To keep tabs on my progress in the Five & Fifties game, I’ll be posting my monthly catch on the 5th of every new month.
The picture is not accurate, I took the photo yesterday morning but received two additional $5 and a $50 in the afternoon soooo…
A day late but March’s yield stands at 16 pieces of little greens, and one big green – bringing the month’s total to $130!
Let’s do a quarterly round-up:
There isn’t much value in trying to average out the numbers, you can sort of see how it can jump from $80 to $250 a month, depending on how lucky you get. And even if you only played with Fives, you could get anything from just a few pieces to twenty.
Oh, so people tend to ask me what I do with my green stacks – do I throw it into a bank or just keep it as cash savings? Up till recently, I kept everything in cash mainly because I found it quite satisfying to be able to visibly see the savings increase in volume. But I’ve been playing for at least two years now and… Well it’s getting too bulky, haha. Especially the $5 notes.
So yesterday I opened up a new account specifically for my Fives. I intend to still keep my Fifties in cash for the time being – and yes it’s locked up, not just lying around in a shoebox – because I think it’s important to diversify savings and have a modest portion as cash savings.
Banks are conventionally seen as the safest option for storing money and they provide an opportunity to earn a small interest/profit, but just imagine if all the ATMs were suddenly inoperable due to a major technical glitch, and all the bank branches were shut down (and this did happen to BIBD at the end of 2014). If all your money was in the bank, you’d suddenly find yourself locked out and unable to access any funds (except whatever you had left in your wallet). When it did happen with BIBD, the disruption affected even online banking and debit card usage, extending the inconvenience to customers who were trying to use their cards overseas. I’m very risk averse and I definitely believe in diversifying so I do have accounts with more than one bank and I keep some savings in cash form. Never keep all your eggs in one basket!
Anyway yes, I set up a new savings account for my Fives with BIBD. If you’re an existing customer, you can use online banking to easily create a new account in a matter of minutes. Their Easysaver (0.4% p.a.) and Purpose Saver (0.3% p.a.) accounts are available for opening online; I recommend the Easysaver because the interest rate is a little higher. Heads up: It might take a few hours (or a day) for the new account to show up on your list of “Accounts”. A friend had it show up automatically, but mine hadn’t until I checked again the following day.
So now I intend to deposit all my little green fishies into that account. This is easy: stick your stack into one of those cash deposit machines, and it will add it to your general usage BIBD account (the “main” one linked to the debit card). And then I’ll just use online banking to move the amount into my Fives pile, away from easy debit card access. BIBD also has the option to customize and name accounts so you don’t get confused. I’ve literally named my new account Fives haha.