2007-01-16 06:38:49 · 13 answers · asked by drkombmisack 2 in Business & Finance ➔ Personal Finance
only have till the end of may to save it to move
2007-01-16 06:56:20 · update #1
Try to open a savings account at your bank that has a penalty for withdrawing funds ahead of time, such as an IRA. That way you won't be able to touch it even if you wanted to. I just have a regular penalty-free savings account, but I still don't touch the money because I purposely opened the account in a really inconvenient branch location, so I never get over to that part of town, and I also accidentally on purpose threw away my bank book so I wouldn't have access to withdrawal slips or my account number. Probably not the smartest idea for record-keeping, but we chronic spenders need to take drastic measures sometimes to keep the money in the bank, right?
2007-01-16 06:48:57 · answer #1 · answered by fizzygurrl1980 7 · 0⤊ 0⤋
You can put it in a CD at the bank , that earns higher interest than a savgins account, and you well be penetilized if you take it out early. You'll need the money upfront to put it in though. Otherwise if you want to put money in as time goes by a standrad savings account will work too, just don't make it easy for you to take it out, don't get a debit card for the account, or checks, make it so you actaully need to go in the bank to get your money, it is less tempting to spend it then. Or if you're more of a risk taker, you could look into stocks or a mutual fund.
2007-01-16 06:50:18 · answer #2 · answered by Em C 5 · 0⤊ 0⤋
You could put it in a Certificate of Deposit (CD) with your bank. As long as you know when you will need it, you can save an amount of money for a set time. 90 days to 10 years. The longer the CD time, the more interest your money will gain. There is a penalty for taking it out early, so only do this if you absolutely won't need the money until the planned time.
Also, you could set it up for a short period (90 days) and then if you don't need the money yet, you can roll it over for another amount of time.
Hope that helps, Happy Saving!
2007-01-16 06:58:04 · answer #3 · answered by Amy L 2 · 0⤊ 0⤋
Okay, first, forget the IRA or 401k advice - you are saving the money for a move. I assume you know approximately when you will need the money for that move.
Buy a CD that matures when you need the money. You can buy one online or research them at http://www.bankrate.com. Also look at your local bank, they may be competitive.
If you are 'spendy' and *really* can't trust yourself with access to cash, drive or fly to the destination city and open the CD at a bricks-and-mortar (non-internet) bank or credit union in the destination city. Call the bank and see if you can do it by fax/phone/mail. That way, it will be a major pain in the butt to access the money from where you are now, and you won't spend it before the move.
2007-01-16 07:51:25 · answer #4 · answered by great_and_mighty_adam_levine 4 · 0⤊ 0⤋
Since you are going to use the funds in May, go for a savings account that you don't have easy access to. This way, you'll earn interest.
Go to another bank and open it up. Request a mail kit, so you can mail in your deposits. Throw away the withdrawal slips (shred them). Do not get an ATM card for this account.
I suggest another bank so you won't be tempted to link it to your existing savings account.
2007-01-16 07:09:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Put in a savings account in a bank so it is not within reach the second you want to spend it. Then at the same time it will draw some interest.
2007-01-16 06:48:49 · answer #6 · answered by evilmunkees 3 · 0⤊ 0⤋
It depends how disciplined you are. If you can trust yourself, put it in a safe somewhere or a bank account. If you are liable to spend it easily, put it in a 3 or 4 month CD that penalizes you if you take it out. You might also consider having a good friend help you out by giving you a guilt trip if you go after it!
2007-01-16 07:05:48 · answer #7 · answered by Anonymous · 1⤊ 0⤋
I have to focus on the last part of your question first. If you're concerned about keeping your money somewhere so you won't spend it, you need to consider your credit cards "money" and keep them (save them) at home when you go out. Otherwise, no matter where you put your money, you'll be able to spend it.
2007-01-16 12:41:04 · answer #8 · answered by Rick K 2 · 0⤊ 0⤋
I'd say the bank in a savings account. You have to make a conscious effort to get it out, not like just writing a check.
2007-01-16 08:12:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
just open a savings account at your bank, you won't make a lot of interest but you will make a little, if you can save it for a longer time period, I would put it in a good mutual fund and let it alone
2007-01-16 07:15:58 · answer #10 · answered by besthusbandever 4 · 0⤊ 0⤋