Friday, July 3, 2009

Random Thoughts About My 3rd Paycheck and Bank Failures and One Confession

July is a 3-paycheck month and I got my first-of-three paycheck yesterday. I immediately transferred my money to my savings. I wish I could say that I "bank" my 3rd paycheck but alas, I can't. I instead disburse 1/6th of it to myself every month until the next 3-paycheck month comes along. Eventually, I hope to eliminate my debts to the point that I can just bank my 3rd paycheck as savings. Someday....


So my spendaganza goes on. I just bought myself my first EVER digital camera. Yes, it's time I joined the 21st century.

I bought a Panasonic Lumix DMC-ZS1, 10.1 MP camera with 12x optical zoom at Costco, using a $50 off coupon and a $100 gift card. The camera normally retails for $299-$330. With the discount and gift card, I paid about $155, including tax. The price includes a carrying case a 2 MB memory card. Not too shabby, wouldn't you say?

Costco offered a $50 off coupon last December. I really, really wanted it at the time, but decided not to. Ever since, I rued my decision of not taking advantage of the $50 off coupon. When I recently saw that Costco was offering the same coupon again, I decided to jump on this opportunity. I'm hoping that the 12x optical zoom will come in handy when I go see the Pageant of the Masters next weekend!


Holy guacamole. Have you seen the FDIC list of bank failures in 2009? Most of these banks had less than $1 billion in assets but it's still very unnerving.

As my faithful readers know, I'm arbitraging my 0% credit card debt by paying the minimum and putting my money in a 2.0% savings account at DollarSavingsDirect.

Bankrate gave Emigrant Bank (the parent company of DollarSavingsDirect) a 1-star rating as of 12/31/08.

Although I don't think Emigrant Bank will go under before October (when my 0% promotional rate expires), I also don't want to take any chances. I'll be transferring my money to SmartyPig (the online partner of West Bank). Bankrate gave West Bank 3-stars. Better yet, SmartyPig's current APY is 2.75%.


paranoidasteroid said...

I was thinking of moving some money to SmartyPig. 2.75% is beating the hell out of ING Direct's 1.5% rate!

Also, happy belated birthday!

Miss M said...

Smarty pig, I'll have to check them out. I'm looking for a better place for my money, ING and FNBO are both only paying 1.5% right now. My 3 paycheck month was in May, I mostly banked it. Some goes to replenish the slush fund and in the fall one goes towards christmas spending. The rest goes to debt and savings. I budget on 2 paychecks a month, I think it is simpler than splitting up that 3rd check. My confession - we spent way too much this weekend!

Ms. MoneyChat said...

i could never get that 3rd check to work out as an "extra" check when i was on a bi-weekly payroll. wow, so you actually spread your check out for 13 weeks ... amazing.

now, smarty pig. i have to check them out and see if i'm missing out on something;-)

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