PF - saving Mimi
Personal Finances! have always been an icky topic but these days I can't ignore my financial situation when I am dreaming big with near-empty pockets. Deep down inside I feel bad for not having a substantial savings account for my child - those attempts have failed! Well at least he's got about $200 in his piggy bank. Tax time always reaps a refund and this year it is ever more imperative I hold onto it with mortgage in sight, rent, moving, travelling on top of everything else. I've come across Prosper, a San Francisco-based (and proud of that!!) start-up operating on the concept of lending to friends with interest. As the referenced article states, it's "ebay, friendster, and the bank all rolled into one". I quickly signed up but am still observing before being quick to sign up for a loan. I have some repairing on my own to do. Last year I closed 4 credit accounts and got out of consumer credit couseling. The bad news is that all the credit cards I had increased their lines and I am practically maxed. The good news I got compensation from a car accident, a christmas bonus, a salary increase, and a hefty tax refund to jumpstart me. Even lending on Prosper seems worthy of attention....because if you let one person borrow just $100 @ 6% interest...that's more return than I would get in even the highest of savings accounts. And that leads me to the second part of this plan...open an ING account. This is exactly where my Tax Refund will be going to....but all in anticpation of big expenses to come. ING puts $20 in your account if you are referred....free money is always good! The MOST IMPORTANT thing to do is to clear debt before building reserves. So I have to work on the first part before actually starting to save. For now I'll call it saving MYSELF!.....
You may or may not have noticed the added link to on the "Recommended" area of my sidebar links...I've come across a Personal Finance Blog that has been useful and inspirational these past few weeks. I have reduced my daily lunch budget to $3/day, opened an ING account, lowered the balances of 4 of my credit accounts, and signed up for credit score monitoring in an effort to save myself as i so declare. I've also opened a Prosper account where I have registered as a borrower, lender, and group member...starting a GUAM group. Woohoo I called dibs.