I decided to give it a try because I like the idea of having subaccounts so I can save for the unexpected expenses as well as building up an account that I don’t touch. I also like that it can be transferred so easily from my checking account at the bank.

The Orange Savings Account with ING also offers an auto savings plan that will automatically debit from your bank account every month (which may not be a bad idea in my case). I’ll wait a couple months I think before I enroll in that.

I am also considering opening a checking account with ING since they’re offering a $50 bonus (code FEELESS). I already have 2 checking accounts and a paypal debit card, plus the savings account at the bank and the new one I just set up with ING. I think adding another checking account would only add to the banking confusion. BUT, the ING Checking account is paying interest and neither one of my checking accounts is paying me anything. I do have some kind of cashback thing with the Paypal account. It might be worth it for me to close one of the other checking accounts and move my banking with ING. Not sure yet.

I am going to start my loose change challenge Monday and whatever change I come up with I’ll be adding to the savings account.

A big thank you to everyone for all of the savings suggestions. I think as soon as I get that emergency fund going, I’ll be able to worry less…and relax more. Peace of mind is a great savings account.

Have a great weekend!

Well, my household is far from average and not counting the actual jar filled with change, I doubt I have 90 bucks just laying around. Maybe $50 if I collected it all and counted it, which I’m not going to do. The point though, is that there is extra money in my home that isn’t doing anything significant except smelling funny and jamming up my garbage disposal when I try to wash gum off it. (That’s another story, though.)

I am considering a loose change experiment to fund a savings account or when I have enough, to buy a savings bond or to invest in flying cars or something (it’s going to happen, I saw it on the Jetsons).

Here is what I think I need to do:

1. Allow myself a certain amount of cash per week. I don’t carry cash very often and this affects of course how much change I have left. You don’t get back money when you use your debit card at McDonald’s. This will also help me track better what I’m spending on frivolous stuff, which to my knowledge isn’t very much.

2. I need a deadline or date that I will cash in the change so I can kind of guage what I’m actually saving. Maybe I’ll try 6 months? So, this Friday I’ll get my allotted cash and dump all of my change each day until July 26, 2010.

3. I’m starting completely new so I won’t be adding to the change in my daughter’s jar.

4. I need to find a free place to cash in the change or see if one of my banks will cash it in without any fee, which I think they do. Some of the random machines charge a small fee which is a total waste of money.

5. In 6 months if it isn’t enough to do anything significant with, I’ll deposit the cash into my savings account until I’ve acquired enough and gathered enough information to figure out something better.

As my mom mentioned, I’m not getting any younger and I do need to take my savings seriously and like a child, I’m more interested if there’s some kind of game involved. I do have an IRA at work, but I have a feeling that most of that will go to my daughter’s college tuition. What then will I live off of in 20 years when I retire?

I’ll keep you posted, but I’m interested in what other people do to prepare for retirement. What do you do with your loose change?