Bank of America has a great program for their debit card users. The idea is based on the idea of throwing your extra change in a jar at the end of the day, but more convenient for us debit card users. Itâ€™s called Keep the Change. Basically it rounds each debit card purchase up and at the end of the month, transfers that money from your checking account to your savings account. And for new members of this program, they will match this amount at 100% for the first 3 months. After that they will match it 5% (with a yearly cap of $250).
Free money for those who choose to take part! A great reason to tip your waitress or fill the gas tank enough so the bill comes to 1 penny over an even dollar amount.
At this point I am not ready to switch banks, and forego the convenience of having a physical location to go to. Instead Iâ€™m implementing my own Round Up program.
Iâ€™m going to go through my bank statement each month and round up each debit and round down each deposit (including interest, paychecks, etc), then transfer the total amount to a separate savings account. Granted Iâ€™m not getting a match (unless any of you want to volunteer to match it)! But Iâ€™m saving. Iâ€™m doing this with my own account and the account my husband and I share.
Today I started with July’s statements. My total transfer was $26.20. So if I can average $25/month, thatâ€™s an extra $300 a year! And right now, Iâ€™ve kind of created my own little â€œMath Geekâ€ challenge.
Iâ€™m always looking for interesting ways to save money, as I donâ€™t think I save nearly as much as I probably could. So if you have any ideas, please pass them on!