- Planning ahead - I made my first "unused funds" transfer to ING after receiving my pay last Thursday. However, since I requested the transfer on Thursday morning, ING didn't actually process the transaction until Friday, meaning that the funds are on hold until this coming Friday. If I had scheduled the transaction in advance, then ING would have processed it on Thursday, clearing the funds a day earlier.
- Having a buffer - Since this is my first time implementing this approach, the available balance in the ING sub-account is currently $0 (the rest is on hold). This means that this money is effectively trapped at ING until Friday morning. Transfers are only delayed when ING is receiving funds; when I transfer funds from ING, my brick-and-mortar bank makes the funds available the day after ING processes the transaction. Therefore, I am planning to build up a $600 cushion in this ING account, so that there will always be adequate funds available to cover regular expenses.
Monday, August 13, 2007
Playing the waiting game
I posted recently about my plan to use ING to hold "unused" cash from each paycheque, and as I implement this plan for the first time, I've noted some tweaks that need to be made: