Tag Archives: ING

The merits of a simple savings account

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When I tweeted that ING raised their interest rates on some of their basic savings accounts for the New Year, some of my friends balked at the meager returns. I was a bit surprised — maybe just because I was kind of excited about the gain and here my friends were raining on my parade. It’s been brought to my attention by the “that’s it??” responses that maybe one of the biggest reason my peers don’t make use of savings accounts is they don’t actually know how useful they can be. About the rates… A good savings account will pay a percent interest that mirrors inflation. It is important to understand that interest rates are low right now because the market is down. In the past, they were much higher because the financial world wasn’t reeling from a near-fatal blow like it is now. As the market recovers, rates will […]

I am paid $26/hr to take the bus

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This isn’t a joke, I make roughly $26/hr taking public transit. I’m not paid by the city or ETS or any green organization — I’m paid by myself, with the money I’m not spending on a car. I take the bus and/or the train every single day. Assuming a 20 minute commute, there & back, that’s about 40 minutes, 7 days per week. This works out to roughly 20 hours per month. Now, to do this calculation we have to consider the alternative: car ownership. Very, very, very few people recognize how abhorrently expensive owning a vehicle actually is. They will purposely deceive themselves, make wild justifications, omit essential calculations, all in the name of keeping their car. Oh I know, it’s so convenient and you need it because you live out of town or whatever, but some vehicle owners are just kidding themselves. Here’s a fun scenario to prove […]

Starting Simple: Save Your Money

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I think my first entry in this blog should be on the simplest and most fundamental rule of financial health: save your money. Its hard to convince students that long-term saving is the best course of action. Why? They have no money, especially after tuition is paid. Now, why your bank account should never approach $0 is an entry all in itself, so I’ll leave that for later. For now, I want to first advocate why you need to put cash away every month and secondly, how to do it. It sucks to have no money. It really does. Few things are more disheartening than trying to get a double-double from Tim Horton’s and having your debit card come up “insufficient funds”. Just kidding, we all know Timmy’s in CAB doesn’t take debit. But I digress. The reason it sucks to have no money is because you always need money. […]