I don’t have any concrete plans for another vacation, but I did take a step to organize my funds for a trip of some sort.
Normally, I throw whatever change I have left in my pocket at the end of the day into a jar. (However, I do keep quarters separate since I need them for laundry.) Over the past few months, my girlfriend has also ben putting her change in the jar; we decided that the money we collect will be used to help fund vacations.
When we cashed in the jar for our travel to Williamsburg, Virginia, we had saved more than $70, despite not including quarters. But why should this money sit in a jar instead of “in a bank” earning interest?
We decided to open up a joint savings account through ING Direct. Just by opening the account, we were able to add $35 from bonuses to help fund our next trip together. (Contact me for more info on how you can get a similar bonus.) Even with the higher interest rate we can get from Emigrant Direct after our bonus is available for withdrawal, we won’t be earning much on the money.
I plan on taking the coin jar to the bank every few weeks. Once the cash is deposited in my checking account, I’ll initiate a transfer to move the funds to the online savings account.
Updated February 6, 2012 and originally published August 22, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.