Wednesday, December 28, 2011

Why Save Money

While I was considering the purchase of the iPhone, I happened to recall my visit as a ten year old to the bank with Dad to open a savings account. With bars on the teller window and a bank president on site, it was a different time. Dad was no stranger to the bank as he borrowed as much as the bank would lend. A couple of years later, he was dealing with more than one bank.

When Dad explained to the bank president the reason for the visit with me in tow, we were ushered behind the barricade in front of the bank president's desk. Have no idea how much was deposited in the savings account that was opened. However, I do remember the visits to the bank far into my teenage years to deposit money and have the interest earned recorded -- in a savings passbook.

It was a nostalgic recollection. Interest was actually earned -- or at least recorded as being earned.

Today checking accounts and money market accounts have a paltry interest rate -- if any is actually paid. If interest were paid on the money in the account, there might be some way to stay even with the annual inflation rate.

So for me the obvious conclusion is that they -- the bankers; the economists; the Federal Reserve -- do not want me to save money. They want me to spend the money. A dollar today is worth a dollar. With inflation, tomorrow the dollar will be worth less.

So I might be reconsidering the iPhone purchase. If not the iPhone, I have no doubt there is some other want that will claim those depreciating dollars in my checking account.


  1. Go for it Lloyd! I bet you will love it and even if you don't, you have 30 days (I believe) to return it and get your money back. Double check with your provider before you do anything but I am sure there is a return policy that will benefit you. I would almost bet though that you won't even consider returning it. It is a fun tool, toy and gadget. Just ask some iPhone owners and they will give you the scoop on how they like or don't like theirs.

  2. I love my dog and my IPhone !!!!!!!!

    They are both Perfect !

  3. Stop it already. A guy with an addiction problem doesn't need enablers.

    However, I am not so sure about the dog.

  4. I remember bars on the teller windows. I guess it was before life became cheap. As for savings accounts, I'm still in favor though I do prefer dividend paying stocks. But we've got quite a few old savings bonds that are still paying nice interest. It's all a matter of timing.


Anonymous comments are no longer allowed. Regardless, comments are appreciated. Sometimes there may be a response from Wandrin Lloyd. Sometimes not. Regardless. Thanks for stopping by to share your thoughts. Leave a comment or send WandrinLloyd an email. Note: Ads disguised as comments will be deleted.