think I would like to open another one to save for vacations. Excited!

  • Ania Otto

    I opened up an online savings account with Ally Bank back in November. Currently I deposit $53 every pay.

  • Keidra

    I had been contemplating opening an online savings account. Thank God for day three or I probably never would have done it: I chose Ally!!!

  • TiAna

    I have a savings account for myself and one for my daughter with Capital One 360. Hers looks way better than mine though. Lol

  • Michelle

    I set up my online account with Barclays last week. My first deposit was $20 and I will double that this week since I’m on a bi-weekly pay period. So excited about building my savings with a higher interest!

  • Tanya Gillie

    I have an ALLY savings account from last challenge

  • Lucy C.

    I opened up an American Express online savings account a few months ago. My poor habit was putting money in and then taking it back out if I felt i wanted to make an impulse purchase, so i’m back to $0 in there. I will use this as a jumping point to truly utilize it as a savings account, and not just another place to put spending money. (Starting with my savings goals from yesterday)

  • Misty Smith-Pearson

    I am headed in the right direction because I actually researched the accounts. Last time I just selected a savings account and was assessed monthly and that was so frustrating. I feel so confident because I am going in the right direction! #saving

  • Toccara Booker

    I opened my account with GE Capital Bank a few months ago and I currently have $20 per pay going into the account. I like the online account because the money is not easily accessible + with the direct deposit out of sight is out of mine. I often forget about the account until they send me my statement. WINNING!!!!

  • simpleexpression11 .

    I used GE and will be transferring $20 per paycheck as I has previously done Barclay’s….#livericher #savemycoins

  • Tiff Tiff

    Just set up my Ally account!

  • Tiffany Taggart

    I just opened an account through Barclay’s online savings. I’m so excited to be on the road to riches

  • T

    I chose Capital One 360.

  • Tash Singleton

    I just added another Ally money bucket for vacation savings only! My goal is to save $50.00 per paycheck. Kenya, here I come!

  • Blanche Devereaux®

    Question: Do you always have to provide your social security number to open any online savings account, or is providing a SSN indicative that they will run your credit to open the account? If so, are there any that do not run your credit in order to open?

  • Andria Chappell

    I opened Ally earlier this week. Just transfered over my first deposit this morning!

  • K Elliott

    I set up my online savings account with Barclay last week. I have an account for retirement, emergency fund, home ownership, college fund for my boys and family vacation. They will transferring $2 into every account. Small amount I know. Over the next few weeks I will increase the amount that is transferred into these accounts. I wanted to start out small and not over extend myself. It’s a start though!!! Super excited to be headed towards financial freedom. Go me!!!

    • Those are great accounts for great goals! You definitely have to start somewhere and consistency with little – still adds up @disqus_vsJOhLiaVg:disqus!

    • Tamara McCants

      I like those goals!!!!

    • Twashia

      Awesome job!

  • Jaqlyne Gabrielle Grant

    I actually opened up a Capital One 360 (saving to move by the Spring) account the other day not knowing this would be today’s task. So I opened up another savings account with GE Capital (that was the best for me) and I will use this for rainy days/emergency. I already set up automatic transfers from my personal bank checking account, so I don’t even have to think about it.

  • Tanya W

    I already have 3 accounts with Capital One 360 with nothing in them so was planning on closing them….won’t be doing that now☺…..will close the checking because that has a debit card attached to it.

  • Felisha

    Have a capital one 360 savings account already to save for my house. I opened a second one for the challenge. Excited!

  • Natasha Nutall

    I opened a savings account for my emergency fund last week through Barclay’s. I also plan on opening another one for retirement savings and also vacation.

  • Tamera

    I opened up a capital one 360 account for for emergency only and I’m going too open up a second one!

  • Shay Shakur

    I opened a Barclays Dream Account yesterday and will be depositing funds to complete the $5,000 in 1 year challenge.

    • Sarah Hertzog

      Are you doing a set amount each week for that challenge or is it increasing/decreasing amounts each week?

  • Kim

    I have a Barclays account that I opened last month. I deposit money via payroll deduction so I don’t miss it.

  • Pita-Gay

    I opened a savings account with Ally Bank and will be transferring $100 per check.

    • Thanks for sharing your plan and money bucket choice with us @pitagay:disqus!

  • Cassandra T

    I went with the Barclays Dream Account. This will be in addition to the Capital One 360 account I have. I plan to loosely follow/modify the 52 week challenge and put that money into this account. Very excited!

    • Sarah Hertzog

      That’s what we’re doing too. I opened a dream account and a regular with Barclays and in one I’m following the 52 week challenge as its displayed and in the other I’m doing the reverse (52 first week, 51 second week etc.) How are you planning on modifying it?

      • Cassandra T

        I’ve looked at a couple different challenges and am basically either depositing the average of deposits or just using the deposit amounts as a guide. For example, the deposit for the 1st week of the 52 week challenge is $20 but I am depositing $15 for the first week. Basically just starting out and seeing how it goes!

    • I’m excited for you @disqus_yuWupAGwbn:disqus – that’s great!

      • Cassandra T

        Thank you!! This challenge has been great so far!! @thebudgetnista:disqus

  • Michelle Sutton

    I opened a Capital One 360 Account last year. I am able to make different goals and save money for different expenses. Right now, I am focusing on my emergency fund of 1,000 by the end of December 2016. So I have to save 46 bucks per pay period.

  • GeminiStylist

    I have a federal tax lein. Can I open an online account without it being flagged for seizure?

  • Fruitbowlk

    I already opened my Money Bucket and deposit 50.00 a month in it.

  • Erin E. Street Kendrick

    I opened a Barclay’s Dream Account and I’ll be transferring my 10% into this account.

  • Melissa

    Hey Ladies!!! When I read today’s task I had to laugh to myself. My girlfriend at work has been telling me to open a savings account with an online bank only for a while now and I kept putting it off! I guess it’s time now. Will open up an account this afternoon!

  • tommithetiger

    I just opened my online savings with GE capital bank. I will still use my personal bank as my primary source for savings but I really like the high interest rate that this online bank offers.

  • Blanche Devereaux®

    I opened an Ally account! So excited for financial clarity in 2016 🙂

  • Sarah Hertzog

    I opened a few savings accounts with Barclays and am depositing different amounts into each (following the 52 week money challenge ideas). I had to set up automatic transfers though or I’d just keep spending the money like we do now lol. I like them so far, good rates, good bonuses and they only have one physical US branch so I have to do everything online. I’m happy with it so far. 😊

  • Shunnell TwinMommiebear Lewis

    I already have a Capital One 360 but decided to open another one with GE Capital Bank with direct deposits bi-weekly for my savings goals.

  • Bre Alexanderia

    I have 2 online savings accounts. I’ve had Ally for about a year now and just signed up for the Barclays Dream Account 2 weeks ago.

  • Misty Givens

    I opened a Barclays Dream account last week, I will transfer $30 a day into it for my 366-day challenge. I plan to open up a few other online accounts for other things as well! 😊

  • Kristal

    Completed today’s tasks. Can only make small deposits now but it’s a start. #$$Freedom

  • Monshi

    I use SmartyPig for my savings buckets. If you’re saving for something that can be bought at a retailer, they’ll give you bonuses for cashing out using a store gift card. They have a pretty decent return, too.

  • Allison Blackwood

    I live in Jamaica and I’m not sure what to use as a good money bucket.

  • K.Diane

    I already had an online savings account but increased my monthly contribution since starting this challenge.

  • I opened the Ally account with hopes to contribute 10% of income (1st Law of Gold) to it monthly. I feel like that is a lot. I’m nervous, but I’ll try…

  • meissmart

    I’m in the process of opening an Ally account and will have $10/wk going there. It’s not complete, because I needed to verify my SSN.

  • Mandee Z

    I just set up an account with Barclays. I don’t know why I didn’t think of doing something like this before. I will be doing the 52 week challenge as well and skipping around depending on what amount I can put in for the week. I did start today with the $52. I also plan to add extra when I know I can spare it.

    • Shay0120

      Same here except I will be doing the 26 biweekly pay. I will also be skipping around but I printed out the schedule and will cross off the amount that I deposit.

  • Ki-Ki

    Opened my Money Bucket at Capital One 360 Savings!! I am so excited!! I will be setting up automatic deposits soon.

    • I’m excited for and with you @Ki-Ki!!! Thanks for sharing!

  • Lon Donson

    Happy Wednesday! I use American Express online savings account. I will begin transferring my monthly savings amount into that account every month on the last day of the month. I WILL end January with $384.62 saved from my job income and $416.67 from my Mary Kay business!

  • Sheree Williamson

    I opened my account with GE Capital Bank and I currently have $50 per pay cycle going into the account.

    • That’s awesome @shereewilliamson:disqus!!! Thanks for sharing with us today!

  • Shay0120

    I am ahead of the game already, I already have an Ally account as well as a Capital One 360 account.

    • Hey, who can be mad at that @shay0120:disqus, keep watching the growth!

  • Carole Appling

    i have a account with Ally bank, I will be transferring $50.. per week. I also have an account with my company credit union, which is in Memphis and I am in Jersey so not so easy to get my hands on the money.

    • Great @caroleappling:disqus!!! Thank you for sharing with us!

  • Tee To’Tha Shoy

    Just opened my online account and I am so excited!!! My day one task will now be deposited in this account…. This is really happening!!!!! 🎉🎉🎉🎉🎉🙉

    • Wonderful @teetothashoy:disqus!!! Yes – this is happening!

  • Janet Montgomery

    Hi Tiffany, I just opened up an Ally account and will decide how much to deposit from each check over the next week. I’m thinking 25.00 per each bi-weekly pay check. I opened with Ally because I’m following your lead here. I know you are all about helping us do better in 2016. Thank you so much….I’m super excited!

    • That’s great @disqus_om37RsJsnh:disqus, thanks for sharing & you’re most welcome!!! #StayExcited

  • Michelle

    I setup 2 Barclays accounts, savings and dream account. I will transfer 10% of my income to the savings and 5% to the dream account

  • Selena Nash-Mcbride

    I already have an Ally Savings account online from the last challenege. I only tapped into one time. And that was to pay for recertification for my medical assistant exam. I have paid myself back. And im currently at $570. I get $50 taken out every week. This is just amazing. When something looks impossible. Someone is put in our life to show that it is possible. Thank you Tiffany. Its good to know im on the right track.

    • @selenanashmcbride:disqus, thanks for sharing! I’m so glad it’s helping you!

  • Vermeille Oliver

    I signed up with Ally today. I am looking forward to the rest of the daily challenges. I have learned a lot in just 3 days… Thanks so much!

    • I’m so glad that the challenge is already being helpful for you @vermeilleoliver:disqus! I’m excited about it too! Thanks for sharing!

  • Heads up from Day1 — the goal Saving Sheet download isn’t working.

    • Hey @seanpostureperfectperkins:disqus, if you’re a member of the Dream Catcher group – use the search box to search for it. Thanks!

  • Harris

    I applied for the GE Captial Bank account; they said I should hear from them in 48 hours to complete the application. I plan to transfer $10 a week.

    • Thanks for sharing that great plan @disqus_0iucrpKWxu:disqus!

      • Veronica Young-Hollinger

        I called Ally banking and was set up with a online savings account in just 17 minutes. ☺️

  • Diannellkarmynmeme Williams

    I just set up my money bucket for saving account with Ally.

  • Whitney Hampton

    I setup an account with GE Capital Bank today. I am excited about transferring $250 a paycheck to this account and watching it grow. This is in addition to the Capital One 360 account I opened last challenge, as well as, my regular savings account. Im putting money in each pot!

    • Nique Owens

      Hello Whitney,

      since you completed the last challenge have you found saving to be easier?

      • Whitney Hampton

        I have! I have seen my attitude about money shift completely. I used to run from debt and bills but I faced it head on last year and saw my score jump 120 points, created a small nest egg, and created a budget. Now my financial goals are larger and am just excited about my future, instead of fearful like before. My whole family is doing the challenge this time because of the results I saw.

        • Tamarra

          Hello Whitney. How did you get your score to jump 120 points? Also, how long did it take?

          • Whitney Hampton

            Hi Tamarra. I applied for a credit card and paid the balance to 0 every month. It took about 3-5 months. I also paid off some collection accounts, but I would say the jump was because of the cc n carrying no balance

    • Keep watching what your pots become @whitneyhampton:disqus, thanks for sharing!

    • Twashia

      Awesome! I think I may try capital one as well

    • Shatonya

      Thank you for this. I was not sure which to choose.

  • Kazondra Williams

    I chose Barclay for my savings account. I’m not trying to overdo it, but I am glad I’ve gotten started on it!!

    • Yes, starting is, sometimes, the hardest part @kazondrawilliams:disqus, stick with it!

  • Tonya

    I have set up an account with Ally Bank saved time and just used the one you did. I will use this account for my 52 week money challenge.

  • Harris

    I now have an account with GE Capital Bank! I had to verify my information

  • LaBrenda Breezy Slayton

    I just set up my online account with Barclay. Last week I set up my Capital 360 online account for my 52 week challenge. I also have $50.00 payroll deducted going into my credit union account to automatically pay down on money i owe my college in order to finish up my last 2 classes to receive my Bachelors in Health Care Administration. I also have set up for $40.00 to automatically go out every two weeks from my checking account to pay down my only credit card to get it down to 30%. I am so excited and what’s amazing is that before I became apart of this group I would barely have enough money left over from paycheck to paycheck but i had the money all along and able to put it where it really needs to be!!

    • Thanks so much for sharing @labrendabreezyslayton:disqus! That’s a great system you already have in place to reach your goals!

  • Cheryl Allen-Hardy

    I opened two Ally savings accounts. The second for vacation savings. I have automated 10% each pay period in the savings and 5% in the vacation acct. I’m excited about my new financial future and future travelling!!

  • Candace Brown

    How can you tell if the bank does a hard inquiry or not?

  • Tara

    I opened an online savings account with Ally Bank today. I will be transfering 10% of my weekly paycheck to start off. Another step toward my financial goal!

    • Yes keep moving towards your financial goals, day-by-day @disqus_nbIblAqPot:disqus!

  • Rhonda

    I set ally but have seen more detail about the Barclay account, may open an additional with them.
    I was wondering if there was a reason why you like Ally or if its preferred over Barclay @budgetnista ?

  • Isabelle

    I am so excited- i opened an account for each savings goal. I chose G E Capital and Ally. I will be doing small amounts into each account to start and increase it as I go along.

    • Great @disqus_8KJ82ftGBn:disqus – thanks for sharing today!

  • Kasey Harris

    I will be joining GE Captial Bank. Instead of taking the 10%of my check and separating it to different accessible accounts I will just place it in GE. While continuing to do the 52 week challenge of smaller amounts from both my main job and my Uber job. SAVING FROM EVERYWHERE!!! I’m excited

    • Yes, save from everywhere! Thanks for sharing @disqus_ZMi9Zq4X8j:disqus!

  • Youlanda Lane

    I set up my online savings account with GE Capital Bank. I will be transferring $15 a week into this account. I also have a Capital One 360 account that I will start transferring $15 per week into. I also will be putting $50 per pay period into my savings account at my credit union.

  • Tonya Fleming Grayson

    Kewl beans. Just by being a part of DC, I opened my Ally account last week!!!!!!!!!

    • That’s great @tonyafleminggrayson:disqus! You are well on your way to living richer!

  • Shaquita

    I just opened my account with Ally. I am so shocked at the Apy compared to my current bank. It’s kind of hurtful to know all of the money that I have been missing out on for all of these years not knowing. Thank you so much for this information!

    • You’re most welcome @disqus_2PfvZRhn00:disqus! Thanks for sharing!

  • amilli23

    I have an Ally MMA account, a linked savings, an IRA for retirement and an emergency savings account that I can’t access unless I drive an hour and a half. I want to open one for vacation/large purchases but I’m in the process of purchasing a home through NACA and this would be yet another account I have to report. I may change my mind by the end of the night. If so I will open a GE Capital account or use my Citizens Bank Account.

    • Do whatever works for you where you are @amilli23:disqus, thanks for sharing!

  • Courtnie Chaney

    I opened my online savings account with Synchrony. All fine print was important to me since I currently work in finance. The account is free and the interest APY is great!

  • Christina H.

    I just set up my account with Ally Bank and SUPER excited for what’s to come! I plan to transfer 10% of my earnings each pay period. Finally doing this!!!!

  • LA Artist

    I feel more comfortable creating a suffix account at my credit union. This “money-bucket” savings account will be attached to my regular savings and will add to the overall amount in my savings account which is fee free. I like knowing my money is in a brick and mortar. I will have the strength to not drive to the credit union and withdraw this money. Yesterday’s reading really inspired me to be consistent and be strong-willed.

    $♥

    • Wonderful @laartist:disqus, adjust the principles/practices as you see fit – living richer will look differently from one person to the next! Thanks for sharing!

  • Nikiesha London

    I chosed the GE Online Savings account as they offer the option of automatic deposits from external banks. Since it takes a while for my employer to process payroll changes, this was the easiest way to make this savings plan work.

    • Yes @nikieshalondon:disqus, you must do what works for you! Thanks for sharing!

  • Avril Charles

    I opened an Ally account today. Looking forward to learning how to save.

  • Sandy Eyl

    I opened a Barclays dream account! 1.04% and more when you consistently contribute for 6 months

    • That’s wonderful @sandyeyl:disqus – consistency matters!

  • LaToya Campbell

    I already have a Captial One 360 account. Last year I wasn’t very disciplined and misused it. Starting this year I already started saving $50 each check.

  • JennaLee G

    Money bucket account opened with CapitalOne360! YAY! 🙂 Love reading what everyone else will be doing with these accounts! Great ideas!!!

    • Crystal Lyles Smith

      Awesome. I did Barclays.

    • Fill that bucket @jennaleeg:disqus!!! 🙂

  • Kimberly Smith

    I opened an Ally Savings Account. Still working out my budget to see how much I can save from each paycheck:) #teamfree!!

  • Jasmine Williams

    I have been thinking about opening another account for some time, doing research and figuring out which is best for me. I think I will go with Ally.

    • Great @disqus_SFOG5dPvDV:disqus! I hope you checked out magnifymoney.com to help as you research, it’s a great resource! Thanks for sharing!

  • Cheryl Patterson

    I opened a Money Bucket Account with Barclay today. I opened the account with $10 and I plan to deposit at least $100 at the end of every month from my paycheck. I will use this account to save for emergencies. I am planning to open up another account, a dream account for a Disney vacation for my daughter’s 11th birthday in 2017.

  • Abundant_Ericia

    I opened my savings with my credit union through my company. Multiple opportunities for future personal investments of a variety.

  • Carla Gibson

    Does the DIgit app you recommended count as a money bucket?

  • Charmaine Glover

    I will be using my Capital One savings, and I like the idea of starting out with something and grow into something bigger. These comments are great.

    • I’m glad you enjoy the engagement in the comments, @charmaineglover:disqus! Thanks for sharing your money bucket account, too!

  • Lauren Wilson

    I have a question…I’m full of questions during this challenge 🙂 I went online to find out Ally’s offerings. They offer both Savings and MMAs. However, the Savings Interest rate is a bit higher than the MMA and the MMA account comes with checks and a debit card. If I’m not mistaking the goal is to not have an account where money is accessed easy (debit card). So unless I’m looking at this the wrong way…why would one choose an MMA?

    • Thanks for sharing @disqus_Cn99pKHR0o:disqus, you can always chat with a representative via Ally’s site for more information. https://www.ally.com/help/

      • Lauren Wilson

        Thanks for your feedback. Are you able to explain the difference since you suggested a money market or savings account?

        • Lauren Wilson

          I never received a reply back for this this question…but that’s ok. I ended up opening up an Ally account. Hopefully all will be well with this.

  • Natasha Roberts

    I opened a Savings account in the Summer with Ally so this is my Money Bucket. It is so effortless and I really pay no attention to it. I also have a 52wk money challenge I am contributing to using this account as well!

    • That’s great @disqus_hu6wAAnI5m:disqus! Thanks for sharing!

  • Nique Owens

    Good Evening,

    I just opened my money bucket account with GE Capital. I opened with $10 but I’m going to have my payroll make automatic deposits of $50 a pay period. Every little bit counts. I am going to look into the Barclay Dream Catcher…Hawaii is in my future!

    • Congratulations on opening your money bucket account @niqueowens:disqus! Oh, enjoy Hawaii!!!

  • Casandra Marable Robinson

    Opened my Dream Account today! More Money! Yea! Me! 😊

    • More money! More consistency! More focus! Thanks for sharing it @SavingCasandra:disqus!

  • V Harvin

    I open an account with Capital One 360. Depositing $10 every pay check

  • V Harvin

    Along with my online savings account I’m doing the 52 week savings challenge as well

  • Ohara

    Long busy day but I did not want to use that as an excuse! Just finished signing up with Barclays for my online savings. Starting off with small amounts. Excited. We can do it ladies!

  • Tanya Higgins

    Late Post….Im so excited about setting up my money bucket account today. Starting small but it feels good!

  • Shirley

    I have a Money Bucket account in a credit union in another state, so it is difficult for me to get money from the account unless I am in that state. I do not plan to be in that state this year until December, so I am excited to see the funds increase more. I also plan to use the principle from Day 2’s lesson and pay myself at a higher percentage.

  • Virginia Johnson

    I compared four banks and after researching each I chose Barclays. I have never put so much effort in choosing a bank before but I learned so much. I set up three accounts: emergency fund, vacation and home purchase. I will use the home purchase account to do the 52 week challenge. I am so excited.

  • Maria

    Task completed opened my account with Barclay’s.

  • LaToyia

    I set up my account with Capital One 360. Easy set up, no monthly fees and great interest rate.

  • Bonnie Davis

    I have actually started an online money market account before the challenge. I must do a better job of transferring money to the account

  • R Walker

    LRC – Savings Edition

    Week 1 – Day 3

    “The Money Bucket for Savings”

    To stockpile my savings, I have opened an online savings
    account with Barclay. I also have an American Express Bluebird account that I
    can use for saving. Both of these accounts are fee free and I will exercise “The
    First Law of Gold” by depositing ten percent of my income into each account!

  • Kristen S. Pitts

    Opened up 2 accounts with Barclay….Online Savings and then I did a Vacation dream account…..I’m uber excited about my future savings!

  • Lucinda

    I just set up my online account with GE Capital Bank and I am so pumped about taking my zumba instructor pay to build this account and watch it grow on top of the different money saving accounts.

  • R Jones

    I started out with GE, but after reading some of these post, I may do more in the near future. I had already started the 52 week savings challenge (started it backwards so that it gets easier and not harder), so that money will go here. But reading some good ideas for other accounts here.

  • Keisha Booth

    I have 3 accounts with GE Capital Bank but will use my American Express account as my money bucket for now.

  • Cedisha

    Hi, My name is Cedisha and I’m 20. I set up my savings account with GE Capital. The first time I tried saving money It didn’t go so well because I had easy access to it. Hopefully, this time will be better. I plan to save $10 a week and to not touch it at all. Being in college and trying to save can be really tough but I know I can do it.

  • Tish Tzion

    So I am looking for a black owned bank to do this with…and that is a challenge.

  • NJT

    Does Ally do a hard inquiry?

  • sandi

    i went with ally (copying you) i plan to transfer $25 a pay check and each time my digit account reaches $25 i will transfer that as well. yay.

  • Joy Paige

    I set up my online account with Ally. The money that I ma saving from switching from Comcast to direct TV. I will put into my savings once a month. This savings is for anything my elderly mom might need in the future.

  • Finally got mine set up with Barclays! Tried to do GE but I assume I answered one of those stupid questions wrong (grrrr) Either way I’m ready to save!

  • Kedra King

    I am playing catch up with this challlenge but I recently got apporved with Barclays and will start my investment off at $2 a week and gradually work my way up to $50 before June. Thanks for all the comments everyone and lets keep working towards our goals!

  • Ashley

    This has been a busy week for me, so I’m a little behind schedule with the completion of this task. I opened an online savings account with Ally Bank. My goal is to deposit 10% of my paycheck every two weeks BEFORE I pay any other bills. I want to get in the habit of paying myself first.

  • Britnee Hollis

    I opened up my new Ally online savings account today and I’m so excited to watch the money grow! I will use this account to save for my apartment and use my regular savings account to do the 52 week challenge. Loving this journey so far!

  • Carmen

    I applied for an account with GE Capital Bank today. I had no understanding of what the interest rate or APY rate on my current savings account (Bank of America) were. I couldn’t believe I was only getting .01% from APY! I felt completely ripped off. Already, this challenge is helping me save more money. With GE, I will get a couple hundred back each year in interest. Thanks, Tiffany!

  • bckday2day

    I did need another savings account. Today, I called all my banks to find out the interest rates for all our saving accounts. The interest rates were very low. I will open an account with Ridgewood Savings Bank $0 minimum balance 1.05 % compound daily interest.

  • Cici

    Sorry to be late. I’ve been working long hours, but I just got off the phone with Ally, and I set up a savings account with them. I’m super excited about taking control of my financial future.

  • Sheryl

    I have a savings account with my local credit union for now

  • Eboni

    Hi all. I’m late to the conversation. I see that most people chose Barclay or GE Captial Bank. it looks like NASB has the highest annual APR. How did you all decide which bank you would choose for your money bucket?

    • Brenda

      I think I am going to go with NASB because I want the highest APY. I need to see if they do a hard inquiry though.

      • Eboni

        Thanks Brenda! That is what I was thinking too! Thanks for your response. Best wishes with your savings goals!

  • danielle

    I opened up a savings account with GE bank. I’m really excited to see my money grow, I know with the restrictions this savings account has I wont be tempted to take my money out. Ill be start

  • Naima

    I set up online savings account with GE Capital. I will be transferring $100 to two accounts twice a month. I also have a Capital One 360 savings account.

  • Allita Walker

    I chose ClearSky for my online savings account. Because my income is limited and sporadic at best, this option works best for me. I’m now waiting for word regarding approval.

  • demetria crenshaw

    I signed up at GE Capital Bank this week. I am starting with $20 as time goes on I will deposit more.

  • Michelle M

    I am a few days late on this but catching up! Just opened an account with Ally. it was hard to open up an account with limited access but I did it! Proud of myself!

  • Miss Smith

    I set up a GT Target account (this is Nigerian) which works the same way a money bucket works. It debits my salary account monthly and not weekly though.

  • Monet Nicole

    I’m late but I’ll be opening a online saving account tomorrow! I hope this is OK I’m catching up

  • Monet Nicole

    I’m setting up my account as we speak! I’m catching up!

  • Marquita Johnson

    I’m playing catch up on the challenges. I did day 1 & 2 yesterday and actually without realizing it today’s challenge by reinstating my Capital 360 account. But after looking on the Magnify Money site I opened a second account with NASB. I know it has a minimum balance but I think I can handle it considering the interest rate. I also plan to set up some other e-savings accounts with 0 minimum for my children and short term savings. I really don’t need a saving account that is too readily available. Working on spending discipline…but no need to tempt myself. I made sure to uncheck the option for an ATM card for my NASB account. Loving this journey so far….Can’t wait to catch up to the rest of you.

  • Channa Comer

    Just applied for my online savings account at North American Savings Bank. Fingers crossed that approval and transfer goes smoothly.

  • Tamara McCants

    Today I set up a money bucket at ally bank. It’s a start.

  • Liliet Cherise Griffith Counci

    Does Digit count for a money bucket?

  • Aries Riddick

    YES IM SUPER LATE BUT CATCHING UP SLOWELY I OPEND 2 SAVINGS ACCOUNTS WITH BARCLEY ONE JUST FOR SAVING AND ONE FOR MY CHILDEREN BOTH STARTING WITH $100 AND WILL BE OPENING A DREAM ACCOUNT AND AN ACCOUNT FOR GRANDDAUGHTER NEXT MONTH

  • Mwanamke MJ Jordan

    I opened my account with Ally today and set up my direct deposit with my job to transfer $300 per pay. I also connected it to my primary checking account with the intention of transferring an additional $200 per pay. By March I plan to have the $200 on direct deposit as well! I’m excited.

  • MsChar

    I opened a savings account with Ally Bank on day 1 of the LRC. I’m going to start by doing the 52 week money challenge, but will also put one-tenth in as well

  • Tamarra

    I already have a capital one 360 account that i have money automatically withdrawn from my check. Going to increase by $50 per pay.

  • T. Jenel

    Finally opened my account I’m behind but I’m about to catch up quick!!!

  • Bre Monique

    I started the challenge late but I am on day 3 and feeling real good about saving. I jut opened an Ally account and deposited $25!!!! How do I set up automatic deposits from my regular chase savings to my Ally account?

  • Cintia Diamond

    I have an emergency bucket should I fall on hard times and saved $10,000.
    I had opened up an account that earns me an average of 7% and sometimes up to 15% the lowest I earn is 2.5% and I never lose any money. I have researched so many different accounts and no where could I find this. It also gives me living benefits an access to $500,000 should I ever get very ill and can not work to earn an income. It’s not money I would ever have to worry about paying back so that is a huge load off my shoulders. I do not work a 9-5 job I am 1099 and I make sure I pay into thus account minimum $500 a month and on great months I started to put in $1500. I never been happier and felt so protected. My money is growing better and faster than an any investment account I have ever seen and I don’t have to worry about market losses in my account. This same account will also serve me as my retirement account and will be Tax Free when I start to take distributions. The amazing thing about this feature is I don’t have to wait till 65 to take distributions, I don’t have to worry about running out of my Retirement income after all the savings has been used up because of a special feature that’s built into this policy that will pay me a tax free lifetime annual benefit till the day I die! I swear I discovered a Gold Mine. Everyone should know about this. Thank you Lord for showing this to me. I feel so powerful and in financial peace!!

    • Tam Jonz

      Hi Cintia, CONGRATS on your success!!!!!!! This gives me more motivation. This is my official Day 1…I’m “playing catch up” (with the schedule timeframe…Can you please provide info or what you did & are doing? Thanks in advance for your assistance and for the information! Have an awesome day! (If needed here’s my email: QueenFrugaleesta@gmail.com)

  • M.A.H.

    Just opened an online savings account!! I’m ahead of the game and I feel fantastic!!!

  • Jen J.

    I just signed up recently and super behind on the challenge but I have a question for the folks who opened an account with ALLY Bank. Was it an hard inquiry?

  • Cheryl

    Lord Jesus I am so thankful to God for this learning experience. I am an avid empowerment reader, so while looking at the online banks many had no links where I could read anything about them without applying first. But my choice,
    ” Synchrony Bank High Yield Savings Account” because they had a review button where I could read about them and what they offer. I am blown away and love what I read.

    “The Offer”

    Synchrony’s High Yield Savings Account offers 1.05% APY. The minimum amount to open is $30 and the account has no monthly service fee if you maintain that $30 balance. There is no minimum daily balance required for the 1.05% APY because the interest is valid on all balances from $1 and up.

    Now I have 2 choices to get started with this.
    1st is to take the money I have been putting away in 10% increments since 11/2015-12/2015. I could have started a little earlier in my putting away. But this also includes gift monies, etc. taking that money and putting on my Walmart MasterCard and starting on online savings with Synchrony that way.

    Or,
    2nd waiting until my first pay from my new job I start 2/8/2016 and start with that. The first choice will have me in line to move along with this challenge.
    I am so excited about this opportunity with Ms. Tiffany overall. I’m going with #1.

    Peace and Blessings

  • King Tiffany

    I set up an savings account with Barclays Dream Account. I also have a Roth IRA account opened. #LiveRicherChallenge!

  • Charlotte

    I set my account up with Ally, I started with 5.00 transfer from my bank small amount but I have 2 other accounts going right now. I plan to set up an automatic transfer of 10.00 every two weeks. Starting small works for me until I pay some more debt off.

  • LaSondra Shoto

    I opened an savings and dream account with Barclay for $200. I’m hoping not having direct access to the account will help make reaching these goals easier!!!

  • Angela

    I already have a capital one 360 savings…I will started contributing to this account with $25 per
    Pay check.

  • Shay Bunny

    I opened my online saving account! Very excited to start paying me…

  • Robyn

    I opened 3 savings accounts with GE Capital bank for each of my goals. I love that I’ll be earning considerably more interest than at my old bank that I’ve been with for years and it only took a few minutes to set up.

  • amarareps

    Just opened up my Barclay account. What’s up with the 52-week challenge? Did I miss that somewhere?

  • Lashonda Wilson

    I’m super excited to began my online savings jounery. I’m sort of nervous. I currently have a checking and savings account with Citibank, January I opened a savings account with MCU. I contribute $150 per pay period. Now I’m seconding guess if it’s worth having. I went to review my online statement to see how much interest it has and notice there’s no interest rate at all I will be calling shortly!! But now I feel like this online banking would be my best move… Especially with some of the rates that’s listed. Any suggestions on what my next move should be? Should I keep the credit union account and contribute a smaller amount or just close it and put that $150 into a online account?… HELP Lol

  • Kayla Kohlman

    I just set up my online account with GE capital. Excited about it. I just wish I would’ve known they didn’t offer an online banking app before I created the account. That’s okay though, could be a good thing lol

  • This is day three for me, and I opened my Money Bucket account this morning with Ally Bank. I also set up some one from my paycheck to be direct deposited into my Money Bucket account each pay period. I’m jazzed about the short progress I’m making. I’m already seeing savings from ibotta, Checkout 51, and Acorns ( recommened by Barbara Corcoran from Shark Tank). Today alone, I have ove $92.00 in Acorns, and $.50 in Checkout 51. Those may seem like small amounts, but the savings are already starting. Not to mention the money I already have in two other savings account. I’m on a mission. Thank you, Tiffany for this wake-up for me.

  • TooGod B DaGlory

    My take away from this law is to take 10% of my earnings, invest the 10% and let the investment multiply. My question is how do I invest the 10% when the 10% is so little there is not enough to invest?

  • Paula Jahmel

    I have a savings account already in place with NFCU (navy federal)- time to start putting money in ..no excuses. My biggest fear has been- since i get paid once a month ..”what if?”

  • khathy

    Just opened up an online account with Ally and it was very user friendly. I look forward to having money directly deposited into this account from my pay check monthly.

  • K Hatter

    I just opened my savings account with GE Capital Bank. I’m super excited to complete every challenge! This is very inspiring! Thank you!!!

  • Claudie Rich

    I don’t live in America so I don’t have access to online only banks but I will be using one of my somewhat dormant account and use it as my Money bucket

  • Dimples

    I opened an online savings account with Capital One 360. I was able to transfer $100 into the account which is $500 away from my first goal.

  • Tina

    I open savings account w/Barclay will be funding accounts to save weekly and monthly. To save $180 a month or less. 10% every other week. Break down debt i from one of the accounts I started.

    • Tina

      Error i in last sentence.

  • Sharon Lewis

    I set up my online account with Ally today. I deposited $50 into the account.

  • Tiffany Thehairtherapist J

    I set up an online savings account with GE Capital Bank. APY-1.05%, Daily Interest Rate-1.04%. I am now saving loose change, with the online savings account and with Digit. On my way to having all my specific savings accounts (Holidays, Birthday, Emergency, Household, Donations, etc). And this has just been my first week! I tell ya’, I am tired of being sick and tired…LITERALLY!

  • Brenda Moore

    I set up my online savings account with Ally Bank today. I like the fact that they were once GMAC and is tied to the automotive industry and there are no maintenance fees no minimum deposit and no fee for forms and other material. I’m starting out small, Deposited $3.00 and each payday I will transfer more money into the account. I’m saving for a destination wedding (my niece) in January 2017 in St. Croix., Virgin Islands. Looking forward to that vacation/wedding. I ordered deposit slips and postage paid return envelopes all for NO FEE. Thank you Ally Bank.
    Next month I will open a CD or Money Market savings with Ally Bank.

  • Alitha Hawkins

    I opened an online savings account with GE Capital Bank. I opened with $1.00 and I will be depositing money into the account biweekly. I have now opened an account with Digit as well. I have a way to save transfer account with Wells Fargo which transfers $1.00 every time you use your debit card, but I am trying not to swipe, swipe, and swipe. Each account will be for a specific purpose. Emergency, Life savings, and vacation. I have also decided that the money that I make while working OT, I will put into my savings.

  • Pingback: LIVE RICHER Challenge Day 3: The Money Bucket for Savings - Colorful MoneyColorful Money()

  • Deliah Lewis

    I currently have two online accounts, one with Sallie Mae Bank and the other thru my job (both are money market accounts). The one from my job, gets an automatic transfer of $500 bi-monthly and the one from Sallie Mae, I add money to it for the bills that only come around semi-annually or annually along with vacation savings. Thanks

  • Lauren Wilson

    I currently have an ally account that I use to put $200 a month in for my savings goals. I also transfer money to that account when I have an unexpected savings. For example I budget $60 every two weeks for gas. Well since the gas prices have dropped I have only been filling up with about $45ish. So the remaining $15 goes into my savings.

    • Felicia Laws

      Hi Lauren,
      How are you doing with the challenge this time?
      I am still trying to get used to navigating this technology so I apologize for not touching bases with you in a couple of days.
      Do you have a Facebook or Twitter account? If so, I would love to friend/follow you.
      Have a blessed day!

      • Lauren Wilson

        Hey lady! I’m trying to get used to this technology too. I tried to send you a response to one of your posts not sure if you got it or not. So far the challenge is going good, how about you? I’m re-thinking my goals from last week. The first thing I want to do for sure is save $1000 to pay off some loans by June but I also noted that I want to start putting money up for an emg fund so that I can have $500 saved by the end of year. However, I want to incorporate paying myself in that goal too which ultimately will be a part of savings too. I just got to figure out how to do both without going broke lol. Anywho…I sent you a friend request on Facebook. Hope to talk to you soon. Have a great evening.

        • Felicia Laws

          Hey lady!
          We made it to Day 6…yayyy!!!
          Yes, I received and accepted your friend request.
          I definitely understand about trying to figure out how to save and pay yourself without going broke…lol
          I want to commend you on tackling this challenge again. We are going to be financially successful!!!
          I haven’t set up an online account yet because I am a little skeptical but I see that you have one. How do you feel about it? Do you feel secure with it?
          Have a great day and we will talk more soon!

  • Twashia

    I already had an Ally savings account. So I’ve made that my money bucket account. I also set it up to auto trf $10 each pay period. I will slowly increase as I pay off old debts

  • Kenyada Roberts

    So this is late but I wanted to share my savings goals.

    1. I will save $2000.00 in 7 months by preparing my meals at home.

    2. I will save more time for myself by becoming more efficient with everyday tasks.

  • rich broke

    is the MMA the pay yourself account or something different?

  • rich broke

    Just opened up a saving account with ally.

  • Lex

    Alrighty! I did it. Even though I already have other savings accounts, I didn’t want to use those. They have previous purposes. Plus, I’ve always wanted to restart a money market account since dissolving mine a few years ago. I used today’s goal as an opportunity to open a money market with Ally online banking. I had no idea there were such good rates for money markets because I thought it was only best to use accounts through my current bank. However, I decided to take a chance! After all, this is the year of no fear for me! =)

  • Dorothy Johnson

    I already have a saving account at One United Bank. I am taking the 52 week saving challenge. I am starting out this week with depositing $52.00.

  • Atheena B.

    I just opened up my online savings account with Barclay. I started off with $5. I can’t wait to see what happens within 30 days. 🙂

  • Danielle Holloway

    Super excited just started my journey this week. Opened my savings and dream account with Barclay. I know this is mindset shift is only the begining of great things to come.

  • sakina

    Ok i just set up my account with Ally bank. I am opening with 50. How do i set up to auto transfer when i get paid?

  • Jennifer Fresquez

    Set up my bucket today with some help from Magnify Money! I already have an online savings account to save for insurance payments and travel. This account will be more of an emergency fund. I am also implementing the 52-Week Money Challenge….I’m starting at week 14 so I deposited $105 and I’ll try to double weekly deposits when possible, but the $1 increase each week should be pretty pain free.

  • LaKendra Fulbright

    My money bucket is with Capital One 360, formerly ing Direct. I will shop around for a better interest rate as it has dropped tremendously over the last several years.

  • Veronica God’sChild W

    I opened an ally account this weekend and made my first transfer from my 52 week money challenge savings.

  • Whitney Collins

    Thank you for sharing this information. Today, I will discuss opening an account with Ally Financial as I currently have a loan with them but not any checking/savings accounts.

    • Whitney Collins

      Also, I will put 5% of my paycheck into this account. Excited to actually start saving in a new account other than my current bank!!!

  • Bianca Jade

    Greetings Ladies! Can anyone that already has an open online savings account let me know which online banks don’t do a hard inquiry on your credit report to save me some leg work? Thanks in advance!

  • Tamme

    Set up my Ally online, I’m excited started with $100 every two weeks

  • Priscilla

    I opened an Ally savings account in addition to the USAA savings I already have I will have $25 dollars deposited into both bi-weekly.

  • Toshica Conyers

    I started a Capital One savings, a savings with my credit union and will be contributing to those every two weeks.

  • KendrA SilveR

    I just opened my money bucket account today! I chose Ally bank. I chose to deposit 5% of each of my checks into the account (paid weekly). That way what I dont see I won’t spend 🙂

  • Marleen C. Greenleaf

    I just set up my online savings account with Ally. Love they will offer 1% interest rate. Will transfer $25. each pay period to this account and gradually increase the amount.

  • Casey

    Hi there, I just started this program, and already had a savings account at Cap1,360, which I had a zero balance and I hadn’t used in about 2yrs. I used a portion of a Christmas gift to get started, and I’m saving $17.30 every pay period (via auto transfer from my main bank account). I’m on track to save $700.00 or more towards my very first European vacay (via Groupon) to London and Paris next spring/summer. I’m choosing experiences over too many things these days 🙂

  • Katrina Cody

    i actually opened an online savings account with Ally yesterday (1 day before receiving this challenge). So for a change I’m actually ahead of the game. I also began the process for the direct deposit through my job. I am kicking myself for not getting on track years ago. My son is about to start college and I will pass all of this knowledge onto him.

  • Yuwan Harper

    I have accounts set up with Langley Federal. One is for holiday savings, one is my emergency fund and one towards a home down payment.

  • Candy C. Parker

    Are these accounts really secure?

  • Aleschia Hughes

    applied for ALLY and was told i had to wait 3-5 days for them to get back with me

    • Nicole Allen

      Aleschia, what ever happen with your account, did they open it? Did Ally do a hard pull on your credit?

  • Keisha Norris

    I just applied for an account with Ally Bank today and am awaiting it to be opened. I also am having direct deposits into my normal savings of $50 per pay check so it comes right out. The bank also offers a feature that takes the change I have left from purchases I make and it up to $1. The remaining change is added to my savings account weekly.

  • Chiquita Morris

    Just setup my online savings account with CapitalOne. I am really excited and praying for a new beginning.

    • Demetra Richardson

      Congrats to you and your way to financial freedom!!!

  • Demetra Richardson

    Wow, I feel good already and I should spank myself for this. I had applied for an FNBO Direct savings account and I was waiting for the approval process and forgot about it. To make a long story short after seeing the listings for the different accounts, I saw their name and I went through my email that I rarely use and I approved in 2011, I said wow, really Demetra. However, I am so blessed that I was still able to setup my account and the interest rate is far more better than what my current bank offers for savings. It is FDIC insured, no fees and the min. balance is only $1. That works well for me and my current financial status. I am saving to by some land, build a home and quality trips for my family.

  • Natalie

    I set up my online savings through Ally!

  • Mirkhare

    I already have a savings account and very importantly, it is with a black-owned and operated bank. I just need to generate more income, that’s my major concern.

    • Dana

      I really want to begin searching for black owned businesses but didn’t think about a bank. What is the name of the bank that you use? If you don’t mind sharing it.

  • idesign75

    I have an existing AMEX Personal Savings account that is drafted directly from my paycheck. One of my savings goals is not to touch it for the remainder of the year. I also setup a 52 week challenge within Qapital.

  • Timona Ross

    I set up a Barclay account. I will contribute $10 a week until I pay off my credit card (prayerfully by August 2016), after which, I will commit to 10% per week into this account and save %5 in my readily accessible savings account. Budgetnista, I truly appreciate your guidance. These tasks are easy to understand and equally as easy to complete. I would have NEVER done this without you (I’ve been dragging my feet for years). May God continue to bless all that you put your hands to.

  • Verlaine Ramirez

    I just joined Ally Bank. My first time having an online Savings account. I will definitely look into others but I’ll start here for now as I continue to learn more.

  • Jameelah Carter

    I just setup my online savings account with Ally. I was a little scared to start but now that I have done it, I’m excited to start seeing my money work for me. It will deposit $25 every pay period to get started and go from there. I have also set up savings accounts for all three of my children that are not accessible through atms. I want to not only change my outlook on money but start there’s off on the right track. So excited!!! Thank you

  • Monica McDonald

    Done! I’ve had a CapitalOne account for years (YEARS!), but I had not been using it in the past 2-3 years. I updated the account and now have money scheduled to hit this account 2x a month!

  • Dreama

    I looked through all the different accounts and I settled on Ridgewood Savings Bank. I will start the process tonight when I get off work because I don’t have the info with me, besides I don’t want to use my job computers for personal stuff. I was a little reluctant to open up another account because I have a few and some that I don’t even use. Plus I he one that’s already on the list, but the interest rate is not as high. On second thought, I will research one last account that I already have and see their rates and then if it’s not high I will open up a new one and close the ones I don’t use.

  • I started my online savings account with Barclays. This is the account I will use to meet my savings goal that I set on day one of the challenge.

  • Larene Randle

    Well last week we moved our savings account to a stand alone savings account that’s not connected with our other checking accounts. The goal is to have 50.00 a week go into the savings which is an interest bearing account. I will name this account our Money Bucket account.

  • Dana

    I just opened my Ally savings account. I will at least put $50 a paycheck (biweekly) to start off. I read where someone opened one in their daughter’s name. That is an excellent idea and I will do the same once I sit down and run my budget.

    • Nicole Allen

      Dana, did Ally pull your credit when you opened your account? Thanks

      • Dana

        I don’t believe so because it came back approved extremely fast

  • Mika Roberts

    I opened mine with ally!! super excited

  • Cassaundria Theeblackdiamond W

    I just set up my savings account.

  • aisha glenn

    I currently have a discover account that I forgot about it currently has 95% apy. I decided to start putting money in this account again. I hope continuing with Discover is a good choice. I am determined to be consistent with putting away funds in this account. I’m excited!

  • Dallas Freeman

    Just set up my online savings account with Ally (that seemed to be the more popular choice)! i realized if i used my shared saving on my credit card i’d still be able to access it. Inconvenience for the win!

  • Christina McLean

    I setup a Online Savings Account with Ally Financial. I transfer $10 in it to start and I will transfer whatever I can, God willing %10 each week into this account. I am one step closer to improving my financials.

  • Sticking with my current savings account which is with boa. I have great discipline in not touching it and per the online account I could only earn up to $21 a year based on what I currently have saved. lol I can save that myself.

  • Crystal Nicole Manning

    I actually already have an unutilized savings account at a credit union. There are only 2 of them in Houston and are very inconvenient to get to. I have my car loan there and pay that over the phone. I think that savings account will serve me well as my Money Bucket.

  • MzNewAgenda

    I have a Capital One 360 account. It used to be called ING. Well I have not really been using it. I am now going to use this as my online savings account so I can rock my savings goals

  • Sarita Smith

    I just opened my Money Bucket with Ally. I will start an automatic savings with them as soon as my USAA Account is approved. I plan on starting out with $50 every paycheck : that’s 2 – 3 paychecks a month plus my 2 military pensions. I will increase my deposits by at least $5 – 10
    every month until I am at 10% of my pay… Baby steps….

  • Monica

    I am unsure if it qualifies but I setup my Money Bucket account with Digit on Saturday.

  • aphotochick

    I have a friend (as this has been an issues I’ve had in the past), who has wanted to get on the track of saving for the longest. But her job does not bring in a consistent paycheck. for those months where her paycheck is so low, how do you still save or put money away and how do you change your mindset when it comes to this. For those that don’t have a 9-5 and say freelance or work in commission based jobs, how do you get around those feelings and still find ways to put money away. Would love your feedback!! thanks all

  • Fee Ett

    I’ve had an account with Ally for almost 2 years now. I have $10 transferred biweekly, until I’m able to put myself on a budget and see where/if I have extra money hidden somewhere 🙂

    • Beatrice Harris

      That’s still great because a little still goes a long way…. If you are disciplined enough to save $10 biweekly then when you do have extra income saving more will come easy… This was brought up the the book as well!!!

      • Fee Ett

        Thanks Beatrice. I need to get that book.

  • Natalie Simms

    I opened up my first online savings account today with Barclays. I’m excited about having an account that I don’t have easy access to. It’s baby steps, but in the right direction to smart money management.

  • MsDes205

    I set up my online only savings account with Capital One 360

  • Beatrice Harris

    Open accounts at a local credit union that’s not linked to any of my checking accounts…I have a separate savings account established for myself and each of my children. Plus there was a promotion that each account received $50.00 for opening and I received an extra $150 for referring/ opening my children’s account… I think this is a great way to jumpstart my savings journey

  • Tierra Kennedy

    I have just opened up an account with Ally. Thank you for this information.I started with one and hope to add the next two within the next month. I started out with $5, but I want to contribute to it once a week.

  • Nicole J

    Which accounts don’t require a hard inquiry?

  • Brianna Samone

    I was weighing out my options on the online savings account that I want to go with. I applied for Ally Bank but they told me they would contact me within 3-5 business days but I still haven’t heard anything from them, so I reapplied. I was thinking about going with Goldman’s Sach’s online bank now but I don’t know to much about them. Does anyone know if this is a secure, reliable, and good bank?

  • Jes

    I just setup my savings account with Ally. I have to wait 3-5 business days for them to get back to me.

  • Janella Dixon

    I tried to open an Ally account, but something went wrong during my online process and when I called, they said they’ll call me back. So I’m guessing that they’re having some technical issues right now…

  • Sam

    I started my Ally account and will we putting in 100.00 bi weekly.

  • Cheryl

    I opened my Ally savings account. Started with $5 and will set up a monthly deposit of hopefully $50, after I’ve cut down/out some expenses. I’m hoping I can increase that amount.

  • ashantijoy

    I already had Capital One 360 but will be changing to Ally.

  • Janelle

    I set up my online account with Barclay today. I opened one account for now to save toward an emergency fund. I will set another up for vacation funds.
    I am starting small with $20 each time I get paid and will increase.

  • Iyshah Seals

    I have one with the company I work for. There is no debit cards and I would have to go pick up the money which is impossible because the hours are 7am to 3pm (my working hours). Its 45 minutes away from my house and the money is automatically withdrawn from my account. Is this an equally good plan? So far I have saved over 2000.00.

  • Kamaria Beamon

    I just applied for an account with Ally, so I have to wait 3-5 business days for them to get back to me. I chose them because in addition to having good reviews and being able to earn 1% interest, they seem to be the most user friendly with mobile apps and customer service. A big key to me staying organized with anything is being able to manage it through my phone. I’m excited to start saving through this account!

  • Shawna Bee

    So I set up my online account with Ally Bank. I won’t be able to transfer anything until Thursday which I will be setting aside $65, then on 7/29 I will start setting aside 10% of my paycheck for my savings. So excited!!!

  • Juanita Ritter

    I am setting up an account with Ally. I called and chatted and it is a soft hit on your credit report. I will be closing an existing account that I have that doesn’t yield any interest and having that $50 deposited in to Ally and I will not have a card to access this money like I did with the account I’m closing. #excited!

  • Jeannine King

    I set up an online account with Ridgewood and Amex last week. Starting this week I will transfer $1-10 weekly.

  • Marvette

    I submitted an application to Synchrony Bank (I’m already a customer) for a Money Bucket Account today. I will be transferring $50/month to this account initially, with the intent to deposit more in the future. My deposits will be automatic.

  • Melissa Shurland Knights

    I set up my acct with Ally Savings.

  • cathy schley

    I looked at the website suggested for a savings bank and noticed DCU showed the greatest rate of return, 3.04% but i haven’t seen anyone go with them so I got concerned. Does anyone know anything about them? Sometimes if it looks too good to be true it is!

  • cathy schley

    Decided not to go with DCU after looking at some of the reviews- bad customer service. I have one already with capitalone 360 but did another with ally

  • Nicole Simmons

    I applied for an online savings account with Ally bank and was told that I would hear back from them in 3-5 days. Is this normal? I plan on transferring $140 per pay period. I’m so excited to get my finances back on track.

  • Yvonnette

    I chose Synchrony Bank for my online savings account.

  • Kendra M. Littlejohn

    Can I skip this step if I already have a savings account with bi-weekly contributions?

  • Dizexhaled

    I already have capital one 360 savings which i will be using as my money bucket. I recently switched my main banking over to DCU, and will be doing a secondary savings account with them as well.

  • Johnique

    Today I set-up 3 savings accounts with Ally. I look forward to sitting back and watching my investments grow.

  • Tykeshia Wiggs

    So I’ve looked into a few choices either Ally, American Express, or CapitalOne 360… Any suggestions… Which ever I choose im going to start with $20 and have an automatic transfer $10-20 each biweekly paycheck. And any other funds I can put in. I’m excited to embark on this journey of saving and being.. Any suggestions

  • Gabrielle Profit

    Just opened up my Money Bucket Account today with Ally Bank! I will use this account for my Emergency Fund

  • iisha

    I set up my online savings account, today, with Ally. I will start with having them transfer over into the account $50 every paycheck ($100 a month). My goal within the next few weeks is to make it $100, every paycheck, to be inline with what my savings goals are.

  • Mommii OfTwo

    I set up my Ally account today… saving for everything!

  • Body & Mind Wellness

    I’m a day behind and working on getting caught up. I see opening a high yeild savings is something also on my goals from Day 1. I opened account today with synchrony bank. I will add other accounts onnce I meet my December goal. Brigitte

  • Monique

    How do you find out which bank pulls a hard inquiry on your credit?

  • Laketta

    What is the name of the account with Ally??

  • Laurie Pierre

    I already have an online savings account entitled Emergency Fund with Capital One and i’m deciding to keep it for now. I may choose to switch it over to another online savings provider in the future. i’m going to start with $4 a week transfer into the account starting next pay period.

  • Melanie Downey

    I have the virtual wallet through PNC which has a spend account, reserve account and a savings account. Is this ok as far as today’s tasks go?

  • Jacqueline Paulk

    I have two savings accounts for my kids and two checking accounts for myself. Does it make since to keep the two savings accounts open while opening another online savings account?

  • J Tara Wright

    Hi, you suggest an MMA vs traditional primary savings but when I checked Ally Bank the primary savings yields more interest and has less accessibility, which shall I open?

  • Shernika Threadgill

    I’m an Ally girl now! I’m starting with just one account to see how disciplined I can be at making monthly transfers. For now, it’s going to be a “rainy day” account. I’m so excited!

  • Keona Jones

    Good Morning All,

    I opened my Savings and Bills account today…excited and ready to SAVE…SAVE…SAVE!!

  • Monique Brooks

    I opened my account with Synchrony Bank. I am so excited for the next few weeks

  • Monique Brooks

    I currently have a ch and sv with Bank of America. I was saving for a short time but found myself taking money from my savings accout. So I stopped putting money in my savings. I am ready to begin again with Synchrony Bank!!!!!

  • Joette Thomas

    I already have a savings account i just never felt I made enough money to put in it.

  • Vanessa Solomon

    Hello I also set up a 360 acct with Capital one and will be depositing at least 20 to 30 dollars a month because I’m disable and get a check once a month and between rent cc bills Dr. bills that’s all that I can afford now I am looking for a work at home job that will help my income but for now it’s a start.

  • brooklynnoriginal731

    Week 1 Day #: just set up my Barclays savings account. Focus over Fear!

  • I am being renewed @thebudgetnista:disqus! I am just going back to the good habits I once practiced. I already have a MMA that I used to save into. The money is still there, I just lost focus. So, I’m going to start up again! yay!