Take The First Step Towards Short, Medium & Long Term Savings

Take The First Step Towards Short, Medium & Long Term Savings

As I mentioned in my blog about 2015, our full water tower has empowered us to save money. As a freelancer, I don't have the luxury of a company and HR department taking care of this for us. So, we've got to learn and appreciate the intrinsic wisdom and make a decision to act on our own accord. For us, we've established short term, medium term and long term reservoirs (accounts) to channel our watertower overflow funds into.

  • For short term savings, we've setup a new Chase bank savings account to house this reservoir.
  • In exploring options for our medium term reservoir, I discovered Barclay's Dream Savings account with great savings account interest. I easily set one up and funded it with $55 from our Chase account last month.
  • Thanks to my father-in-law, we've had an education investment account through Edward Jones for our kids. With this relationship already in place, it was easy to get an additional investment account setup for our long term savings. We've got $130 in there now.
Our current top priority is to start slowly moving money into these three accounts. As we develop momentum, we'll revisit how we can be more effective. For now, just consistently doing it matters more than how we do it. 
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