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Saving money for LO and for us (PIOG)

Posted by on May. 2, 2010 at 10:30 AM
  • 3 Replies

We want to start savings accounts for our LO (for his future) and one for us (for retirement) but dont really know where to start.
My hubby is an independant contractor and I'm a SAHM so we dont have this option with work. We have to do it on our own.

Where should we start? What are good accounts which we can contribute to as we can afford and will collect interest?

by on May. 2, 2010 at 10:30 AM
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Replies (1-3):
ValerieRNmom
by on May. 2, 2010 at 10:50 AM

I don't know much about investing either but DH and I have been looking into our options. In the mean time I have just opened a simple savings account and started putting aside $100 a month. I am debating between a money market account (high interest savings) and a CD (high interest savings with a maturity date that u can't withdraw funds untill that date or u are penalized). There a lot of options out there so I wld recommend going to ur banks website to get started. Also u cld do a search for high interest savings accounts, money markets, IRA, CD, or 529 (college savings). Sorry I am not btr help but maybe this will help u get started.  

mumsy2three
by Shauna on May. 2, 2010 at 11:32 AM

I'm not sure. If you are looking at savings, IRA or a CD, I would make an appointment with someone at your bank and let them explain the options and go from there to figure out what would be the best for you.

peasinapod4me
by on May. 2, 2010 at 4:15 PM

Find a Modern Woodsmen of America rep.....I am self-employed and signed up for retirement through them with a very low premium payment a month.

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