 Pay off credit card, or open a CD? |
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|
 How should I spend my birthday and christmas money? |
1. Buy a new, cheap, decent phone. Have a Motorola L7 which is doing my box in.
http://www.sonyericsson.
http://www.sonyericsson.... |
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| I need to make 4000 dollars online over the summer for school, any suggestions?... |
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 Having a problem making money...needs some advice? |
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| someone please tell me the easiest way to make more money online so I can pay off expensives that I have...im a hard worker i already have a job and i go to school...im 21...and ready to make some ... |
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i dont want to have to buy anything or something thats spam.
a legit way to make some money online.
easy and maybe even fun if possible haha.
please and thanks =]... |
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trevor s | How do i build my money in a savings account? |
young worker
1330 salary per month
750 in bills |
 |
 
Revolution
|
First, whatever you save, don't take out for whim purchases (try to keep it to true, true emergencies). Keep putting in as much as you can afford and when you get your tax refunds back in April/May (based on your salary, I'd say you'd be due for a refund from the IRS and perhaps your state too), don't spend that money, save it (as you never has access to the money in the first place).
GMAC Bank (primarily online, FDIC insured) offers 5.16% interest on their Money Market Accounts (MMA) with roughly a 5.25% Annual Yield (this varies as they change up their interest rate when the Feds do). They won't slash your interest after six months (or after a certain period of time) although you need to keep a Daily Average of $500+ with them. It's also a great vehicle to prevent spending since you get charged $10 for every withdrawal over the limit of three (3) you make in a month although you're free to deposit as much as you like whenever you like. You can set-up automatic bank-transfers and direct deposit very easily. |
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Phil O' Brien
|
Earn more, spend less, save the difference. |
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jerrold
|
Determine how much of the difference between your salary (after taxes) and your bills must be kept liquid so that you can pay unexpected expenses without having to borrow. This is, of course, an estimate, but you cannot control every factor. The liquid portion should remain in a money market account (or money market fund, with checkwriting). The remainder could go into a CD once you have accumulated enough to get a worthwhile yield. The shortest-term CDs, as I'm sure you realize, offer the lowest yields, but may accept smaller amounts. Wait until you have an amount that will allow you to buy a higher-yielding CD.
There is not much flexibility available in savings accounts, money market funds, and even CDs. But I imagine you asked the question you did because at this point in your life, every penny counts. Good luck. |
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Carline l
|
hI!
u're actually doing great in terms of income. I know I might sound absurde what I 'm about to say but, I recently took all my money which was about 2 grand out of my savings account and I'm playing the market which is returning more than what the Bank has been giving me for years. I used to buy stock and let them sit in my scottrade account until I'm able to sell the shares for a little profit, not anymore.
After attending a seminar about investing in NYC. I didn't pay for it of course but I got some valuable strategies out of it: I learned about "covered Call" which is a safe way to use stcks I already own and sell the right for someone else to buy it back from me at a set price within 30 days . you get paid for selling the right which is about $.50-$2 per share in blocks of 100 and when the stock price rises they might or might nor buy it back and you end up with double return. Go ahead type "coverded call on the net and see what . By the way I left scottrade and I'm now trading on tradeking.com for $4.95 per trade and $.65 per sell of call
Please try it and let me know.I have more tips if you need. |
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Papa John
 |
You don't do it in a traditional savings account. Start buying some CD's ( not music ). Well, you said you were young. Or open a money market account. Either will give you a little more interest. But, your ratio of debt to income is aweful. Until you change that, you'll never get ahead financially. |
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compmama
 |
ING Direct and Immigrant Direct offer great interest rates. If you have a longer savings horizon, consider mutual funds offered thru online brokerage accounts. Good luck! |
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bootsy
|
Just be consistent in saving. Keep adding to it and never take from it. When you do get a certain amount then look at Cd's (certificate of deposit). |
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Big Bully
|
I started off by opening a savings account that was not attached to my checking. Making it inconvenient as possible for me to get my money out. I had no ATM card, this removed the temptation of getting money out.
Then there is controlling your spending habits. |
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trumy123
 |
open an account at ingdirect. They pay 3.5% interest and you don't tie up your money! |
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100yroldtree
 |
Try short-term CD. |
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Eric C
|
well i would put it in a money market but if you have enough saved up and u can put away some money u think u wont need get a CD for as long as you want |
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