About Me

Denise

I'm a freelance journalist and crafter who dreams of starting my own business-- a hometown Tiki bar. I am a former New Orleans Bourbon Street bartender.

The challenge: I can't use my primary income to fund the tiki bar. I can only use money I earn in other ways. Part of the challenge will be to develop new, creative revenue sources. It's like a pumped-up,long-term $20 challenge.

**2008 Tiki fund goal: $1,500**
$1107.31 in fund, $392.69 to go

***Monthly Tiki Fund Total***

Sept: $0
Misc. writing
Saving act. interest
lottery tix

August: $74.17
$5.03 Web sales
$37.50 eBay profit
$24 Google Adsense
$5 festival prize
$2.64 saving acct. interest

For a full breakdown of Tiki fund money, visit my $20 challenge page.

***Personal Savings Goals for 2008***
$5,000 into my IRA
$2,000 into hubby's Roth IRA
$2,000 into 529 plan
$6,000 into savings account
$3,600 into brokerage account
$650 into new car fund
Total: $19,250

***Progress Report***
$5,000 in my IRA. GOAL MET!
$2107 to Roth, GOAL MET!
$1500 to 529 plan, $500 to go
$5343 to savings, $657 to go
$2355 to brokerage, $1245 to go
$463.17 in car fund, $186.83 to go
Total: $16,768

***
Debt to pay off:
Student Loan: $14,348.68
(Down from $40,000 in 2001)
By the end of the year, I'd like to pay an extra $1,000 on top of my normal payments.
***
Mexico Vacation Goal: $6,000 by Feb, 2009
Fund total: $3,872.53
***
All of these goals will be a little harder to reach this year because I am now self-employed and the hubby and I had our first baby in April.

We have always lived on one salary only. But we aren't quite sure how a new baby and giving up my full-time job are going to affect our finances.

***The Big Picture***
Me 33, Hubby 35
-No credit card debt
-No car loan
-House paid off because we moved to a cheaper city

My Pages

First $250 in a high-interest online savings account

January 10th, 2008 at 06:45 am

I have opened a high-interest online savings account for my initial $250 "investment". This is money I earned selling handmade indie crafts in December. (If only every month were as good!)

The deposit cleared today, so I am officially earning interest. I chose EmigrantDirect.com. I already have a savings account with them and have been very happy. The Web site is easy to use and getting your money in and out is fast and easy. It currently has an interest rate of about 4.5 percent--with an APY of about 4.65 percent-- much higher than the measly .05 percent my normal bank offers!

When I was shopping around, I found that Bankrate.com has an easy to use tool listing the highest paying accounts, their minimum balances, etc.

Let's see if I can figure out how to link to Bankrate's Guide:

http://www.bankrate.com/brm/rate/brm_mmasearch.asp

Posted in Savings | 4 Comments »

4 Responses to “First $250 in a high-interest online savings account”

Aleta Says:
January 10th, 2008 at 06:50 am

Congratulations. I also have Emigrant Direct and it is 4.65%. I also like the fast transfers.
luxliving Says:
January 10th, 2008 at 07:15 am

Another happy EmigrantDirect customer chiming in!

Good that you got it moved to where your money is working for you!
Broken Arrow Says:
January 10th, 2008 at 09:30 am

Congrats! Progress is a wonderful thing.
Ima saver Says:
January 10th, 2008 at 09:32 am

Good for you!

Thrift-o-rama and the quest for a Tiki Bar

One girl's quest to shore up her personal finances and save for her own business

First $250 in a high-interest online savings account

4 Responses to “First $250 in a high-interest online savings account”

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