I have a little money. Help me save it.
September 1, 2012 1:50 PM Subscribe
I'm about to have, for the very first time in my life, total personal savings of $10 thousand. How should I save it?
posted by kensington314 to Work & Money (20 answers total) 43 users marked this as a favorite
I have no idea whether $10 thousand is good or bad or normal or whatever, I don't really know what other people have saved. I just assume no one has any money anymore.
I know nothing of IRAs and mutual funds and so forth.
1. I'd like to be sure that I don't lose any of the money to the whims of a more aggressive investment portfolio.
2. I'd like to be able to direct deposit a portion of my paycheck into my chosen savings account.
3. If there's an emergency, and it's a costly one, I'd like to be able to get at this money for a marginal fee. Otherwise I'd prefer to just let it grow.
4. I'd like to avoid monthly or yearly fees.
5. Ultimately I suppose this money is for retirement.
Some relevant facts:
1. I am 30.
2. I have about $70 thousand in student loans, for about $800 a month.
3. I am currently saving between $1,000 and $1,400 per month, depending on the month. In the future it will be more like $500 to $900. (My rent is going to go up next year when I move out of my cheap sublet apartment.)
Anyway, that's my situation. What should I do? I suppose I'd be willing to split the savings and do a more aggressive investment with part of it, or have a more stable CD for part of it.