52 comments on “Confession: I Didn’t Have a Savings Account
  1. There are so many simple money related habits we don’t do for whatever reason. Mine was not following our budget. We would make one but then not follow it. What kind of sense is that? I eventually realized how silly that was but only after some painful experiences.
    Brian @ Luke1428 recently posted…How Shopping for Shoes Changed My Financial LifeMy Profile

    • NZ Muse says:

      I so get that. I use to make budgets that never worked because they were too optimistic or inflexible. Budgets have to be realistic and roll with the punches. Not till I realised that they could and should be constantly tweaked as need be did I get any traction.
      NZ Muse recently posted…Travel snobbery I’m so overMy Profile

    • Broke Millennial says:

      I should probably be more rigid about budgeting than I am. But once I have a family and/or debt (aka a mortgage) it might be a wake up call.

  2. LOL, circa 1990, I came “this close” to buying a brand new, red Mitsubishi Eclipse. The loan place turned me down for lack of credit, and I bought a used 1986 Mustang. The car dealer called me back a week later saying they’d gotten finance approved, but it was too late as I’d already purchased the crappy Mustang. Funny. 🙂
    Laurie @thefrugalfarmer recently posted…Our “A-ha” Money MomentMy Profile

  3. Your chocolate can sounds like my money box although I’m sure the smell of chocolate was much better lol. I’m surprised the bank didn’t offer you a savings account when you opened the chequing account. Ah well, that’s what life is all about, learning. Mr.CBB
    canadianbudgetbinder recently posted…The money-box inspired my passion for financeMy Profile

    • Broke Millennial says:

      Honestly, I’d had that checking account since I was a kid so I probably didn’t know any better at the time. Glad I do now!

  4. I technically had a savings account for years but kept everything in my checking account. I finally opened one a couple years ago and it’s been a good place to put money that I only will touch in an emergency.
    DC @ Young Adult Money recently posted…When I Realized Ownership and Passive Income are Key to WealthMy Profile

    • Broke Millennial says:

      My bank has a little emergency fund tracker widget that increases a little red line towards my goal as I deposit money into my savings account. It seems silly, but it’s a solid motivator.

  5. Hey at least you were putting away money instead of spending it! That’s something! 🙂
    Tonya@Budget & the Beach recently posted…Progress, Not PerfectionMy Profile

  6. Cece says:

    I thought I was the only one! My parents helped me set up a checking account when I was in middle school, and that’s where I always deposited my babysitting and tutoring money in middle school and high school. It wasn’t until college (late college. Almost ready-to-graduate college) that I realized I didn’t actually have a savings account. Weirdly, I did have a Roth IRA.

  7. I would much rather see a person have an “issue with saving” and not saving smartly than the opposite. Your hoarding days were actually the building of a foundation of frugality that has allowed you to accomplish so many of your life goals without a massive salary. Congrats!
    Shannon @ Financially Blonde recently posted…Salary HostageMy Profile

  8. I was the same way growing up…oddly I’d save and hoard my money rather than spend it for the most part. My parents opened a savings account in trust for me and she would ask me if I’d like to put some in the account. Of course I said yes and she’d show the interest that the bank paid. Very exciting…back then the interest rates were much more exciting…
    Andrew@LivingRichCheaply recently posted…My Journey to Financial LiteracyMy Profile

    • Broke Millennial says:

      I’ve noticed that online banks have more exciting interest rates than brick-and-mortar (that still being relative) which makes me inclined to switch my savings account to an Ally Bank or something similar.

  9. That’s awesome you were a saver at such an early age! I was quite the opposite in pretty much always being a spender – which is what got me in trouble.
    John @ Sprout Wealth recently posted…How to Start Investing in the Stock MarketMy Profile

    • Broke Millennial says:

      Thanks, John. I wish there were a way to find out if it was a nature vs. nurture thing. Both my little sister and I are pretty into saving.

  10. I think you inadvertently found a way we can increase the savings rate in the world – we hoard money in jars that smell of chocolate. Who could resist saving? LOL! It doesn’t surprise me that you were a money hoarder, which is frankly better than being an out-of-control money spender. Thanks for participating in the Financial Literacy Awareness Carnival – I truly appreciate it and your support!
    Shannon @ The Heavy Purse recently posted…2014 Financial Literacy Awareness Carnival: Money A-hasMy Profile

    • Broke Millennial says:

      I was happy to be invited! I think we should take the idea of a candy smelling piggy bank onto Shark Tank. It’ll make millions!

  11. After watching Fast and Furious (the first one) I wanted a Mitsubishi Eclipse too! Better late than never with the savings account. I’m always so impressed with how smart you were with finances at such a young age! 🙂
    Girl Meets Debt recently posted…My Debt “A-ha” MomentMy Profile

    • Broke Millennial says:

      I need to re-watch Fast and Furious One! I don’t even remember the Eclipse. Apparently I was just super trendy at 7 years old. 😛

  12. I know so many people who keep ALL their money in checking earning .01%. Blows my mind!
    Stefanie @ thebrokeandbeautifullife recently posted…My Formative Money Moments.My Profile

    • Broke Millennial says:

      I’ve been harping on some of my friends to move their money into savings. Get more than a penny a year!

  13. anna says:

    That’s so funny about the chocolate tins, but I agree it would be a good association process to stash money in there (at least for chocolate addicts like myself). I’ve always been impressed with your level of financial competency, especially with starting a savings account and 401k so early in your life – even if it took a few years, I feel you’ve done it way earlier than most and that’s something to be proud of!
    anna recently posted…My Biggest Money A-ha MomentMy Profile

    • Broke Millennial says:

      Awww, thanks Anna! That’s really nice of you to say. I hope it pays off in 30 years so I can retire on a “fat stacks” as Jesse Pinkman would say.

  14. Mackenzie says:

    LOL, on the whole Mitsubishi Eclipse thing 🙂 I had a friend in college who had an older model, and I loved her car. I thought it was so cool!
    Mackenzie recently posted…Nobody Puts Baby In A CornerMy Profile

    • Broke Millennial says:

      I was a little worried to mention my love of that car for fear of torment, but it seems like everyone else loved it too!

  15. We made a mistake a few years ago in a similar way. We wanted to put some money into a savings account for a particular purpose. We would not need the money for five years. I’d researched rates and found a good one on a savings account at ING (rates were higher back then). My husband put it into a CD at our credit union at a much lower rate. He didn’t discuss it with me. That’s when I knew I had to communicate with him about our finances on a regular basis. We now do that and I’m much happier about our finances!
    Maggie@SquarePennies recently posted…Finance Blog of the Year Awarded to Square Pennies (and 42 others)My Profile

    • Broke Millennial says:

      Openness about finance seems to be the key to marital bliss. I’m not in the position yet myself, but hope I’d pick a partner that I too can have frank conversations with.

  16. Your joking, red Mitsubishi Eclipse was MY dream when i was working after college. AND i keep all my money from relative gifts since i was a child until i finished college to buy an Xbox360. You sound a lot like me hehe. Retirement plans for dummies? like what she said “Financial literacy is an ongoing, life-long process.” Keep on reading blogs from her or blogs like these.
    Jeff @Project Ikonz recently posted…Ebay side hustle is awesome and crap at the same timeMy Profile

  17. Syed says:

    I guess hoarding money is a little better than hoarding discolored liquids. Sometimes it takes a little nudge from the unlikeliest of people (a bank employee looking out for a customer??) to get the right thing done. I’m thinking with everything so easy to do online nowadays, it will be easier for young people to eventually open good savings accounts and learn about finances.
    Syed recently posted…Quick and Easy Ways to Pay Less TaxesMy Profile

    • Broke Millennial says:

      A friend of mine had a similar experience. She had A LOT sitting in checking and her bank teller mentioned that she might want to dump some into savings. Nice that some bank employees are looking out for us.

  18. Ha! I remember my brother had all his coins in a big Nestle Quick can. I just used a mason jar. I had a savings account that my parents set up for me. But because they set it up in trust so I couldn’t take anything out without their signature until I was like 18, I was reluctant to put much in there. So I kept my birthday money all in a jar. At least I managed to still save a bit. But man I was stubborn! Haha
    Anthony @ Thrifty Dad recently posted…When I realized that my financial future was in my handsMy Profile

  19. A checking account is better than under a mattress or just keeping cash in the house in general! At least you wouldn’t have to worry about fire, theft, or floods from taking away your money.

    We still keep change in a jar that we then cash in once it’s full for an Amazon gift card via the free exchange at Coinstar. But other than the change jar, all money is earning interest in savings, even if it’s rather pitiful…
    Tara @ Streets Ahead Living recently posted…Cut your losses and run?My Profile

  20. Of all the accounts not to have, I figure the savings account, at least with the interest they’re paying these days, isn’t going to hurt you that much. I was so glad to see you have a 401k! Not using that account will have much bigger impacts.
    Done by Forty recently posted…Bill and Ted’s Excellent InvestingMy Profile

    • Broke Millennial says:

      I couldn’t wait to sign up for a 401(k) but now I’m in the annoying process of rolling my old one out into an IRA. At least I get one with my new company too!

  21. I think you’re doing pretty good if that’s one of your biggest money mistakes – especially with savings account interest rates what they are. But like anything else, at least once you realized your mistake, you fixed it.

    Also, I LOVE that gif.
    Mel @ brokeGIRLrich recently posted…Financially Savvy Saturdays Blog HopMy Profile

  22. Boy Meets World meme….you’re my new favorite. And at least you were saving! Interest would have been nice, but I can tell you there were points in my life where I had no savings at all…under my mattress, in a bank, or otherwise.
    femmefrugality recently posted…Financially Savvy Saturdays: Thirty-Fourth EditionMy Profile

  23. Tamara says:

    Very good post also educational and all this is even better that comes from your experience. If are right some philosophers that if you read and learned you may forget but if you try it/experience it you will never forget that.
    There are many people, also from my family and close friends that don’t care or spend time to learn some basic financial thinks. Don’t calculate how will affect spending, buying or investment on them in the future. This sometimes really worries me and want they to have at least some financial education before they are stuck.

    Anyway great post, thanks.
    Tamara recently posted…How to Watch Hulu and BBC iPlayer outside US UK Canada for FREEMy Profile

  24. debt debs says:

    Inertia is a good excuse when we tend to not do things we should.
    debt debs recently posted…Frugal Fraggles, Rocks and PoodlesMy Profile

  25. Max Arthur says:

    I guess I’ll be investing in mutual funds then.
    Max Arthur recently posted…myTonicMy Profile

  26. Very educational, i gained a lot from this. Thanks
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  27. Brandon says:

    Honestly, the inverse happened to me. I used to keep all my money in a savings account. But then I learned about the magic of high interest checking (3.01%) and never looked back. Overall great post always love reading them.

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