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I have been keen to know as much about my finances as possible since i really started earning a wage. While sometimes that this meant that i knew purely how much money was in my bank account, now it is more and more a case that i dont just want to know how much in my bank account but how i can maximize the return on this money.
In doing this i have found the more attention that i pay to ensuring the maximum amount is returning the highest rate of interest, can really pay off. I have found that the best way to do this is ensure that the maximum amount of money is placed in the account with the highest interest as soon as possible. It was only today though when i was looking at some of the figures, that i realized it makes more sense then i thought.
On the money that i add to my account each pay day, by doing it on the day i get the money, it has made about $5 difference in my favor on the interest i will receive this month. Now this may not seem like a lot, however you need to realize, that is $5 difference by just putting a few hundred in every chance i can. Just imagine what could be done if you had access to add even more then this.
What i am considering is the extra that i manage to earn myself by being very keen to maximize the interest, is maybe something i could attribute to this project. The primary thing that it is really going against the project with is that the money the interest is being earned on is not actually part of the project. However, the small amounts of interest that i earn on my regular bank accounts (not the high interest account) i am attributing to the project, as this is really very much interest i don’t really expect to be making and to date has only been about 12cents.
Hmm anyway it is something that i am going to consider and it would provide a small ongoing income for the project, that pays off a lot more then the amount of time invested.