Do the Legwork
Posted by Gail | Filed under Money Management
People are always looking for ways to short-cut. Lazeee! I can’t tell you how many times I’ve been asked to create an app. Hey, I’m not about short-cuts when it comes to managing money. I’m about being conscious. If that means doing it the long way to keep you honest, I’m all for that. That’s The Gail Way.
So I was clicking around online recently for savings accounts’ rates. There’s a site called RateSupermarket.ca that purports to be a one-stop shop for things like mortgage, credit card, savings and insurance rates. I clicked on savings, put in my province and asked for the rate comparison.
The first thing I noticed was that ING Direct didn’t show up on their list. Strange, I thought. ING has always offered better rates than traditional banks. I wonder why they aren’t here.
The day I went online (April 26, 2012), the highest paying account was being offered by FirstOntario Credit Union. Their high interest eSavings account was offering 2%. That’s better than everyone else out there, beating Ally who sat at 1.8% and my own ING account at 1.35%. So I clicked on through.
Imagine my surprise when I arrived at FirstOntario Credit Union’s site to find that their high interest eSavings account was paying only 1.85%. Seems the rate quoted at RateSupermarket wasn’t the right rate. If I’d let myself get all hot and bothered over the higher interest rate I would have been disappointed.
All this is to say that if you want to be sure you’re getting a good deal, you can’t rely on anyone else to do the legwork for you. You must be prepared to put some time and effort into doing the research so that when you make your decision, it is an informed one.
Enough already with being lazeeee. You work hard for your money, dragging your sorry butt out of bed when the weather is crappy or when you feel like a piece of dirt. If it’s worth that much effort to make it, shouldn’t you put a little bit of effort into managing it? Quit trying to find a short-cut and do the damn legwork.
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Zsanett in Winnipeg wants to know if there are any “financially awoken followers, here in Winnipeg and area who would be interested in getting together and discuss and share their stories.” If you’re interested send an email to getgvo@gmail.com with Zsanette in the subject line and I’ll forward on to her.
May 7, 2012 at 8:52 am
boy oh boy, that IS annoying. I miss the days of 4% interest rates!! I like my ING account because it is hard to get my money out of (takes 2 business days or so to transfer) so I am never tempted to bust into my savings!!
May 7, 2012 at 9:40 am
Sorry Gail, I disagree that having a money app is the ‘lazy’ way out. Should we all still be writing out our papers by hand, since the computer makes it easier, so as to not be ‘lazy’? I’m a huge fan of yours, and I’d love to see an app designed by you, because I think you explain $$ better than anyone else I’ve ever heard. As it is, I rely on the Easy Envelope Budget Aid, which isn’t exactly what I need, but does the job well enough. Rather than being lazy, it’s helped me take better control of my budget and $$ issues. I’d love to see a Gail app!!
May 7, 2012 at 9:58 am
I probably wouldn’t use the app anyways! But I am sure a lot of people would find it useful! I just use excel to track my money. It’s worked for years and I am comfortable using it.
May 7, 2012 at 10:42 am
For what it is worth, we found that the best savings account in our province a few months ago was Canadian Tires High Interest Savings Account. It was 2% up until a few weeks ago when it dropped to 1.85%. Still not shabby considering my own credit union was at around .1%. We are using it to build up our Emergency Fund (thank you Gail).
Since I’m posting, I might as well share that we only have around $11,000 in debt (apart from our mortgage) left to pay off. We owed $35,000 less than two years ago and at this time last year we still owed $25,500. I watched your shows and let it all sink in. We are on our way to being out of debt in less than ten months!! Thank you!!?,
May 7, 2012 at 11:16 am
I agree with Julie on this one Gail. The app is the new Excel spreadsheet, it is not a way of being lazy
May 7, 2012 at 12:49 pm
Wow 2% or even 1.85% I would jump at in a heart beat. I live in the states and my bank was 1% for a long time, then it went down to .75% as of May 1 it is now at .60%. Unreal, I remember the “good ol days” when I was getting 10% on my savings accounts and I thought that was too low. Funny I was looking to find new rates over the weekend and I did find a bank with .85% for money market accounts. With rates soooo low how are you ever gonna save.
May 7, 2012 at 2:37 pm
It’s through automated banking, that people find it easier to save; ie: automated transfers to their ING accounts. And, as one poster already said, the fact that it’s not convenient (2-3 business days for a transfer to go through), makes it easier to NOT spend it.
On the other hand, I appreciate that your a busy woman, Gail, and do not have the time to create an app for others. Maybe one of us “lazy” blog followers could do it for you
May 7, 2012 at 4:02 pm
There is a difference between being lazy and making good use of your time and using the tools available.
ASKING someone to come up with a tool can be a different indicator.
Let’s not confuse things!
May 7, 2012 at 4:37 pm
Gail….people want an app…they want to give you money for an app!! This app won’t help everyone who buys it…but maybe will help some of them. I have no idea how many people would buy such an app…but if you charged the same 4.99 as your “Gail Way” PDF people would buy it!! You are right, people shouldn’t be lazy, but they should be progressive. I’ve recently ditched my paper appointment book and put everything into my calender on my phone. Taken some adjustments, but I’m still organized. It’s just a different way of doing things, not lazy.
May 7, 2012 at 6:26 pm
I’m loving my Manulife Bank Advantage Account. It pays 1.75%
I agree. An app would be amazing. It would allow me to easily track my expenditures when I’m on the go with my phone.
Thanks for all you do Gail — you’re fantastic!
May 7, 2012 at 7:38 pm
I don’t have an iphone so I don’t need an app. Excel works for me, thanks Gail for the budget template. I’ve changed and added a few things, tweaked some formulas and now it’s perfect for us. I would not have wanted to start from scratch but I would have if I needed to.
May 7, 2012 at 9:15 pm
Realistically with e-transfers and on-line banking and pre-authorized payments and debit cards, things are all set up to save time and be more effecient. Unfortunately, many of us need to do things the “old fashioned way” because the easy way is just too convenient. Hence the personal debt issues Gail counsels us on daily. So far one of the most effecient ways to Get Out Of Debt is “the jars”. It does not get any more “old fashioned” or effective than that.
There are many who would buy a “Gail APP” (I would) and they would all use it for a while, but for a while isn’t enough. It’s the Hard Work that you have to put in using a budget binder (or whatever works for you) and jars (or ziplocs or envelopes) that makes it Real, that makes it work.
That being said, @Gail, you would probably make enough money to “retire quite nicely thank you very much” if you did make and App.
May 7, 2012 at 10:33 pm
Here in the Netherlands we have an ING app (ING is a Dutch bank). WIth this app I can do the same things I can do online (pay bills etc) but there is a maximum (500 euros a day for safety reasons). I have several bank accounts, one is for groceries, presents, misc. Each week I put 200 euro’s in this account and with the app I can see how much I’ve spend and how much I still can spend. The moment I pay something, the account has changed and I can see it. For me it’s ideal. In my country online banking is what most people do, cheques disappeared years ago.
May 8, 2012 at 8:40 am
Well, if there was an app I couldn’t use it anyways – my phone is a dinosaur! I really would like to get an i-phone or something similar, but there is nothing wrong with my old phone. It still works, so it stays.
May 8, 2012 at 12:56 pm
I am not much of an App person. I do things the old fashioned way I guess. I noticed that ING rates were lower than they use to be when I first opened a savings account with them. 1%, 2%, it is ashame. I remember when Interest rates were 22% on my savings account.
May 10, 2012 at 9:00 pm
There actually is a great app available from mint.com! For those who may not know about the site it is an amazing tool to track the budget you set up with Gail’s interactive worksheet! You can sign up at http://www.mint.com (make sure you select the Canadian page) and once you have it set up you can use the app to track it.