Mr. FG and I were fortunate with our first two kids…Joshua’s dentist has declared that he will not need braces, and Lisey is very nearly in the clear as well.
Sonia, however? She’s going to need some dental work. She’s a small person, and her teeth are going to need some help fitting into her small mouth.
Happily, her orthodontic work doesn’t need to start right now, so that will give us some time to start saving. Of course, I’ll check into whether our insurance offers orthodontic coverage, but even if it does, I know we’ll have to pay a fairly hefty amount out of pocket.
I can’t complain, though…it’s not like all four of our kids have to have years of orthodontics. If we make it through with only Sonia needing braces, I will feel pretty darn pleased.
Anyway, I’ve known for a good year that she will need this kind of work, and I hadn’t gotten around to opening an account for this purpose.
But, as you know, I recently opened an Able Banking account, and I’ve decided that it will be the official Orthodontic Savings Account. You have to make a minimum $250 deposit to open an Able Banking account, so I’ve got a little head start on this savings project.
I set up a monthly automatic transfer into my Able Banking account because I think that automatic transfers are the easiest, most foolproof way to save.
I also highly recommend keeping your targeted savings accounts in an online bank. Accessing the money is a little more difficult than it is with a local brick and mortar bank, and that’s a plus for a savings account. You can’t just drive over on a whim and withdraw the cash, which means you’re much more likely to let the money sit there and pile up.
If you don’t have online savings accounts, I think you’re missing out! There’s no easier way to set aside money for specific purposes. Our online savings accounts have really turned our finances around.
Able Banking is really new, and I was able to open an account as a beta tester. But Able Banking is offering my readers the opportunity to open an account without a waiting period.
Go here to open an Able Banking account, enter the code ABLEFG, and you’ll be on your way!
Able Banking spends less money on marketing than most banks do, and they pass those savings on to you in the form of annual bonuses which you can give to the charity of your choice. You’ll get $25 to donate when you open an account, and every year, you’ll receive 0.25% of your average balance to give to charity as well.
Plus, the interest rates at Able Banking are competitive with other online banks (in fact, their rate is higher than ING’s at the moment).
Go open one up! If you need to save for orthodontic bills or a vacation or Christmas or whatever, an online savings account is a great tool. And since Able Banking pays a competitive interest rate AND helps you give to charity, I think they’re a good choice for your online banking.
Readers, how have you handled orthodontic bills? Did you get prior warning so that you could save ahead of time?
Today’s 365 post: Some of the best money we’ve ever spent.
Joshua’s 365 post: Whoops! (the subject of this picture made me laugh out loud!)
Able Banking gave me early access to a checking account for review purposes, but I was not otherwise compensated for this post, and all opinions are my own. I just think their business model is lovely and since ING was recently bought by a larger company, I know some of you are interested in exploring other options.