After I went grocery shopping, I transferred the balance of my biweekly allowance to my Electric Orange account. As outlined here, I plan to use my Electric Orange debit card for my allowance, just to keep it separate from my BoFA funds, which pay all my bills. I was a little disappointed with the time it takes to transfer the funds from BoFA to ING, even though they clearly outline that this can take a few days. My problem was I didn’t know when to initiate the transfer, since it’s not an exact science when the funds will become available.
Came up with a better solution anyway, I just added my ING account to my payroll direct deposit. Now when I get paid, $150 will be deposited in my Electric Orange account, and the balance to my BoFA account. This is kinda cool to me, because now on payday I’ll get paid, and then I’ll get my allowance completely separate, which is kind of my real payday, because it’s all I should be spending. I’ll also set up an automatic savings plan to ING for my Freedom Fund. I can’t wait until my new salary kicks in and I get that big retroactive amount and can fund my Emergency Fund once and for all. And then kick some credit card debt ass!
2 Comments
November 16, 2007 at 3:54 pm
[...] and was all set to through a fit because my paycheck looked too low, but then realized that my $200 direct deposit to ING for allowance and Freedom Fund, had kicked [...]
January 28, 2008 at 5:03 am
I read this post, and decided it would be a good fit for my own situation; could you possibly tell me: before you set up direct deposit, did BofA charge you for transfers? I can’t seem to find the info.