A penny saved somewhere
My bank balance being not quite as low this past week as it usually is, I noted yesterday morning that I’d actually earned a cent in interest, the first such income in a year or so.
Interest rates being what they are, it’s possible I could earn as much as half a buck by the end of the year, which of course will be taxed. And in the 25-percent marginal bracket, assuming that the tax application will round it up to the nearest dollar, I’ll have to pay a quarter in tax on that 50 cents of income, rich bastard that I obviously must be.
fillyjonk »
2 March 2010 · 1:51 pm
Last time I was in my credit union doing business, I noticed the posted CD rates. And I said to the teller, “I thought I’d never see the day when putting money in a savings account was a better deal than a CD.” (And mine is, by like .1 of a percentage point). She groaned and laughed.
On the upside, I don’t forsee paying a lot on my Schedule B stuff this year in taxes…
CGHill »
2 March 2010 · 7:31 pm
One bank around town (and most towns in this state, I surmise) offers a forced-savings deal: use your debit card or pay a bill with their online gizmo, and they’ll bump a quarter or two out of your checking account into savings. They’ll even match some of it (all of it for 90 days, then 5 percent). This won’t make anyone rich, but it helps out with the Pay Yourself First premise.
gingersquints »
4 March 2010 · 7:26 am
You have to make at least $10 interest before the federal government will tax it. My favorite is that on every bank statement it lists my interest earnings (usually about $0.10) and then the monthly bank fee ($10). Gee thanks for that interest earning!