Not too long ago, I let on to a bit of worry I had about abandoning the "Keep the Change" program for points on a new rewards card. It wasn't until this morning that the light bulb went off...I can continue to save the same amount, just in a different way.
Bank of America knew what the heck they were doing. They were smart enough to hire some psychologists, maybe behavioral economists, to construct this savings plan. When a few cents here and there are added to our ordinary purchases, it's easy. On the other hand, setting aside a "big chunk of money", even automatically, is a little more difficult.
What I've learned is that I can set aside more than $25 a month to the Bank of America savings account. If I take a close look at my savings from the "Keep the Change" program alone, I know that I can comfortably increase my savings by $23.09 (this is an average of my KTC savings between April 1st and today).
Doing this, I don't have to worry about my savings decreasing, and I can focus on accumulating rewards with my new credit card making purchases that, ordinarily, would otherwise be made with my debit card. So, what's next? When I get my new card (I can't believe I'm excited about this....I really need to "get a life" LOL!), I will change my automatic savings from $25 to $50. Since I won't be making many purchases with my debit card, I can rest easy knowing that I will continue saving as much money as I have these past few months.