Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Frugalistas Frugalistas

Unsure what to do... Need opinions please!

Posted by on Jun. 11, 2012 at 4:25 PM
  • 3 Replies

I am 26 years old and have recently started looking into ways to save money for my future, something I wish I had started at a MUCH younger age. I want to put money away where SO and I can not touch it, but don't know where that would be. I mean I know that CD's have a penalty and that would deter us, but we can't save enough to put it into a CD. I have thought of opening a bank account and having an automated transfer, but I am worried that I would forget about it or loose the info on it, and if there was an emergency I would want the option to get to it. Do you ladies "hide" money? If so, where and how?

by on Jun. 11, 2012 at 4:25 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-3):
chichiwvu
by on Jun. 11, 2012 at 4:55 PM

I personally wouldn't invest in a CD unless the rate got above 4%, which it most likely won't for YEARS. When you say opening a bank account with an automated transfer, do you mean like setting up a savings that takes money out of your checking each month?  I don't see how you could lose your info on your bank account. you could set up an online account, then that info would be emailed to you. Or even at a traditional brick and mortar bank you can always access your funds online.

I read a story about a woman who taped $100 bils to the back of a picture frame (inside the frame) and hid it behind her dresser. It was hidden enough a theif probably wouldn't mess with it, but not easy enough for her to access it. I do keep some money inside the house. It's a good idea to keep some cash at home - but it needs to be someplace you won't see it often or if you have little willpower it needs to be someplace kind of hard to get to. Mine is kept in an envelope in a place I don't see everyday.

Stacie03
by Silver Member on Jun. 11, 2012 at 4:56 PM
The credit union I bank with has a special savings account that receives a higher interest rate than the regular savings. DF has his check set up to automatically put a % in there each pay period. The only catch is you have to have X amount in there and you can only withdraw from it 4 times a year. We have had it for just under a year and have not touched the money.
I also save $1 in a jar at home to use for fun money, big gifts, ect. It adds up quickly if you don't dip into it.
Posted on CafeMom Mobile
specialwingz
by Corey on Jun. 15, 2012 at 12:10 PM
1 mom liked this

I actually have a boat tail bank that we got on one of our cruises.  SO and I stash money in it all the time.  We never know how much has accumulated until we decide we want to use it.  The last time we dipped into it for fun, there was over $300 in it.  Not sure how much is in it now.  I'd rather not know.  It's easier to ignore that way.  LOL.

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)