Remember those money goals I posted about in January? Let’s check in with one of those goals:
I will open an actual savings account separate from my current bank account. This will help me resist the urge to “borrow” from money I have set aside. I have no problem setting money aside, but then end up telling myself that I can always “borrow” from this money if I replenish it the following month. (We’ve established already that I get paid monthly.)
Well, I tried to open a savings account twice this past month, and both times I was declined! All right, all right, you got me. That line is slightly misleading. Did I get declined both times that I attempted to open a savings account? Yes, that much is true. Both times were with the same credit union.
The first time I was denied because I had applied for a regular savings account without having first applied for a “membership” savings account which established membership at the credit union. In my defense, I thought I was already a member! How could I have been mistaken in my membership? Well, folks. This is the same credit union that approved for my first (non-predatory) credit card post-bankruptcy (months later, way later). Since I am a cardholder member with them, they had opened up a non-transaction savings account to establish membership with them. See how easily I made the mistake of assuming I had a membership account already?
The second time I applied for the correct “membership” savings account. Then, I still got denied! Why? Apparently, I failed my own credit history questions. Due to this the credit union flagged my application as possible fraud. I swear those credit history questions are tricky sometimes.
I always had the opportunity to apply yet again! However, failing two times already just made me say, “Screw it. I don’t need to have a savings account”.
It was too much adulting.
It wasn’t until I was going through some old documents at home that I realized I once had a savings account with American Express. Yes, you heard right. American Express offers online savings accounts. I was able to dig up my old information, and wondered if there was a chance the account was still open and active, despite not having had used it in years!
Ladies and gentlemen, not only was this account still open…
but there was money in it! How much money?
You read that right!
This was from interest alone, essentially.
You know that feeling when you find a crumpled up dollar in your jeans during laundry day? That’s how I felt when I saw the $1.25 in my savings account. CUE ANY JUDGMENTAL PEOPLE. I’ve already been transparent enough to say I’ve handled my finances very poorly in the past. Did you miss the tagline on this website that mentions I filed for bankruptcy?
So go ahead, you can think to yourself: This girl was/is a financial hot mess.
I’m clearly working on it, and I know there are a lot of other people out there just like me. So, this post is to everyone out there who doesn’t have a savings account, has one but nothing in it, is trying to learn how to save, etc., etc.
Let’s keep moving forward!
FYI, I transferred money from my checking account to my savings account because my plan is to utilize it. So here’s to the first step to meeting my savings account goal! I’ll do a check in later in the year.