Positive feedback on square savings.

[Twpchair]

I've been with square for 12 years and I love my little credit union but interest in the savings account only. Could I get some positive comments and how useful and helpful it's been.  Thank you in advance! I'm looking to put a certain dollar amount daily or percentage away and not really wanting to touch it daily or move money back and forth daily or weekly type thing more so as an emergency or a great deal on inventory I can't pass up type thing if that helps. 

[HC_Charlie]

@TwpchairSquare Savings has been great for me, I've used it to put aside a % of my daily sales (inside a Square Savings folder) to pay quarterly State Sales tax. I used to have to scramble to find money to pay my state sales tax, because I often didn't put aside enough at the right time. But I auto save into the folder with every sale, and at the end of each quarter I can transfer that money into my bank account I use to pay my State Sales Tax.

Have you read @PessoAlumni bookclub selection Profit First by Mike Michalowicz? It's a great read that talks about putting aside all your business' incoming money into different "folders" or "categories" to make sure you're prepared for expenses. You can use this idea and create different folders in your Square Savings account.

https://www.sellercommunity.com/t5/Square-Readers-Book-Club/Book-Summary-Profit-First/td-p/713533

[Twpchair]

I just started to last night! Thank you!

[PessoAlumni]

Thanks for the Book Club shoutout, @HC_Charlie ! 

Ah, @Twpchair congrats on starting to read it! How's it going so far?
Feel free to jump in and respond in the discussion threads as you're reading!

[Twpchair]

Believe it or not with my crazy life I never thought I could actually sit down and read a book! I've been going to bed around and 8pm and reading for a good a hour or two and I really like it so far! I'll be honest it also helps me unwind. I'll definitely keep you posted!

[Twpchair]

I just started Friday. ughhhhhI posted 3 weeks ago, and no, it didn't happen getting through Memorial weekend, which turned into the next week because not many left our lake we live on it was crazy! Then, of course, restocking and orders. 

[PessoAlumni]

I'm so glad that you've been able to work in some reading and it's helping you relax and decompress, @Twpchair ! It's hard to do even without a business, so power to you for getting in any reading at all with everything you have going on! 

Definitely keep us updated on how it goes-

[Twpchair]

I will! Thank you 😊 

[ryanwanner]

I second @HC_Charlie 's thoughts, especially about the taxes. Having a percentage of each swipe put aside without having to do anything is a definite perk.

I think my only grumble with Savings is with the statements. Each savings folder you create shows every deposit into it, but all the reporting only shows a bulk amount. If you auto save $3 into a tax account and $2 into a general account, all the reports say $5 to savings. Overall it's a non-issue, but the bookkeeper in me cringes a bit every time I see the statements.

[rtfulk]

We use and love the savings account. We put 25% of our credit cards sales into it. We needed a new work truck and were able to pay cash for it from the savings account. We just let the money sit until something comes up and we need money.