OK, I'm 34 years old, a single parent who has a 13 year old, and I do not have much savings. I want to know what is the better plan for my age with not much savings but would like to "catch up".. Where should I put my money? I've heard of multiple places and answers but I would like to hear yours also. Give me some sort of detail on why your answer would benefit me the most. Thanks to all who answer!
2006-10-10 19:39:24 · 7 answers · asked by kornsap 2 in Business & Finance ➔ Personal Finance
I have a savings account with ingdirect. They have the highest APR payout a month. Right now I have a 4.40% interest rate. That's extremley higher than at regular banks, which usually pay from 0.20%-0.40%.
I usually put $100 a month in my savings account from my monthly paycheck, and sometimes if I have enough saved in my bank account, I'll make it double or triple. The best thing to do would have a certain percent taken out of your paycheck and automatically deposited into savings. That option is on ING as well.
2006-10-10 19:44:51 · answer #1 · answered by Vix 3 · 1⤊ 0⤋
At 34 you still have 30 years to go to save so you are not in bad shape. If you set aside a couple dollars a day that would be a great start. The important thing to do is to diversify your investments. I would go with a combination of stocks, bonds, and mutual funds. The best mutual fund is an index fund like the Vangaurd 500 or such, because they combine 500 or so stocks for very small fees. The benefit of diversifying is that it decreases risk. If one stock tanks, you still have 499 other stocks that minimize the damage. The stock market has historically increased at a steady rate, like 10%. There are also bonds, U.S. treasury bonds have essentially no risk, but the returns are pretty low. Keep in mind compound interest will greatly increase as time passes which will grow your savings very well.
2006-10-10 19:50:21 · answer #2 · answered by charlemagne8410 2 · 0⤊ 0⤋
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2006-10-10 20:56:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Get a savings account with out an ATM card and act like the money isn't yours.
2006-10-10 19:42:19 · answer #4 · answered by ladystarrchild107 3 · 0⤊ 0⤋
i normally use an ISA or a regular saving account with a high interest. It may also be advisable to go into your bank and ask about savings as my bank looked at my finances and asked me questions and came up with some ideas to save.
2006-10-10 19:56:54 · answer #5 · answered by mentalboy1 3 · 0⤊ 0⤋
i relate with your situation man! i really cant suggest on where to put your money but i can give you three views of mine. i hope it helps.
view 1 - need to earn more, how? work your *** off!
view 2 - need to cut down the meaningless expenses (e.g bad habits like drinking too much)
view 3 - prepare yourself to do sacrifices on comfort.
I sincerely pray that everything works out fine for you in quick time.
2006-10-10 20:30:34 · answer #6 · answered by manfrmjungle 2 · 0⤊ 0⤋
Save that money for the kid. earn some more to catch up.
2006-10-10 19:43:29 · answer #7 · answered by akmismzafazaa 1 · 0⤊ 0⤋