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Well because I want do so much to my car and Im on a budget, I opened a new savings account for my neon yesterday. I will put in about 100 bux a month until I can find a wrecked SRT to do a swap. I know that's not a lot and it will take some years, but I thought it was worth mentioning and a little funny.

sweet man. i have a seperate bank account for the car. keeps my regular one more organized, yanno? whod you open the account with?

I plan on opening another savings account for a travel fund.

I did it with HSBC. I was going back and forth between a regualr savings vs. CD's, IRA's, etc. But for the time its in there and just the amount it wasn't really worth it. Plus my minimum deposit had to be like 1 to 3 grand.

I did that. Except I kept taking money out of it, and that didn't do me any good. I suppose starting an account with a bank isn't a bad idea. I just tried it with a pig in my room.

Saving like that is definitely better than whipping out plastic and then trying to pay it off.

Midnight_Rider wrote:Saving like that is definitely better than whipping out plastic and then trying to pay it off.

I've never believed in spending money I dont have i.e. credit. The only time I do is when I use it accidentally instead of my debit card. That's why I have been saving all my life for college. No loans here all money in the bank. The money I get from work and pretty cheap tuition (~ 7K for a full year) will allow me to not take out loans until law school.

I have to move some money around in my accounts for savings and spending as well. Thanks for reminding me. I could be getting a lot better interest in my savings account at my credit union over my regular bank.

Good for you being only 19 and having a WAY better grasp on finances than the average American of any age.

TeckNeon wrote:I have to move some money around in my accounts for savings and spending as well. Thanks for reminding me. I could be getting a lot better interest in my savings account at my credit union over my regular bank.

Good for you being only 19 and having a WAY better grasp on finances than the average American of any age.

Thanks I try lol. I would love to start an IRA or two, but it is pointless without a large balance at the initial time so oh well. Also too if my internship goes through and I get paid for it, I have an extra 2k to throw in there after the summer!

Mopar65 wrote:[I would love to start an IRA or two, but it is pointless without a large balance at the initial time so oh well.

Not really. Anything that you can save while you're young will help at retirement time. A Roth would be a great idea if it is after-tax contributions. Don't make the mistake that I did and not put anything away... I will never be able to retire.

I keep my savings separate from the funds I spend on the car.

I use the funds out of my pay for car items. Savings... well... is savings and not spent unless there is an urgent issue.

Parts for the car isn't an urgent issue... unless the car is not running.

Mopar65 wrote:Well because I want do so much to my car and Im on a budget, I opened a new savings account for my neon yesterday. I will put in about 100 bux a month until I can find a wrecked SRT to do a swap. I know that's not a lot and it will take some years, but I thought it was worth mentioning and a little funny.

if your looking to collect interest quicker and aren't going to be taking money out often, then I would invest more in a credit union or something with a better interest rate. $100 a month is actually very good considering the financial times these days. I think you will see gains quicker than you expect and also you never know, you may have some extra change every once in a while to throw in there as well. You may be surprised in what you have in just a year or so's time.