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Saving Options

March 6th, 2005 at 10:59 am

I had been thinking lately of opening up a CD for a year because I would like to earn the maximum on the money I had SAVED so I can use it for any income that I will need for a House or Mobile Home. The interest rate on a CD with ING Direct is 3% so I can have at least $5,000 in Savings. I figure if I cut corners and budget my Car and Child Expenses that I will be able to save a good amount of money in a year. I REALLY want to save $400 a month and I understand that there are birthdays, holidays, unexpected expenses but I really think I can do it.

Savings Accounts

CD-Long Term Goals
Savings 1- Short Term Goals
Savings 2- Emergency Funds
CD 2- Elizabeth Savings Account

Those are the accounts I need. Right now I only have one and that is used for Short Term Goals.

Is it really possible to save $400 a month and still have money for all other Savings accounts?

I really need to find a way to supplement my income. Am I going to extremes?

I decided I am going to concentrate on my Business, learn how to live below my Means and Save and Be Frugal. Because that is the only way I am going to be able to save enough to live on. I would rather have the CD and not touch the money and earn higher interest than have a Savings Account and possibly touching the money.

At this moment until I get my Car I am going to wait to open up a CD Account.

I will need to build my business in order to open up an account for Elizabeth and have an Account for Emergency Funds.

So I am going to start small and work my way up.



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