I opened my ING TSFA (tax free savings account) May 21, 2013. About two weeks away from my 25th birthday, I was reading a blog about personal finance and I really liked the basics of this account. I needed to deposit at least $100 to get started so, I was challenged to do a little better and wrote myself a cheque for $105 (ha!). I mailed it the next day on my way to work.
A couple of days later my account was set up online. There was my $105 sitting happily alongside the $25 ING gave me for opening my account using a special code that I’d gotten from the blog. Don’t worry, I’ll hook you up.
I decided my best bet for saving would be to set up an Automatic Savings Program. Easiest. Thing. Ever. Minimum is $10 and you can go with daily, weekly, bi-weekly or monthly. I decided I would commit $20 weekly to my savings plan. Every week ING takes $20 from my chequing account at my main bank and I get to see that sucker grow. Recently, I’ve upped that contribution to $25 so I am seeing $100 a month go into my little savings.
What’s good (I think) is that I can take money out of my savings account but it takes up to two business days. So I have time to assess whether or not I really need the money or whether I can make plans without it. For emergencies I have immediate cash with my credit card.
At the rate I’m going I will $1000 in that account by February 2014. How awesome is that?
Oh! And my orange key is: 40433020S1 Use this code when you open your account and we both get $25!