Saving money

[db44]

After long bouts of watching people here complain about the economy and not being able money, I thought we might be able to help each other out a bit and discuss personal financial matters.

Not in the sense of who has what, but what everyone can do for themselves.

For me, I have a savings account and I invest in U.S. bonds. I had 401ks or the likes at former jobs, but they were small. Although the potential is greater, I'd rather keep in charge of my money. Besides, I'm young enough that small growth even on the bonds (EEs guaranteed to double in 20 years) should help me build a strong enough retirement fund.

Why I like the bonds is they are guaranteed, both gorwth and not to lose (unless you pull out in the first six months, it looks like you'll at least get some growth). I also like them because they aren't liquid and therefore I'm less likely to turn around and pull my money out, and because while taxable, the tax rates aren't as high as other possible funds.

I throw them out there for anyone here who may be trying to start saving for the future... You can buy them online, starting at $25.

[young again]

For retirement savings, I'll put in a vote for those 401K's, etc., that are offered at work - the kind of plan where the employer deducts the money for you, but you maintain ownership of your own account and can roll it over into another plan or an IRA when you change jobs. I like having my savings taken out of my paycheck before I even see it. As long as you don't get silly with credit cards, it is a good way to live within your means, and even a small weekly contribution really adds up.

[Whoda Thunk?]

I take advantage of the 401K offered at work. My employer matches up to 6% of what you deduct from each paycheck, plus we get an end of the year profit sharing deposit.

I do MUCH better with having it taken from my check before I get my hands on it.

[Whoda Thunk?]

Sorry, double post.