PayPal Is a Great Slush Fund to Forget About and Increase Your Savings

by Hank Coleman

Like most people, I sell things on eBay from time to time. And, I require buyers to pay for all of my items through PayPal, eBay’s sister payment transaction service. The beauty of the system is that I do not spend the money in my PayPal account except to ship the items to the winning bidders (I have a PayPal debit card to use at the post office). So, over time, my PayPal account builds up as I sell more and more items on eBay, Half.com, and receive payments for surveys I complete with PineCone Research.

So, the old adage is true, “Out of sight is out of mind.” Forgotten, hidden, or not readily accessible bank accounts like PayPal are a great way to squirrel away money that you will not even know is “missing”.

Other Ways to Save. I also manage to save money every month in my ING Direct Orange Savings Account which pays a little more than a normal brick and mortar bank’s savings account. The money is debited from my normal checking account every month, and I never even notice that it is gone. Of course, I am only talking about a small amount of money, like $25 every paycheck. But, no matter how much money you deposit, it will really start to add up if you forget about it. I also manage to save a lot of my spare pocket change in a similar fashion.

So, when you try and fool yourself into thinking that you cannot save any money from your paycheck, I challenge you to squirrel a few dollars away in random accounts that you forget about like PayPal, ING Direct’s Orange Savings Account, or the piggy bank in your own home.

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{ 3 comments… read them below or add one }

elementaryfinance February 7, 2009 at 1:24 pm

On my site I advocate finding ways to save money by doing paying yourself. For example, if you ate at home rather than eating out today, pay your savings account $5 or however much you saved. Keep doing it and the money adds up fast. Check out the article and feel free to leave your link. I like your article.

Bill February 8, 2009 at 11:16 am

I really like this post. It’s painless and doesn’t require anything more than a
one-time instruction to the bank. Very smart-money!

outlaw February 11, 2009 at 1:53 am

One way that I have found to save is the simple change jar. I always empty my change into every night. Also at the end of the week any cash that I have left over from my weekly allowance I put in there as well.

Once the can is full I take the money and either treat myself to something fun or a new toy. This allows me to reward myself on a semi regular basis without disrupting my budget.

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