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i get paid weekly and the past 6 months i have had 20 bucks automatically going to a savings account. without feeling any pinch and not even noticing the 20, i have over 500 saved in that account now.
i got a raise at work, so im going to double that 20 to 40 now, wont feel anything and will have a little extra money as well.
i get paid weekly and the past 6 months i have had 20 bucks automatically going to a savings account. without feeling any pinch and not even noticing the 20, i have over 500 saved in that account now.
i got a raise at work, so im going to double that 20 to 40 now, wont feel anything and will have a little extra money as well.
Do you have a 401(k) with company match?
Instead of a savings account (and assuming you are under 50 or so) consider sticking that money in a Roth IRA and investing in something aggressive if you are young and something like a growth fund otherwise.
Instead of a savings account (and assuming you are under 50 or so) consider sticking that money in a Roth IRA and investing in something aggressive if you are young and something like a growth fund otherwise.
i work part time so i dont get benefits.
dont have the time for a full time job with school.
just wait until you discover compounding interes (http://www.mindyourfinances.com/money-management/savings/081104-04 - broken link)t!
Unfortunately, with the VERY low interest rates given by any relatively safe savings account/CD/money market, and the continuing devaluation of the dollar (by The Fed, thanks to our federal government's gross fiscal mismanagement), this way of saving for the future won't exactly pay for your eventual retirement or financial security (note that when I was young, had the economy not been ruined by government and Big Business corruptioh, you COULD save enough to retire since interest rates were realistic and not being artificially held at zero).
It is a good way to save for short-term purchases, however.
thats nice and all, but where am i going to get that return.
By investing in good mutual funds. Just make sure you have a fully funded emergency fund in place first. That's 6-9 mo. of expenses in a money market or savings account.
It's great to see it build up! Good for you for getting into the habit of setting money aside each paycheck, regardless of the amount or how much interest you are earning on it.
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Good Mutual funds
