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Interest Earned

December 3rd, 2012 at 12:29 pm

We earned $34.97 on our money market account for the month of November. It sure would be nice to live off interest, but at the current rates, we would need to have quite a bit more cash stashed away.

I don't save the interest as a snowflake, because I want our savings to grow, rather than use the savings to spend or put towards the truck loan. However, it is a good idea for those who might have an emergency fund and are paying down quite a bit of debt. That small interest payment each month could be added to your debt snowball. Or maybe you could at least save all the coins you receive each month. Cash them in at your bank and put that money towards your debt. We did that in our early years. Now, we rarely use cash!

If you didn't see my previous post, take a look...I reported the amount of snowflakes I saved since January! What do you do with the interest you earn? Save it, invest it, or spend it?

2 Responses to “Interest Earned”

  1. rob62521 Says:

    It is frustrating that interest rates are so darn low and it doesn't look like they will go up anytime soon. But any interest is better than being in debt.

  2. FrugalTexan75 Says:

    I save my interest - less than $10/mo (and now MUCH less...)

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