As was foretold, we've added advertisements to the forums! If you have questions, or if you encounter any bugs, please visit this thread: https://forums.penny-arcade.com/discussion/240191/forum-advertisement-faq-and-reports-thread/

Organizing my Monies

RecklessReckless Registered User regular
edited July 2007 in Help / Advice Forum
Hey All.

Here's the situation. I'm about 2 months away from moving to college, with about $500 in my one bank account, which is a checking account at a local bank. I'll be making plenty this summer between the job and the grad gifts, so that's not a concern.

However, I want to get it all organized nicely instead of throwing it all in a checking account. The local bank has no internet banking, which is something I very much want to be able to do. I like the idea of checking up on my funds whenever I get the whim.

On top of all this, my parents gave me a graduation gift of $1500 to finish up my flight lessons, which were previously funded by a school program.

So, here's what I'm thinking.


1) Leave at least $200 in the checking account at all times - but move it over to somewhere like WaMu
2) Bring the other $300 or so into a savings account at the same place I open the checking account at.
3) Drop the $1500 into a second, separate checking account so I know how much I've got left to burn.


Does that sound reasonable? I need my money to be readily accessible at all times. I'm getting a little worried I won't have any spending money at college - but finishing up flying is something I really have to do. I didn't bust my hump for a year to come as close as I am and not finish.

Thanks for any help! :D

Reckless on

Posts

  • ThanatosThanatos Registered User regular
    edited June 2007
    Do they have WaMu in New York? Or are you going to college out here?

    ING direct now offers a checking account, and provided you don't use cash, it's a good deal.

    Thanatos on
  • NewtonNewton Registered User regular
    edited June 2007
    Check out ING for a savings account. The interest you earn (4.5%) will be much higher than at a traditional bank. In my experience, it can take up to 3 days to get money out of the ING account, but this is a savings account for money you shouldn't be touching on a regular basis so it has worked fine for me. I also have a checking account at WAMU, and that has worked well for me. They don't charge me any fees for the account, and they are typically easy to find if I need to get to an ATM.

    So with your situation, I'd put $500 into a WAMU checking account and the other $1500 into an ING savings account. If you are really worried about not having enough in checking, you could open a WAMU savings account and put $300-500 in there for emergencies. You would be able to transfer that to your checking account same day if you had to.

    Newton on
  • RecklessReckless Registered User regular
    edited June 2007
    Thanatos: WaMu is plentiful here in New York. I have looked into ING, but I kind of like the idea of having physical branches on top of internet banking, at least until I have a much more significant income.

    Newton: Well, the $1500 is going to be gone pretty quickly, as in another month or so. I'm only putting it into an account so my flight school can automatically drain it from someplace, so that's why a checking account would work best for that sum.

    I was thinking about going with WaMu's online combo checking & savings, which seems like a sweet deal.

    Reckless on
  • ThanatosThanatos Registered User regular
    edited June 2007
    Reckless wrote: »
    I was thinking about going with WaMu's online combo checking & savings, which seems like a sweet deal.
    It is, indeed, a sweet deal. I just switched to that from ING, in fact. I highly recommend it.

    Thanatos on
  • RhinoRhino TheRhinLOL Registered User regular
    edited June 2007
    Thanatos wrote: »
    Reckless wrote: »
    I was thinking about going with WaMu's online combo checking & savings, which seems like a sweet deal.
    It is, indeed, a sweet deal. I just switched to that from ING, in fact. I highly recommend it.

    ??

    WaMu has better rates on Savings, but IGN has better CDs... ?

    Which on are you looking at? They giving some type bonus if you got checking with them too? I can't find it on their site.

    Rhino on
    93mb4.jpg
  • ThanatosThanatos Registered User regular
    edited June 2007
    Rhino wrote: »
    Thanatos wrote: »
    Reckless wrote: »
    I was thinking about going with WaMu's online combo checking & savings, which seems like a sweet deal.
    It is, indeed, a sweet deal. I just switched to that from ING, in fact. I highly recommend it.
    ??

    WaMu has better rates on Savings, but IGN has better CDs... ?

    Which on are you looking at? They giving some type bonus if you got checking with them too? I can't find it on their site.
    They give a special "relationship rate" of 5%--instead of their standard 1.25%--if you have a checking account, and you open an online savings account. Basically, it's "you know how to use the internet to sign up for banking, therefore you can find ING, and we're tired of losing business to them, so here's .5% more to come back to us."

    Thanatos on
  • RhinoRhino TheRhinLOL Registered User regular
    edited June 2007
    nice. I see now.

    How easy/hard is it to transfer between savings, checkings and CDs? I got ING right now, and with a few clicks, I can switch into CDs or whatever.

    I'm thinking of getting a WaMU account and then just swapping all the liquid stuff to whichever savings has best rate (wamu right now) and then doing the same with CDs (think ign has better rates on those).

    Rhino on
    93mb4.jpg
  • cooljammer00cooljammer00 Hey Small Christmas-Man!Registered User regular
    edited June 2007
    you're in Long Island? If you dont mind me asking, what college?

    cooljammer00 on
    steam_sig.png

    3DS Friend Code: 2165-6448-8348 www.Twitch.TV/cooljammer00
    Battle.Net: JohnDarc#1203 Origin/UPlay: CoolJammer00
  • RecklessReckless Registered User regular
    edited June 2007
    you're in Long Island? If you dont mind me asking, what college?

    Native to Long Island, didn't leave for school just yet. I'll be up at SUNY Geneseo next year. And us natives call it "on" long island. ;)

    I think I'll go with the WaMu online combo idea and see how it works out. Thanks for the help guys!

    Reckless on
  • cooljammer00cooljammer00 Hey Small Christmas-Man!Registered User regular
    edited June 2007
    Reckless wrote: »
    you're in Long Island? If you dont mind me asking, what college?

    Native to Long Island, didn't leave for school just yet. I'll be up at SUNY Geneseo next year. And us natives call it "on" long island. ;)

    I think I'll go with the WaMu online combo idea and see how it works out. Thanks for the help guys!

    oh noes, you caught me! yeah, I'm from Brooklyn and going to Stony Brook in the fall. Just hoping I'd find some PA fans, non SE++ in the area.

    cooljammer00 on
    steam_sig.png

    3DS Friend Code: 2165-6448-8348 www.Twitch.TV/cooljammer00
    Battle.Net: JohnDarc#1203 Origin/UPlay: CoolJammer00
  • Judge-ZJudge-Z Teacher, for Great Justice Upstate NYRegistered User regular
    edited July 2007
    Reckless wrote: »
    you're in Long Island? If you dont mind me asking, what college?

    Native to Long Island, didn't leave for school just yet. I'll be up at SUNY Geneseo next year. And us natives call it "on" long island. ;)

    I think I'll go with the WaMu online combo idea and see how it works out. Thanks for the help guys!


    That's my Alma Mater. I'd do it all over again in a heartbeat - I hope you have a blast!

    It sounds as if you'll have plenty of spending money as long as you don't go hog-wild. Banking is a bit scarce within walking distance of the college, so your options seem fine to me.

    If you want extra money, look for a job as soon as you arrive on campus, as they go quickly. Of course, off campus jobs tend to go to returning upperclassmen. These may not be around anymore, but two options you might consider that are easy, don't take a lot of time, and paid well when I was there are...

    1. Driving the SAFE car. It's the anti-rape vehicle that is like a free shuttle with a set route that goes both on and off campus. You'd work one night a week at better than minumum wage for like 4-6 hours. Good gig if you have late classes the day after your shift, and you're making pizza and party money for the week right there.

    2. Tech Crew. I got this job by accident - was looking for work in the Union, and a guy in the office part asked if we were lost and if we needed anything, and we said, "Jobs." He smiled and we were hired. What tech crew does is set up microphones for speakers, run the campus movies, and coolest of all, act as "on-site roadies" for any major comedians or acts that come through. If you show you are dependable and willing to work, it is great pay for little effort - my favorite gig was setting up a mic. You'd get two hours of pay for plugging in a mic and turning on the sound board, and then hanging out in the union doing homework or socializing, on call if anything went wrong. It never did. Twice a semester or so you work a big weekend show, which is 13+ hours of work setting up stage, lights, and sound, and makes for a very nice paycheck, and a free concert.

    I'm not sure if either of those are still around, as I graduated in 1995. I was never flush with cash, but between what I could earn summers and these jobs I made enough to keep me in beer, grub, entertainment, and the ocassional A-list game for the old Sega Genesis or 386 PC for the whole school year. If you're interested, I'd start at the union and ask around there about these jobs, and eventually you'll find someone who knows something.

    Also, if by chance you are into pen and paper RPGs, CCGs or tabletop stuff, PM me and I'll give you some contact info for a nice little gaming club that runs one hell of a gaming convention, complete with LANage.

    Finally, as a pilot, you absolutely owe it to yourself to check out the warplane museum in the valley that has a working relationship with one of the few remaining flying B-17s (it used to be based there). They used to have a special discounted student membership, and if you volunteer there, you may get a chance to ride it.

    Grats on getting into GSU, and enjoy the ratio when you get there :winky:

    Judge-Z on
    JudgeZed.png
Sign In or Register to comment.