General Question

JonnyCeltics's avatar

Money saving tip?

Asked by JonnyCeltics (2721points) August 21st, 2008

What would you suggest I do with a few k that I wanted to put away for a year or so, and not be able to touch it? Something with an interest?

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12 Answers

cheebdragon's avatar

savings account.

cheebdragon's avatar

Buy stock in something and hope it turns out to be the new microsoft or starbucks of the future…..

aisyna's avatar

I would say Mutal Funds over stocks, its safer

cheebdragon's avatar

but do you get the same returns?

flameboi's avatar

yes, put aside some money, you’ll get hit by a truck tomorrow…
No, seriously, is good to think about the future, but, I’d buy a super hot car so my son could sell it for millons after 25 years

phred78's avatar

I wouldn’t invest in stocks either. Don’t you have savings accounts with interests in the US? I’d go for that. Money sits there and grows.

gailcalled's avatar

I would suggest doing some research on CD’s (Certificates of Deposit). Interest rates and required time before cashing them in varies, but its a good place to park some cash. The penalty for early withdrawal keeps you disciplined and the on-line rates are better than most local banks. (But check.) Savings account interest is about as low as you can go.

boffin's avatar

Open an IRA

Snoopy's avatar

If you have worked, you can open a Roth IRA. The earnings are tax free and you can withdraw the principal without penalty down the road…...should you feel the need.

This presumes however, that you have no credit card debt, liens, car notes, etc.

TheHaight's avatar

I agree with everyone else, open up a savings account and each time you get paid put a a good amount you can handle in the account. It will grow, and when you desperately need money that savings account will be there! If you dont want to touch it, have someone close to you that you trust be your co-signer, so when you need that money they have to also be there to sign for it too. And also be there for you to talk you out of taking that money out just to blow on something.

cak's avatar

I’m with gail on the CD’s. They are a fixed term and yield more than a savings account. Also, most savings accounts are too easy to withdrawl funds from, you may incur a penalty; however, the penalty may just be low enough to tempt you.

Go to your banker, tell them what you want to do, and they might have some great suggestions. Another thing to do, see a financial planner. You may laugh, but I went in, for the first time with only $500 to build on. He pointed me in the right direction and I’ve been working with him ever since that first meeting. Not once did he laugh at my little pile of money.

phred78's avatar

CD = Cross Dressers? Sorry, it was stronger than me :P

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