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$25 more to challange from writing contest win

January 23rd, 2008 at 08:30 pm

I won $25 in a writing contest and that gives me $25 more to put into the $20 challange. Thus my total to date for the new year is $245.15. I have this money actually sitting in a savings account. It is not earning much interest, but once it gets up there a little more, I will transfer all but $200 of it to my money market that is earning 5.7%.

I want to leave a $200 balance in this savings so that the account will have no fees (saving $1 a month if under $200). I could put it all into my money market, but this little savings account does 2 things for me.

#1, it acts as an overdraft for my checking account. I have it set up so that if it is used for overdraft, the money is put back into the savings at the next deposit. This is free my my type of account, and I would rather have this set up than bounced check fees. Last I remember reading the bank was charging $30 per bounce check, in addition to a $27 fee for each day your checking account is in the negative. I don't write big checks (those come from DH account) so $200 if more than enough.

#2. This account I can access by my ATM card, or at the bank which is just down the road 8 miles. It is easy access should we have an emerg or need to leave town when the banks are closed. My money market account is more complicated to get money from. I can write a check from it, but checks can only be drawn on that account if they are written over $250.

So, bottom line, I have easy access to a small amount of money, but have to think twice before getting to the larger amount that earns more interest. DH uses his credit union which is actually located at his worksite, and only open 9-4 M-F. So, this system works well for us.

I do wish I could find more places online to submit writing for pay to. Any good ones that you all want to share??

2008 Challange money total 245.15

Posted in $20 Challenge | 5 Comments »

5 Responses to “$25 more to challange from writing contest win”

  1. Ima saver Says:
    January 23rd, 2008 at 08:44 pm 1201121077
    1201121077

    I want to know where you can get a money market account that is paying 5.7%??

  2. mom-from-missouri Says:
    January 23rd, 2008 at 09:30 pm 1201123831
    1201123831

    Telop credit union. (For telephone operators). I have been in it since I was a telephone operator back in 1984. Kind of an "old school" place. No online site, all transactions are done in person or by mail.

  3. mom-from-missouri Says:
    January 23rd, 2008 at 09:32 pm 1201123939
    1201123939

    I should get a statement here next week, but Waddell and Reed has been paying 5%-was 5.3% for awhile, but I think it went back down to 5.

  4. Koppur Says:
    January 24th, 2008 at 01:46 pm 1201182370
    1201182370

    Congrats on winning the writing contest...what did you write? (I'm a writer, too...)

  5. mom-from-missouri Says:
    January 24th, 2008 at 07:04 pm 1201201476
    1201201476

    I write & submit to AC and thriftyfu.com

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