Comments on: Where do you park your savings? And, how much to save? http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/ Tue, 22 May 2012 02:42:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: FFBhttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6348 FFB Mon, 17 Mar 2008 16:26:48 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6348 We have most of our savings with ING. We keep a minimum balance at BofA since our checking account is still there.I've heard the 10% rule as being gross income, I believe. Not sure if it's supposed to be only retirement though. You probably shouldn't worry about a general percentage #. Work on figuring out how much savings and retirement you will need for yourself. Easier said than done but any general rule could end up hurting you if your situation isn't the same as the general masses. We have most of our savings with ING. We keep a minimum balance at BofA since our checking account is still there.

I’ve heard the 10% rule as being gross income, I believe. Not sure if it’s supposed to be only retirement though. You probably shouldn’t worry about a general percentage #. Work on figuring out how much savings and retirement you will need for yourself. Easier said than done but any general rule could end up hurting you if your situation isn’t the same as the general masses.

]]> By: Paulahttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6346 Paula Mon, 17 Mar 2008 15:08:44 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6346 RIght now we use bankrate and bankaholic to find the best rate and also the best bank (people leave their feedback on bankaholic about how they liked dealing with the bank). We go not only with the highest rate, but also with the best rating, which sometimes means a little bit lower rate. We are going to switch to WaMu which has about 5% right now AND a local branch that I can have quick access to money. That is for the emergency fund. Other funds we are looking at putting into CD's to lock higher interest rates. Vacation is something we only use at a fixed time, so having it in a 6 month CD makes sense. You can also put things in a three month CD (like the fund to replace the laptop and TV - who knows, after 3 months without, you may just find that life is much better without it and that savings fund can go right into snowball at that point). Delayed gratification has other benefits too. :) RIght now we use bankrate and bankaholic to find the best rate and also the best bank (people leave their feedback on bankaholic about how they liked dealing with the bank). We go not only with the highest rate, but also with the best rating, which sometimes means a little bit lower rate. We are going to switch to WaMu which has about 5% right now AND a local branch that I can have quick access to money. That is for the emergency fund. Other funds we are looking at putting into CD’s to lock higher interest rates. Vacation is something we only use at a fixed time, so having it in a 6 month CD makes sense. You can also put things in a three month CD (like the fund to replace the laptop and TV – who knows, after 3 months without, you may just find that life is much better without it and that savings fund can go right into snowball at that point). Delayed gratification has other benefits too. :)

]]> By: Jaimehttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6209 Jaime Fri, 14 Mar 2008 19:19:37 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6209 Personally I keep 2 savings accounts. One at the local bank with about $1000 that I can have super quick access to at the ATM if an emergency were to come up. Other savings I keep in an online account with HSBC currently earning 3.5%. I pretty much try to put whatever I can into savings, even if it's just temporary, to build a little bit of earnings on it. Hopefully I'll be able to start putting more in once I pay off the debt I built up during college. These accounts do not include investment stuff or retirement. Personally I keep 2 savings accounts. One at the local bank with about $1000 that I can have super quick access to at the ATM if an emergency were to come up. Other savings I keep in an online account with HSBC currently earning 3.5%. I pretty much try to put whatever I can into savings, even if it’s just temporary, to build a little bit of earnings on it. Hopefully I’ll be able to start putting more in once I pay off the debt I built up during college. These accounts do not include investment stuff or retirement.

]]> By: Jenniferhttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6200 Jennifer Fri, 14 Mar 2008 16:51:16 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6200 We have 2 savings accounts, 1 at our local bank and 1 at ING. The ING account is our emergency fund, with categories in it for our property taxes as well as new car savings. The savings account at our local bank is actually for our irregular expenses such as car insurance, kids activities, vacation, etc. We can access this any time very quickly and it usually carries between $2000-$4000 in it. Plenty to cover an emergency immediately while we waited on a transfer from ING. We have 2 savings accounts, 1 at our local bank and 1 at ING. The ING account is our emergency fund, with categories in it for our property taxes as well as new car savings. The savings account at our local bank is actually for our irregular expenses such as car insurance, kids activities, vacation, etc. We can access this any time very quickly and it usually carries between $2000-$4000 in it. Plenty to cover an emergency immediately while we waited on a transfer from ING.

]]> By: blogzillahttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6187 blogzilla Fri, 14 Mar 2008 14:36:35 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6187 Great information to share with others. My rule is never save more than 10% of my total salary. I need to live by my rule as I get carried away and end up investing more than I could afford. Great information to share with others. My rule is never save more than 10% of my total salary. I need to live by my rule as I get carried away and end up investing more than I could afford.

]]> By: Mercedeshttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6186 Mercedes Fri, 14 Mar 2008 13:38:17 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6186 Our emergency fund is invested in a money market fund. I don't know what the "ideal" savings rate is but considering that the average national rate is negative I am going to say that anything above 1% is already a step forward. Right now our savings rate is around 30% of our gross income and we are about to start putting away extra money away in a Roth IRA for my husband. I really need to calculate this better. Our emergency fund is invested in a money market fund. I don’t know what the “ideal” savings rate is but considering that the average national rate is negative I am going to say that anything above 1% is already a step forward. Right now our savings rate is around 30% of our gross income and we are about to start putting away extra money away in a Roth IRA for my husband. I really need to calculate this better.

]]> By: Suehttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6173 Sue Fri, 14 Mar 2008 03:18:10 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6173 9% up to about $12k (???) goes into the 401k with a company match of 50% so that's HUGE. Then I take the first 20% of the paycheck and have it direct deposited into savings.Every other Friday when it's payday I take whatever the balance was in checking and send it straight to savings. If I didn't need it last week I shouldn't need it this week.We save a lot but then we do withdraw big chunks at a time. 9% up to about $12k (???) goes into the 401k with a company match of 50% so that’s HUGE. Then I take the first 20% of the paycheck and have it direct deposited into savings.

Every other Friday when it’s payday I take whatever the balance was in checking and send it straight to savings. If I didn’t need it last week I shouldn’t need it this week.

We save a lot but then we do withdraw big chunks at a time.

]]> By: Elizabethhttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6170 Elizabeth Fri, 14 Mar 2008 02:18:55 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6170 My short-term savings is in a high-yield savings account with USAA, which I love. The interest rate has gone down a lot since the beginning of the year. I've also played around with CDs but the interest rates I was able to find weren't superior enough to my savings account to make it worth the loss of liquidity.15% seems like a good amount of savings for your average person...I save a lot more, of course, but that's because I have unusual goals. My short-term savings is in a high-yield savings account with USAA, which I love. The interest rate has gone down a lot since the beginning of the year. I’ve also played around with CDs but the interest rates I was able to find weren’t superior enough to my savings account to make it worth the loss of liquidity.

15% seems like a good amount of savings for your average person…I save a lot more, of course, but that’s because I have unusual goals.

]]> By: Wess Stewarthttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6167 Wess Stewart Fri, 14 Mar 2008 01:59:43 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6167 I opened an account online with Bank Of America. I really only use it for the money (minute amounts) that I get from my web adventures. Other than that, I have a whopping $9.16 in my change jar. I opened an account online with Bank Of America. I really only use it for the money (minute amounts) that I get from my web adventures. Other than that, I have a whopping $9.16 in my change jar.

]]> By: LJhttp://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/comment-page-1/#comment-6165 LJ Thu, 13 Mar 2008 23:44:43 +0000 http://sensetosave.com/2008/03/13/where-do-you-park-your-savings-and-how-much-to-save/#comment-6165 I hate to have all my eggs in one basket, so we have a variety of money parking lots. We have a regular bank savings, a couple CDs, a high interest savings, a money market and mutual funds. We of course also have our retirement and college savings accounts.I do this simply because I find good rates and don't want to pass them up and because I don't want to be tempted to spend any of it! LOL. Each account does have it's own purpose, I guess. Vacation fund, emergency fund, general savings, etc.Take CareLJ I hate to have all my eggs in one basket, so we have a variety of money parking lots. We have a regular bank savings, a couple CDs, a high interest savings, a money market and mutual funds. We of course also have our retirement and college savings accounts.

I do this simply because I find good rates and don’t want to pass them up and because I don’t want to be tempted to spend any of it! LOL. Each account does have it’s own purpose, I guess. Vacation fund, emergency fund, general savings, etc.

Take Care

LJ

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