Do you have a savings account?

[lovesjoyajm]

I only have a checking account in the US and a giro account here. I really need to open a savings account in the US because I have access to my entire life savings (which has dwindled considerably in the last year ) through my check card.

I'm with Doppel on the credit thing; while I have a credit card, I do look at it as sort of another version of my check card in case a place only takes Visa, and just a more annoying version at that. I can't comprehend the idea of buying things on credit when you don't have enough money. I don't see how that seems like a good idea to anyone.

Edit: Besides maybe a house.

[1averagejoe]

My Grandpa would save pennies. He had this about 3 foot glass vase he put all his pennies in. He ended up taking them to the bank about 10 years ago and had over $300 in pennies.

As for me, I have a Savings that has $5 in it just to keep it open. Savings is where I'll direct deposit any of my funds from a job. Checking is seperate that has about $300 for my Debit Card to spend. A CD with the majority of my money in it because it really is one of the most secure places to put money in the bank, that's going towards a down payment when I'm out of college. Unlike most people my age that spend it on a car and end up living with their parents till their 30. But hey they have a nice car! I did have about $5K in Stocks. I bought fedex about 15 years ago before buying on the internet was the norm. I made about 300% of what I put in. But that was sold before the stock market crash and went towards tuition.

[Vinager]

I have a savings account that I'm using for bar tending school in the next couple of months.

I also have an investment growing.

[IndiReloaded]

I have a significant amount of money in stocks right now, but I avoid looking at them, theres enough stress in one day without checking what you netted in monetary losses.

?? Stocks are doing well right now, Rider and they've come up quite a bit since Jan/Feb. They are bouncing around a bit tho you're right. I think its fun to see the data come in.

Unless you mean communal stocks via mutual funds?

[Mish]

I'm investing in my education, I've heard it pays the highest dividends at the moment



My CDs are mostly Heavy Metal

[Illusional]

one thing that the young generation has to remember that over time, everything will bounce back. if america got through the great depression, this too will roll over.

raverboy

[Gribble]

This economic crap is just an opportunity to make a killing while everyone else freaks out.

[vashti]

I'm saving 100% of what I earn, in addition to what my husband has saved. The money I earn is to be used for graduate school for my son (and my daughter, if she decides she is interested) and maybe weddings. After that, I am going to start spending lavishly.

[Illusional]

so in other words, buy stocks!!

raverboy

[bluesummer]

I have savings, registered retirement savings (mutual funds), money going into pension, and I'm delving into stocks this year. I'm opening a trading account here shortly, when my financial advisor gets back from vacay. I don't bother with term deposits because they just don't pay enough.

There's nothing wrong with credit, used properly. The problem is, most people can't be responsible with it. I only spend what I can afford to pay off at the end of the month, and because of that my credit score is near perfect. It pays to use my credit card, since it's a travel visa and I have enough points every year to take a vacation. I get more benefit doing it that way than paying straight cash.

[DoesntMatter]

I'm saving 100% of what I earn, in addition to what my husband has saved.

Haha, that's a little extreme, but it has always shocked me how little people save. When I had a paying job (throughout most of high school and first year of college) I would usually have probably more than 90% of a weeks paycheck still in the bank a year later. Almost all of that is still untouched

Oh, and to anyone selling their stocks right now under the age of 70- you deserve every loss of dollar you get

[vashti]

Haha, that's a little extreme, but it has always shocked me how little people save.

It's not really so extreme... my income was completely unnecessary. If we needed it, I'd spend it. No point in spending just because it's there.

[IndiReloaded]

Oh, and to anyone selling their stocks right now under the age of 70- you deserve every loss of dollar you get

LOL. Noone is losing money on stocks right now. Did you see what happened last week? It was awesome.

[lovesjoyajm]

It's not really so extreme... my income was completely unnecessary. If we needed it, I'd spend it. No point in spending just because it's there.

Agreed. I was trying to decide what I would do with 100 extra bucks a month - which I could easily have if I didn't like my apartment/flatmate so much - and I realized my life would be exactly the same. I wouldn't know where the money went if I just added an extra 25 to each week, it would just disappear to food, alcohol, books, etc like my money already does. Which is why you either a) allot it to something in particular or b) pretend it's not there.

[DoesntMatter]

LOL. Noone is losing money on stocks right now. Did you see what happened last week? It was awesome.

Umm, if the majority of people sold right now they would be at a pretty big loss, because most people with money in the market didn't put it in 2 months ago