Check my math.
I'm trying to find ways to save money. I think by doing this, I can actually put money into my savings account without doing too much work. It's very hard for me to put money into my savings account each week by myself. If I do direct deposit, that should make it easier on me. My theory is as follows....my mortgage payment is $555/mo, if I direct deposit $150/wk into my savings account, every 4 weeks I deposit $600. At the end of the month, when the mortgage is due, I transfer the $555 to the mortgage account. I checked, the bank will let me do that without penalty. Which would leave a total $1140 ($150/wk X 52 wks - $555/mo x 12mo) in my savings account per year, plus interest.
Does this sound right? Or, can you see a flaw that I don't?
2006-07-25
16:07:14
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3 answers
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asked by
pcnut4u
2
in
Personal Finance