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Originally Posted by braisler
Boo .... (snip) ... Again, depending on age, I wouldn't sink all of my money into a CD or CD ladder as a main vehicle for investing. But they are fully guaranteed (up to $100000) and a nice way to have continued assurance of financial security with at least some interest income. This is a great way to grow your "emergency fund" without risk.
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Great info braisler
.... As a supervisor in the AF, I had to council my people on money (usually in a bad light). This was a way for them to get started in a savings plan. I still use ut as a way to maintain a safety fund. I have also used it to gather funds or control funds for a special purchase. An example would be when I wanted to buy a camper. I used the money instead of taking out a loan and saved the normal associated finance costs.
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Originally Posted by edmos1
... (snip)... this is a simple one, when entering in your checkbook, round up to the nearest dollar. within a couple of months you will have a decent savings there.
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While this may work for some people, I dislike it as rounding may put a person into a negative balance when funds are low. People tend to estimate thier balance when doing this and a bounced check can be expensive. Check books should be to the exact amount at all times (including ATM and debit actions). If you want to test my therory just walk into a bank and show the accounting people your "rounded off" checkbook when you have a disparity.
I also believe in using a tool of some sort to maintain all of your finances. Quicken is a favorite of mine. You should look at you long term finances monthly. Quicken allows you to see where your money is going. Set a date and stick to it. Are you making your goals? Are your goals realistic? Do you need to dump the car that is now a money pit? Those cigs get really expensive when you actually see the long term cost of them. Do you eat out too much?