What is the best way for me to save my money?
So i'm 18 and I have a very nice job. I still live at home so my only expense is gas and buying lunch a couple days a week. I currently have a checking account, but it has no interest and I have saved, and continue to save money. I want to know what would be the best thing to do with my money. I'm not sure if it would be a CD or savings or money market. I want to keep adding to it, and I don't plan on touching it. So what would you recommend/what banks?
Asked By: -peanut- - 11/8/2009
Best Answer - Chosen by Asker
I recommend using ING Direct for your savings account. It provides a pretty good interest rate, but the best part is that it's free and you can set up separate funds withing your account (IE: vacation, car, family, home improvements, school... whatever you want.) This helps me to stay organized and then give me the... More
Answered By: Gritts - 11/10/2009
Additional Answers (2)
Open a regular vanilla run of the mill savings account at whichever bank you have your checking account. Things like CDs and monkey market funds and interest rates matter way less than just moving your money out of your checking account so you can't spend it. Right now, it doesn't matter where you choose to park your... More
Answered By: Jilly - 11/8/2009
What you need to do is shop around for a bank account. Make it an account that has no monthly fees, only fees for withdrawals. That'll be a disincentive to withdraw money. Make it a passbook account or some other kind of account that you can't access easily. Have no internet banking or debit card attached to the... More
Answered By: Goonhilda - 11/9/2009
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