Ask:
We have never really had a savings account. We just use money from our retirement acct if need be. But I know we should set one up. Do you use a simple savings account from a bank, an interest bearing one, cd's or what? Where to start?
Answer:
I would set up a simple savings account since u can add small amounts anytime. then when we get a nice size look into an IRA. Not sure if there is a minimum amount u have to have to put in first, I thought there was. There are some really good financial planners out there. we had the same ones for about 10 years. they helped us when dh lost his job.
otherwise i would do simple saving and then when larger I would put into longer term cd's. I know it's hard at first and that is the most safe and easier to do on your own.
allgirls
Answer:
I set-up a simple saving account linked to my checking account. I pay that account every month just like a pay a bill. The good thing about having it that way is that you can access it in a hurry if need be...that is also the bad thing.
After saving for awhile and I had enough to put money away, I put it in an interest bearing account that is separate from the other accounts. If we buy something on 12 mos same as cash, we don't buy it until we have the money to pay for it, put that money in the interest bearing account & pay it off when it's due. That way we are earning on the money while it sits & we don't have to worry about coming up with the money in a certain amount of months.
HTH!
Answer:
My savings acct is from ING. I love it. It has a much higer interest rate than most banks and I can get in it easily if need be.
Answer:
I opened an acct with ING as well. The interest rate is 4.5! Every 2 weeks when dh gets paid it automatically withdraws $40 and depostits in my ING acct. Pretty nifty, I don't even have to think about it. As I get more debt gone, I plan on getting more money deposited in there on a regular basis. Its not a lot of money right now, but we have NEVER had a savings acct before and now we have a few $$ to fall back on in case we need it. So far we havn't needed it.
I saw a commercial the other day, can't remember which bank, but they had an interest rate of 5% I think. I need to remember!
Answer:
We have just a plain ol' savings account. We put $100 in there a month, which isn't much but better than nothing. We have also enrolled in the round up program, which everytime we use our debit card, it puts the extra change in our savings account. This is what works best for us.
Answer:
We have 3 cd's (one for each kid and one for DH and me together) that we can add money to whenever we want to. The interest rate is the same as the fed - which I think our last statement was around 5%. We can cash it in August. I think we will take the interest and put it in our emergency fund and keep the base amount in there and start the cd again.
We also have a regular savings account but it only makes less than 1%. We keep this as our emergency fund since we can write checks out of it as we need it but thankfully haven't needed yet (but I'm still working).
Good luck. It's a good idea to start some sort of savings.
Answer:
We have a simple bank savings account have have an automatic transfer of $75 go in every month (lately we've been just transferring it back eek bye bye emergency fund) But the idea is to not have to think about it.
Answer:
We have all of the above - IRAs, regular savings, ING account and a CD with a credit union. Compulsive savers...
Answer:
Originally Posted by bonna9182
If we buy something on 12 mos same as cash, we don't buy it until we have the money to pay for it, put that money in the interest bearing account & pay it off when it's due. That way we are earning on the money while it sits & we don't have to worry about coming up with the money in a certain amount of months.
HTH!
I WISH I had the self control to do this. We pay a little each month and put some into savings, just to make sure we have it paid on time. We just have started saving again (maternity leave and birthing expenses) and plan on opening a CD soon. We can open one with just $500 and can add at anytime using the online banking. We used to have a couple rotating so one would be up every six months incase we something happened (like baby!) and needed the money.