Re: Hop in! On my way to a 100k!
05-06-2012 03:29 PM
ihatemyscore - thank you for the questions!
1. Each paycheck, I purchase a $100 CD at Navy. If I have a little extra, even if it's pennies, I add it to the CD.
2. When I go to the bank with loose change (left over from cash purchases) I add that to a CD. Navy and USAA allow you to add to existing CD's. Navy will let you add however much you want to add. I do that. And yes, I have been known to add as little as one penny to a CD.
3. With the first paycheck of the month, after I have bought the CD, I do an "even out" payment for each CD. Since the CD's have just earned interest, it's super easy to know how much interest it earned, and I add whatever is needed (under a dollar) to the CD to bring it up to the nearest whole dollar. (ie: CD is at 100.00, it earns 3 cents in interest, so I add 97 cents to bring the total to $101. Make sense?
4. Each paycheck, I put $50 into Ally bank.
5. About hte first of the month, I purchase a CD at Ally of $100.
So big picture, I purchase about $300 worth of CD's a month, and then do "even out" payments with Navy.
If I come into a little extra money, I put it into a CD.
With my savings plan, I have been building up some CD's a bit faster than just the even out payment. My goal is to get each one at Navy to $200. Once I achieve that, I will set a new goal.
I also ask, monthly, if there is a CD special. If there is, I find a way to get that CD.