Most PT, OT and SLP therapists don’t like to think that they are motivated by money, but the truth is, we have bills to pay and future financial goals to work towards.
Everyone operates differently, but every dollar I earn from private patients go into a high interest savings account. My part-time job as well as my partners earnings are enough to cover our bills with my income from private patients going towards financing future goals. In our case, the four major areas that we are saving for are as follows:
- 6 Month Savings Reserve $200/week
- Home Purchase $200/week
- Future Childcare Expenses $25/week
- Retirement $100/week = $525 week
Any extra income goes directly into our 6 month savings reserve until our goal of $6,000 is met. Otherwise the money goes towards our future home purchase.
How Do I Make This Happen?
I am a big believer in my high interest savings account through ING Direct. ING Direct provides a yield of 1.25%. While this has significantly dropped over the past few years, it still provides a higher interest rate than most local banks. I have my account set up so that I put money into my main account and set up automatic transfers into the ING account. The money is filtered directly into various sub-accounts named for the above listed goals. When I just had a lump “savings” account it was much easier to borrow money from it to use for various other purchases. It makes you think twice to take money out of an account specifically labeled “home purchase.”
Do You Want an ING Direct Account?
If you’re ready to start saving more money into a high interest savings account, I have had my ING Direct account for almost 6 years now and I highly recommend it. They are user friendly and have no fees and also no minimum balance.
Click the link below to get started:
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