I’m currently thinking of opening a Euro account for savings. Saving from my paycheck every month hasn’t been an easy option as it is easily spent on something else. I was thinking if I took up a personal loan to start up a savings account (for future use) I would be obliged to really deduct this from my paycheck.. since I would be paying up the loan monthly. Any thoughts, anyone?
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Sun, Oct 11, 2009
October 11th, 2009 at 11:23 pm
That’s a good way to build up your credit, and start a savings, but it’s risky. If you do that, you have to make sure you resist the temptation to take it out and spend it on something. If you just let it sit in savings, have the payments automatically withdrawn from there. A few days before the payment is due, take your paycheck to the bank, and pay that months payment, that way if you forget to pay it out of your check, or you can’t afford to, you’ll already have the money in there. You’ll get a good amount of points on your credit score for never missing a payment, and you’ll have money incase times get rough. It’s definitely a good way to get started, but make sure you get a really good interest rate, so you’re not throwing too much money away.