[DFW_M]

Originally Posted by sandyeggo325i

i bet your savings rate isn't at 4.5% any more and the CD rate's lower too...
remember, fed cutting rates affects savings rates. if the banks can't charge more to lend they money, they're not going to give you more to park your money so they can lend it... did that make sense?

makes sense however, it still is 4.5% -- it is the Money Market acct...

[1cleanm6]

the feds have indeed dropped the rates.

If i was into putting a lot of money i woulddefinately be more worried about the one percent rate, but 4 percent is pretty good. I just ned the insurance of the money being there. That right there is owrth more then one percent two percent or 6 percent.

Im going to stick to the credit union i work for because i can maybe one ay get a better rate before maturity and wont have to pay fees and stuff.

Im sure i can do it, i dont care about mods and i have a couple stuff ready to do but im holding off.

But lets stick to subject, how can we save money money money?

[1cleanm6]

i believe citibank has online savings accounts with 4.15%

[txusa03]

Originally Posted by Boosted335

i believe citibank has online savings accounts with 4.15%

wrong, they just lowered to 3.9% with a 4.0 apy.

[Josh49]

Use your neighbor's wireless internet FTW..




j/k of course..

[jdink]

Check to see what rates your bank will give you in a savings account. Also, depending on your tax bracket you may want to look into tax free money market funds (the intrest is tax free... i.e. if you are in a high tax bracket you will benefit more.) keep in mind that the earnings on a 5% taxable cd or savings will most likely be taxable.

[Josh49]

One more thing - buy the energy saving light bulbs. The neew breed of them. They're expensive up front ($5 a bulb), but it is incredible how much lower your monthly bill is. My family room has 7 or 8 recessed lights, these bulbs make a huge difference when I get the bill each month. Replace the bulbs in the rooms you use most often first (family room, kitchen, bedroom), this is where you will see saved money. Replace the others as they burn out..

[stooken]

1) figure out your total expenses for the month
2) figure out your total income for the month
3) budget your entertainment allowance on a weekly basis ($50 for me)
4) figure out how much will go into your savings per paycheck
5) reallocate higher interest debt to something lower
6) leave a little emergency + gas money in your account. for me, i leave about $300 in my checking acct.
7) cut out all the fat! brown bag it to work. eat at home as much as possible. i only eat out ONCE a week whether its breakfast, lunch or dinner. don't spend money on mods. don't go shopping. don't take the girlfriend shopping.
8) SAVE ALL YOUR CHANGE! don't dump it into the tip jar. this crap adds up. bring it home and throw it in your piggy bank. and all those $1 bills that fill up your wallet you want to get rid of so much? throw that in your piggy bank too. money you don't see, you won't spend!

stick to this routine religiously for a good 2 weeks and you'll get used to it. i've saved a good $2-$3k each month.

[sinnet112]

Originally Posted by stooken

8) SAVE ALL YOUR CHANGE! don't dump it into the tip jar. this crap adds up. bring it home and throw it in your piggy bank. and all those $1 bills that fill up your wallet you want to get rid of so much? throw that in your piggy bank too. money you don't see, you won't spend!

stick to this routine religiously for a good 2 weeks and you'll get used to it. i've saved a good $2-$3k each month.

+1 on the saving change. I always put it into a jar I have at home, and I empty it out once a year, it usually ends up being a good $200-300.

[OC Guy]

Originally Posted by sinnet112

+1 on the saving change. I always put it into a jar I have at home, and I empty it out once a year, it usually ends up being a good $200-300.

Use your check card whenever possible to minimize "change."

[phantom330]

Eating out is where we spend most of our money or going out for a couple drinks on the weekend. Taking my wife out for dinner and a couple drinks usually turns into a $100+ evening, I wish I had the money I've spent on dinners and drinks, but on the flip side it's nice to get out. I have a cheap friend that never leaves his house and won't do anything that costs money. He's got some nice savings, but what good is it if you can't even enjoy life. Key is finding the balance

[!Xoible]

Originally Posted by sandyeggo325i

again...

considering the liquidability of high yield online savings accounts....CDs are lame IMO...

LOL i dont have info on CDs. i did online savings just coz it's so convenient. but then for those who dont know how to stop spending (like me) need a CD coz it wont give them access to their money.

401k is good way to save

write shit off taxes is VERY good way to save. tax is my biggest expense

paying in cash only and leaving ATM/CC at home is a good way to save money

overall not paying CC Is very good for you IMO

Sushi/dinners/lunches if cut in 1/2 or 1/3rd u'll save lots of money. i pay close to 1k a month on shit like that

[OC Guy]

Ways to save money:

1. Buy a video game or two.
2. Find a cheap hobby. Gym is a good option.

[Couch]

Originally Posted by txusa03

dont forget always try Credit union first.

Also, for those who are home owners and car owner, try DIY vs hiring a professional when ever possible.

Should have mentioned that. That's where my CD is.

Originally Posted by sandyeggo325i

please tell me where you can get a 5% return on a 1 year CD with out a minimum deposit of like $100,000?

Wells Fargo offers 2.15% on a 1 year w/ a $10,000 minimum deposit.
My credit union offers 3.35% on a 1 year w/ a $1,000 minum deposit, bumps up to 3.65% if you're > $90,000

if you go to emigrantdirect you get 3.60% return on a liquidable account no strings, no bs...wouldn't you rather get the same or better returns w/ the liquidability option?

I actually got the CD one day prior to the feds dropping rates. I lucked out, plus I knew it was going to happen if I didn't take advantage that day. I could have put in any amount. I put in $25K for another savings account.

Originally Posted by Boosted335

haha i work for california credit union

im going to get 4 percent for 1k, i just dont want the money to be touched because one day i want to buy a house and live comfy and i think its a perfect time to start up. Im 20 years old.

I have really cut down but its only been 3 days every since monday i think ive spent only 30 bux total!! wow unbelievable huh? i think if you try you can do it.

I think monday i spent 10 bux on gas, tuesday i put another 20 bucks of gas and i have a lot of gas left in this daily 4 cyclinder until i drive the SUV.

You'll get use to spending less as you go. Looks like you're on the right way. I've always been fairly good about saving money, but at 20, I definitely wasn't looking at ways to save extra.

Originally Posted by KenB

warning
but I went to a bachelor party and a guy (who drank alot and smoked a ton of weed) decided to give himself a hair cut, with clippers (I am laughing out loud as I type) it looked like Jackass when they hit each other with the clippers, right down to the skin

That doesn't count, lol. That's when your friends talk you into letting one of them shave your head.

Originally Posted by sandyeggo325i

again...

considering the liquidability of high yield online savings accounts....CDs are lame IMO...

I've always thought this, but as someone who has multiple investments. It's just another way to increase capital. From what I've read though, you have to be careful about some of those online savings accounts. I've grown up in the internet age, and I still don't trust doing a lot or stuff online. I still write out checks.

Originally Posted by stooken

1) figure out your total expenses for the month
2) figure out your total income for the month
3) budget your entertainment allowance on a weekly basis ($50 for me)
4) figure out how much will go into your savings per paycheck
5) reallocate higher interest debt to something lower
6) leave a little emergency + gas money in your account. for me, i leave about $300 in my checking acct.
7) cut out all the fat! brown bag it to work. eat at home as much as possible. i only eat out ONCE a week whether its breakfast, lunch or dinner. don't spend money on mods. don't go shopping. don't take the girlfriend shopping.
8) SAVE ALL YOUR CHANGE! don't dump it into the tip jar. this crap adds up. bring it home and throw it in your piggy bank. and all those $1 bills that fill up your wallet you want to get rid of so much? throw that in your piggy bank too. money you don't see, you won't spend!

stick to this routine religiously for a good 2 weeks and you'll get used to it. i've saved a good $2-$3k each month.

Good stuff. The "Money you don't see, you won't spend" is so true. And great to live by.

[Couch]

Originally Posted by KenB

She works at the credit union?

Mine is at school right now

Maybe I'm in a need of a cup of coffee. You lost me.

[jaiman]

hang on, the OP is 20 and looking to save for a comfortable future, and you guys are haggling over CD vs saving accounts?

If you want to build a decent amount of money, at you're age you need to be investing in equities. Over a 10 year period with CD rate at 3.75% and hitting the long run market average of 10% you'll have 34% more money if you invest in equities, at 20 years you have 97% more and at 30 years you have 205% more if oyu go the equities route.

CDs are fine if you have a short run defined goal to save for, otherwise you're better off in equities.

[Couch]

Originally Posted by KenB

I feel dirty again

: I normally have really sick mind, but apparently I'm on the straight and narrow today.

Originally Posted by jaiman

hang on, the OP is 20 and looking to save for a comfortable future, and you guys are haggling over CD vs saving accounts?

If you want to build a decent amount of money, at you're age you need to be investing in equities. Over a 10 year period with CD rate at 3.75% and hitting the long run market average of 10% you'll have 34% more money if you invest in equities, at 20 years you have 97% more and at 30 years you have 205% more if oyu go the equities route.

CDs are fine if you have a short run defined goal to save for, otherwise you're better off in equities.

That's another story. He's really just looking at ways to spend less. Of course for the long run a CD is not where to put your money.

[stooken]

Originally Posted by sinnet112

+1 on the saving change. I always put it into a jar I have at home, and I empty it out once a year, it usually ends up being a good $200-300.

yeah. my family has this huge vase where we all dump change in there. i had my sister roll all the coins for a down payment on her car. turns out, we cashed in a little over $1k!

Originally Posted by KenB

SAVED $2,000 to $3,000 each month?

How much were you spending?

ALOT.

i'm forcing myself to save at least $1k/month right now.

Originally Posted by OC 335i

Use your check card whenever possible to minimize "change."

good idea. plus, you can get reward points on your check card purchases. i usually don't keep alot in my checking though. once my paycheck comes in, everything gets distributed to my bills and savings. i leave just enough for gas and little things.

i keep enough cash on hand for the week and thats my allowance.

Originally Posted by Couch

Good stuff. The "Money you don't see, you won't spend" is so true. And great to live by.

try hiding money from yourself. i found $300 the other day when i was cleaning my desk.

FYI. hide it somewhere you'll eventually look not somewhere you'll forget about and never look.

[1cleanm6]

my goal is 1k a month, i can do it and i know

[stooken]

Originally Posted by Boosted335

my goal is 1k a month, i can do it and i know

then do it. try it for a few months then try a little more. if you can do it and you know you can do it then you need to step it up a bit more.

the point of this is to FORCE yourself to spend your money wisely and save as much as possible.

[Asiann]

Man you eat out way too much. Start packing your own lunch and stop being lazy. Also have you GF bring you lunch and drive over to see you. Also eat out maybe once a week and once on the weekends and invest in a really good cookbook if you want creative ideas. This alone will save you all the money you need. Start writing done everytime you eat out during a week and tally it up and see for yourself. Money is better elsewhere than CD's for short-term. Check out http://www.managingmoney.com/banking...ngs%20Accounts
you will find savings accounts as mentioned before comparable to CD's minus waiting for maturity and fully accessible. Good luck!

[hl0m4n]

Originally Posted by Neil

For saving at a stable rate I like money market accounts, last year I had a CD at 5.4% and my MM account was 5.2%. The best part about the MM vs. the CD was I could keep adding money to the MM account so the interest was compounded on a larger amount therefore giving me more reinvested dividends each month. It makes more sense to make 5.2% on $100,000 in a MM rather than 5.4% on $10,000 in a CD. Its a good place to save cash for a home or places where it will be needed in the short term. For long term savings look elsewhere because for long term you want growth.

Next thing to do to save money is automate as much as possible. Automate all your bills and automatically put money away into retirement accounts. Therefore you get accustomed to having a certain amount and won't spend it.

wow this thread really got me thinking . what is a MM? right now im reading more up on CDs. when you put money into a CD and set the duration does the bank give you the interest before sign the agreement making it official? and since it will be FDIC insured your good as i take it, you can't lose money because the agreement of interest based on how much your giving and time duration has been set before the transaction is finalized?

"A certificate of deposit ("CD") is a short to medium-term, FDIC insured investment available at banks and savings and loan institutions. Customers agree to lend money to the institutions for a certain amount of time. In exchange for doing so, the customers is paid a predetermined rate of interest. Often, banks will charge a penalty fee if the money is withdrawn from the CD before it matures. "