Dismiss Notice

Welcome To CK5!

Registering is free and easy! Hope to see you on the forums soon.

Score a FREE t-shirt and membership sticker when you sign up for a Premium Membership and choose the recurring plan.

I need to open a savings account

Discussion in 'The Lounge' started by zcarczar, Feb 3, 2005.

  1. zcarczar

    zcarczar 1/2 ton status

    Joined:
    Feb 10, 2002
    Posts:
    2,495
    Likes Received:
    0
    Location:
    Apple Valley California
    God I swear I have a bad habit of spending money on stupid **** I really dont need. For instance tonight I thought I would order the stuff to finish putting my subs in my silverado, that was $214, I have a truck payment due on the 13th, but I get paid tomorrow, but still, i need to open a savings account so I quit spending all my damn money so often. **** I spent $1000 in the last month on just truck parts, computer parts, and a watch, not including what i bought tonight. :crazy:
     
  2. Resurrection_Joe

    Resurrection_Joe 1 ton status

    Joined:
    Jan 9, 2002
    Posts:
    17,372
    Likes Received:
    0
    Location:
    Gettysburg, SD
    I agonize over everything I buy these days. A lot of it ends up being unnecesary, bought or not, but luckily, things I buy that are unnecesary are often really fun. ESP Guitar anyone?

    With my new car payement, I just buy cigarettes. I eat at work and sleep a lot to avoid spending.
     
  3. 84_Chevy_K10

    84_Chevy_K10 Banned

    Joined:
    May 30, 2001
    Posts:
    17,669
    Likes Received:
    0
    Location:
    IL, USA
    Get a Roth IRA instead.

    I have the federal thrift savings plan instead, 15% of my money goes there before I ever see it (before taxes). I can burn the rest and still have a decent retirement, I just work a day of OT to take care of it. ($250 a check, gone, before I see it)
     
  4. Fubeca

    Fubeca 1/2 ton status

    Joined:
    Dec 18, 2002
    Posts:
    2,100
    Likes Received:
    2
    Location:
    Denver Area
    A Roth IRA isn't Pre-tax and has some restrictions you might want to look into -- but it is a very good idea -- especially for young people.

    If you want an online savings account PM me and I'll send you a referral to ING Direct. You can transfer money from you checking account automatically each month or with one time transfers. You can also withdraw by transfering to your checking account. It works pretty slick and they pay one of the best interest rates in the nation (currently 2.35%).

    If you sign up you get $25 and I get $10. Check them out www.ingdirect.com. My account has been open for several years w/o any issues.
    Anyone else can PM me for a referral too. There's no minimum deposit requirement, and if you don't like it you can cancel the account and keep the $25. :D
     
  5. cbbr

    cbbr 1 ton status GMOTM Winner

    Joined:
    Jul 17, 2004
    Posts:
    14,681
    Likes Received:
    0
    Location:
    High velocity, Low altitude
    I agree. Also, if your employer has a 401(k) program, sign up even if they don't match. The $ comes out of your check pre tax and you never have to think about it. If my retirement wasn't already taken when I got my paycheck, I would just spend it too.
     
  6. zcarczar

    zcarczar 1/2 ton status

    Joined:
    Feb 10, 2002
    Posts:
    2,495
    Likes Received:
    0
    Location:
    Apple Valley California
    I need the savings account more for an emergency fund more than anything, cause when i start next semester of school in 2 weeks ill be back down to 25 hours a week instead of the 50-55 that im at now. I would love to have my employer stick it in a 401k but you cant join the program unless your 21, im 19 grrrr. I have also contemplated opening another checking account and use the money to invest in the stock market on my own, but i decided i would probably spend that money before it even got invested.
     
  7. laketex

    laketex 3/4 ton status

    Joined:
    Feb 17, 2000
    Posts:
    6,220
    Likes Received:
    0
    Location:
    North Texas
    It's actually a better idea to build up your emergency savings first, since that's the stuff that will make or break you, or put you in debt. Try to get a month's pay in savings before you start into a retirement plan. Then get in an IRA/401K ASAP, and continue to contribute there as well as in your savings. Your goal should be 3-6 months living expenses in the bank, and then start maxing 401K and Roth IRA. It's important to start this cycle ASAP.
     
  8. newyorkin

    newyorkin 1 ton status

    Joined:
    May 8, 2001
    Posts:
    16,555
    Likes Received:
    157
    Location:
    Los Estados Unitos
    SHoot, you beat me to it, I was going to recommend an ING referral too...


    Although, note to all; Don't use a "savings" account for savings to be used in the future if you expect it to "grow". Inflation will almost always outpace the interest rate on a bank account, so bank savings with interest are neat, but never trust it for retirement, etc.
     
  9. zcarczar

    zcarczar 1/2 ton status

    Joined:
    Feb 10, 2002
    Posts:
    2,495
    Likes Received:
    0
    Location:
    Apple Valley California
    woohoo, i saw at work today the 401k people will be at work on the 14th, im going to talk to them, i will probably only put around $50 a month in the 401k till im out of school, my main goal is to get some money into a savings account so i quit spending it soo quickly. Im not too worried about the 2-3 months wages in the bank because I have a very secure job, and im still in college, soo if an emergency came up where i couldnt cover it I could always take out a loan with my parents or a local bank. Im going to try and go see about opening an account tomorrow since im off work.
     
  10. laketex

    laketex 3/4 ton status

    Joined:
    Feb 17, 2000
    Posts:
    6,220
    Likes Received:
    0
    Location:
    North Texas
    I agree. Your savings account should be your "emergency fund" for things that aren't in your budget. This keeps you from borrowing against your 401K or going into debt with credit cards.
     

Share This Page