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A special account just for splurges (the very best kind!)

September 24th, 2009 at 01:55 am

Last year, I started a GMAC (now Ally) online money market account to hold my fledgling emergency fund. I got the fund up to three months of savings and during the economic meltdown transferred most of it to my credit union account at a much lower interest rate. Silly, I know, but that was my knee jerk reaction to my fears about GM.

Anyhoo, I kept about $600 in that account and recently decided to add back into it and make it my "donations account."

Wow! What fun! I have always given a bit. Not as much as I feel I should give, but having an account that is solely dedicated to giving is...well...it is liberating! I have written checks for non-profits I love, for sad stories I read about in the paper, and for exciting stories I read about.

Today's example is a story about some local underpriviledged high school kids who are high achievers but with little to no family money. They are kids who are able to enter some of America's best universities (both private and public) and are being helped by locals to make this dream come true.

They will get, I presume, grants and loans and scholarships, but what they need today is money to travel to these schools to visit the campuses.

Guess what? I can help! I have money sitting in an account for just such an occasion!

This is extremely exiting for me because I love the community I live in for it's diversity. These kids come from families that may not speak English, and they are the first to go to college. How great is that?? They will make a huge difference in the community going forward. They will likely return to us as educated professionals and their kids will be college kids. This will break the chain of poverty. YAY!!

I highly recommend a special account for such giving. Maybe you all have done this. But, it is new for me and I am very excited about the possibilities.

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6 Responses to “A special account just for splurges (the very best kind!)”

  1. kdice Says:

    This is an awesome idea! Good for you!

  2. gamecock43 Says:

    That is great! I am glad there are people like you in the world.

  3. monkeymama Says:

    I think it is personally more rewarding to give in this manner.

    Setting aside "x" monthly for the same old charity just seems rather boring to me. (I know it's good and useful - just not as rewarding to this giver).

    I like the idea to have a separate bucket for "giving spending." Let it amass and use it when it feels right.

  4. Ima saver Says:

    I have one account that pays interest and i saved the interest so that I can give it to people (or animals) in need of it.

  5. Seven of Seven Says:

    I am really having fun with this account. Right now, it only houses $1,500, but I think I will come up with an annual amount starting in January 2010 and put it in there. Then I can just spend it all throughout the year. I feel so much freedom to write a check anytime I learn about a worthy cause.

  6. Jerry Says:

    When you can see where the money leads and direct it to the recipient of choice, it makes all the difference! In many ways, I prefer the emotional insurance of knowing exactly where my donations are headed, and being able to select a worthy cause is pretty fun!
    Jerry

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