What age did you start saving? Do you trust banks?

Question

Time makes a big difference in saving money.

How much do you sock away a month? Do you use a bank or someplace else?

Answer 1

My earliest memory was about 5. I hoarded already, all money given to me. I had hiding places everywhere.

I started a savings account in a bank at age 8 and put whatever I could get my hands on, in it.

I had many thousands saved by high school and got a job as soon as possible. While my classmates were running after balls in sports after school, I went to work and bought my first home even before graduating.

Today I still hoard and I invest now rather than put in a bank account. At this day in time, my husband and I put away just under $2000 a month and it is growing nicely.

We taught our son to do this early on, saving his every penny of his since birth. He is now more well off than most 50 year olds and life just keeps getting better! Having your money make you more money is the greatest asset we can have for our financial future.

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Answer 2

Someone should start saving the day they start earning money. 10-15% is a good amount. I work at a bank and I feel they are the most trusted and secure place to save your money. Many banks are now offering savings rates at or over 5%, however, some do require a minimum balance. The bank is the first place to save and as you accumulate more money then look at other avenues such as the stock market or mutual funds not life insurance companies.

Answer 3

I started with 25 cents initial deposit and 5 cents each additional deposit. This was in kindergarten, our school had a deal with the local savings bank. Most likely, such a small amount was a money loser for the bank, but it got customers, 55 years later, I still have an account (after several buyouts) with the bank's successor.

Answer 4

Save as much money as you can as early as you can.
There will be times in your life when you can't save money and times when you can.
Early in life you don't have the large bills to pay but as you get older you start to get more and more bills like rent or mortgage, car payments and when the kids come along then the real bills hit.
It is best to save when ever you can.
Banks in the US are federally insured so there is nothing to worry about there but there are other places to put money, such as money markets, stocks and bonds there is a risk to the first two but bonds are safe.
By making investments you can grow your money much faster than in a savings account. But there is always some risk to any investment.

Answer 5

I started a savings account when i was 16, I was too immature, I never used it, it closed, But you should start aT age 18, and sock away or bank a little bit each day

Answer 6

I started saving at age 15.

Banks are FDIC insured up to $ 100,000.

The only thing I don't like about banks are their fees. Some banks like Bank of America charge you hidden fees like talking to their tellers and having minimum balance in your account.

Free checking is your best bet because they offer " free services" with their " free checking accounts".

I try to save 35% of my income but people say you should at least save 10%.

My current bank is Washington Mutual and I just use their services for high yield free checking/ online savings accounts with no minimum balance and waived fees (5%) and opening high yield CDs ( 5% - 6%).

Answer 7

13. I don't like banks that charge me to use my money. I have always been told to save 10%, but I aim to save 15% of everything I earn. If you can do that for life you will be ok.

Answer 8

My parents opened my brother & I a savings account before we even started school. Back then we got .50 cents allowance a week and .25 cent had to go into our bank account. Kids would die if they had to do that now!