Business & Finance > Personal Finance
2007-06-01 05:39:49 · 25 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Our savings account is used for our 3-6 month EMERGENCY fund ONLY!...In case one of use gets sick and can't work. We listen to Dave Ramsey a lot. He suggests to put 3-6 months pay in an emergency fund & leave it there & don't touch in until an emergency. After everything is paid off & you're completely debt free, except a house payment & you have your emergency fund to where it needs to be, then put 15% of your check into a mutual fund for retirement.
Always pay tithes before anything else come out of your check.(it's 10%)
Be smart with your money & do it right.
Go to www.daveramsey.com & get more information.
2007-06-01 05:47:37 · answer #1 · answered by lilzoo411@yahoo.com 3 · 1⤊ 0⤋
I put around 10% everything few months into an online savings account with Emigrant Direct. They offer 5.05% APY, which is almost as good as a CD.
If you have bill and rent to pay, I advise putting as much into savings as you can until you have about 6 months worth of reserves. Don't spend this money on a trip or a big TV, keep it in savings incase something terrible happens and money is needed. A friend on mine had very little savings, lost his job and would have been SOL if it weren't for his parents.
2007-06-01 05:46:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I currently pay towards 2 pensions and have a saving account which i put money left over from the month into.
It's worth thinking about and saving for the future as soon as u can
2007-06-01 05:46:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
1% is better than nothing but try to get it to 10%. Once you have 4 to 6 months worth of take home pay then up your 401k if you have one and/or get a little riskier and start investing in mutual funds.
Make sure you have a high yeild savings account. Links to them are below.
2007-06-01 05:46:53 · answer #4 · answered by Land Shark 3 · 0⤊ 0⤋
Usually 24% of my monthly pay goes into my savings account (for emergencies), Roth IRA, and 401k plans combined. But the savings is of utmost importance, because it's critical to have some sort of umbrella in case your car broke down, for example.
2007-06-01 05:51:14 · answer #5 · answered by Teej 3 · 0⤊ 0⤋
Of course I do at least 1% in a basic savings and more into my retirement.
It is always a good idea to have some extra money stashed away in case something happens (lost job, dead car, medical bills, etc).
In addition to savings you should always save for retirement.
2007-06-01 08:12:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
1%? I thought it was supposed to be 10%. No, I don't even do 1%. I do invest in retirement though. I'd like to start but never have the money.
2007-06-01 05:42:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No, but I should save at least 10%.
2007-06-01 05:42:25 · answer #8 · answered by damesha 3 · 0⤊ 0⤋
I invest alittle bit more just a savings acct. no but about 5-10% weekly into stocks ,mutual funds or bonds
2007-06-01 05:43:01 · answer #9 · answered by terry v 7 · 1⤊ 0⤋
I put 10% into my savings
2007-06-01 05:58:12 · answer #10 · answered by shorty21 5 · 0⤊ 0⤋