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Thread: s/o: where do you put your savings?

  1. MilitarySOS Jewel
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    #1

    s/o: where do you put your savings?

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    Vino's post about the different accts her MF buts savings in got me thinking is there a better place to keep my saving than my savings acct? I have a TSP (gov't version on an IRA) which automatically gets 10% of my pay. and i put about 1000-1200 a month in a normal savings acct...is there somewhere this money could be gaining more interest?
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    #2
    You could do a roth IRA. I have one through Vanguard. My dad manages it for me because he enjoys that kind of thing, and I've never gotten less than 8% on it, even during the economic crash.
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    #3
    We did use CDs for our non-emergency savings. However, the interest rates are pitiful as of late, so it isn't really worth it, IMO.

    I would look into the rates/availability of a high interest savings (often called a Money Market). They usually have a minimum balance, but your money is more accessible than a CD.
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    #4
    I used to have an online savings account that was yielding 5%. When the economy went to shit, down went my interest rate. I just put $7000 in a CD that yields very little (.15%) but it's with my bank, it was easy to do, and better than it just sitting in my savings account. I can't take risks with the money, otherwise I would invest it in microloan program or the stock market or something.
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  5. MilitarySOS Jewel
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    #5
    Quote Originally Posted by rocket_lizz View Post
    You could do a roth IRA. I have one through Vanguard. My dad manages it for me because he enjoys that kind of thing, and I've never gotten less than 8% on it, even during the economic crash.
    is that only for a retirement acct though? or can you access it at any point in your life?
    Quote Originally Posted by Katyp View Post
    We did use CDs for our non-emergency savings. However, the interest rates are pitiful as of late, so it isn't really worth it, IMO.

    I would look into the rates/availability of a high interest savings (often called a Money Market). They usually have a minimum balance, but your money is more accessible than a CD.
    that what i was looking into but yea my bank has gone insanely low. money market might be a good idea ill have to look into it. i like that the money is accessible incase i need it, i have a lot of medical bills and im kinda scared to put money where i cant get it if something catastrophic were to happen.
    Quote Originally Posted by FruitPunch. View Post
    I used to have an online savings account that was yielding 5%. When the economy went to shit, down went my interest rate. I just put $7000 in a CD that yields very little (.15%) but it's with my bank, it was easy to do, and better than it just sitting in my savings account. I can't take risks with the money, otherwise I would invest it in microloan program or the stock market or something.
    haha im petrified of the stock market too thats where my retirement money is right now so i hope i have some in like 50 yrs haha
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    #6
    Quote Originally Posted by *Blondie* View Post
    is that only for a retirement acct though? or can you access it at any point in your life?

    that what i was looking into but yea my bank has gone insanely low. money market might be a good idea ill have to look into it. i like that the money is accessible incase i need it, i have a lot of medical bills and im kinda scared to put money where i cant get it if something catastrophic were to happen.

    haha im petrified of the stock market too thats where my retirement money is right now so i hope i have some in like 50 yrs haha
    Technically it's a retirement account but I was able to take money out of mine for tuition & medical bills without a penalty. I think you can also use it to buy a home without a penalty.
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  7. In vino veritas
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    #7
    We put some into stocks, some into bonds. Stocks are for long term growth, nothing short term.
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    #8
    Most of our money (well money DH had saved before we met) is in some sort of interest bearing account and it's made like $10000 since he opened it two years ago. So that's our house money. Our monthly savings is just in our savings account but were going to start looking into other things for retirement and such soon. I have a 401k through my job but I don't really count that since I don't do anything to it at all. It's just there.
  9. MilitarySOS Jewel
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    #9
    We have a money market account for larger savings and regular savings for more accessible savings.
  10. who will drive my soul?
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    #10
    Quote Originally Posted by january View Post
    Most of our money (well money DH had saved before we met) is in some sort of interest bearing account and it's made like $10000 since he opened it two years ago. So that's our house money. Our monthly savings is just in our savings account but were going to start looking into other things for retirement and such soon. I have a 401k through my job but I don't really count that since I don't do anything to it at all. It's just there.
    Do you know what kind of account? I'd be interested to look into something that has gained him that much money in that little amount of time. TIA!
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