i want to save my money but i dont want to deposit it into a bank until i have a great some of money...how can i find the best way to save my money
2007-11-11 09:21:27 · 6 answers · asked by love my cutie pie 1 in Business & Finance ➔ Personal Finance
Um....actually you have it wrong. You should save every pay period or monthly, adding a small amount. That's how you accumulate the large amount.
What's wrong with putting a small amount into a bank or a mutual fund regularly? It's how i went from $0 in my retirement savings to nearly $100k so far. And you get to take advantage of interest or stock growth along the way.
2007-11-11 09:29:37 · answer #1 · answered by Uncle Pennybags 7 · 1⤊ 0⤋
What Faire Guy said it right. You want your money to grow. But if you are just interested in saving it in a safe place for now, what I would probably do, is get a safe deposit box at a bank. You can put anything in there other than money also, like jewelry or very personal stuff you don't want others to know you have, and it's so much safer than anywhere else.
So maybe you can start by making phone calls to banks to find out how much they charge you a month.
2007-11-11 09:42:05 · answer #2 · answered by peachesncream 2 · 1⤊ 0⤋
You should definitely use a bank account. Once you set up a bank account, you can link to an online account which will pay much more in interest. Lots of online banks are paying 4% or more with no minimum requirement. If you just stuff the money in a shoebox or safe deposit box, you will lose money everyday to inflation.
2007-11-12 00:13:17 · answer #3 · answered by pumpdatiron 6 · 0⤊ 0⤋
If you keep it at home, you'll be tempted to spend it or someone can steal it. Best to keep at a bank.
2007-11-12 06:44:53 · answer #4 · answered by Steve R 6 · 0⤊ 0⤋
put it is savings bonds at least it will be drawing a little interest!!!
2007-11-13 07:09:47 · answer #5 · answered by mister ed 7 · 0⤊ 0⤋
don't spend it
2007-11-11 09:28:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋