I like to think I’m good with money. I come from frugal parents, so as I was growing up, spending my money on anything was frowned upon. My dad’s addicted to the stock market, and I’ve learned a thing or two from him. I’ve divided my monthly spending into categories, and I keep track of every dollar I spend.
So you can imagine my excitement when the bank told me they have this new online savings account where I can move money from savings to chequing anytime I want, without a fee.
What’s the cherry on top, you may ask? That savings account gives me a pretty hefty interest rate.
Being a social media and communications strategist, I figured I should have some sort of strategy for my money as well. So I came up with something simple – I’ll keep the majority of my money in my savings account, since that’s where it can earn some interest, and I’ll move money into the chequing account as needed.
Fast forward to me working at my new job and heading down to a Chinese bakery to get something to eat. I absolutely LOVE Toronto’s Chinese bakeries. I used to live in Chinatown and me being a “frequent customer” is a massive understatement. Two things for $1? Yes, please. Five things for $2? Even more yes please!
When I found a Chinese bakery just a few floors down from my new office, I was ecstatic. I picked out two almond twists and headed up to the cashier to complete the $1+tax transaction.
I inserted my debit card into the machine, typed in my PIN and waited…
I’ve never seen a death glare quite as strong as the one given to me by the elderly Chinese woman running that shop. She was NOT impressed. There wasn’t anyone in line behind me, but that didn’t stop the fury.
“Hold on one second,” I told her. “I just need to transfer some funds.” I could feel the anger radiating off of her body.
I turned on my phone’s data, transferred some money into my chequing account (Thanks, online banking app, for coming in clutch in this time of need) and proceeded to successfully pay a dollar for my almond twists under the fire of her stare.
And, no, I didn’t have any cash. Don’t be ridiculous. In the words of the dreamboat Justin Trudeau,
LESSON OF THE DAY: Keep tabs on your finances if you’re using complex maximum-interest strategies. Or just bank like a normal person and keep a normal amount of money in each account.