Walk Your Way to Savings :)

On one of the many podcasts I listen to I heard a couple talking about how they handled their different approaches to money and I liked what they did. You see money has different emotional meanings to different people. For one person $1,000 in a savings account for emergencies seems like an impossible dream and for another person $10,000 in a savings account feels like tittering on the edge of destruction. Some are spenders, some are savers, and for some it depends upon the item for which they are saving and spending. So this couple decided to use their monetary tendencies to their advantage.

One person in this couple tends be a spender and the other tends to be a saver. So on projects this couple agrees to a budget that they won’t go above and then the spender gets to shop to find all that he or she can find for the project within that budget. Taking it further the saver gets to establish savings techniques to meet the project budget. I really like this. It works for both people.

Pam and I have kind of done this for years. She loves to plan vacations and I appreciate that she has an amazing ability to do great vacations for less money that we had planned. Seriously she is incredible. The trip we took to France in 2018 was much less than I thought she could have done it for. Pam has a gift.

This year we are using this approach for a semi-regular college friends trip. Pam and some friends form college have talked about going to Alaska, where one of our friends lives. We talked about a budget and then I got excited because I have wanted to try out one of the high yield online savings accounts that have been popping up and this offered an opportunity to do so. Pam loves to discover deals on traveling and I love to learn more personal finance stuff. I went with Viobank at 2.52% APY. I’m really like it thus far and I added an incentive for bringing my lunch to work. When I bring my lunch I get to add $2 to the high yield savings account in addition to the planned contributions we’ve discussed. It incentivises me to eat healthier and cheaper.

So that was a long way of getting to what I really wanted to write about. I was recently talking with a friend who is exploring using a high yield savings account and asked if I would recommend the bank I am using. I would. However, I also decided to search Magnify Money for their present list of recommended high yield savings account. It is here (September 2019). That’s when I discovered Fitness Bank on the list.

I so wish I had heard of Fitness Bank when I was considered this best rates for a high yield savings account. Their gimmick is awesome. The more steps you take the higher your interest rate. How cool is that?!?!?!

12,500 steps = 2.75% APY
10,000 steps = 2.50% APY
7,500 = 1.75% APY
5,000 = 1.25% APY
0 = 0.50% APY

Again, how cool is that!?!?!?!?!?

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