Savings Account good idea or bad idea?

AlienBoy · 10-10-2012, 12:50 AM

Been deciding if I should open a savings account. You guys like or dislike savings accounts?

What are the Pro's and Cons?

frankie says chillax · 10-10-2012, 12:57 AM

higher intrest (nothing too super right now)
actually helps you save some money

google it, derp

goodEYEDsniper · 10-10-2012, 01:07 AM

why not?

AlienBoy · 10-10-2012, 01:17 AM

So 100.00 in savings account would make me rich later on down the road?

goodEYEDsniper · 10-10-2012, 01:23 AM

lol just keep saving

bowgster · 10-10-2012, 01:25 AM

donate your money to barack obama, that way when he gets reelected you can keep collecting those juicy welfare checks

smahthers2K12 (Banned) · 10-10-2012, 02:10 AM

Quote:

Originally Posted by AlienBoy

So 100.00 in savings account would make me rich later on down the road?

Seriously? Come on now, don't you take a basic consumer education class in high school?

AlienBoy · 10-10-2012, 02:45 AM

ugh no?

buckeye_man18 · 10-10-2012, 05:44 AM

Savings account will not give you a high rate of return. Interest on it will suck. It's still a good idea to have one, because it's stable, will allow you to separate your money and save some when you otherwise might spend it if it was just in a checking account.

byarosh201 · 10-10-2012, 06:44 AM

Credit union. Or 401k/ IRA.

undiscoveredtalent · 10-10-2012, 07:11 AM

Honestly you won't earn **** because the interest rates are crap right now. Regardless, it is always a good idea to start a savings account. If you have a job, and don't blow all of your money, you should start putting in some % of your paycheck (10-30% IMO) into a savings account. If you can't afford to put at least 10% of your paycheck into a savings account you might want to budget your life.

Are you just trying to start a savings account or do you have a more specific goal, such as buying a car?

frankie says chillax · 10-10-2012, 09:59 AM

he wants some new xbox games .....

ProtoBaller1991 · 10-10-2012, 10:05 AM

ing orange

Xanatos903 (Banned) · 10-10-2012, 10:09 AM

Why wouldn't you?

It's not going to earn you massive amounts of money by putting $100 in there. But it's meant as a place to separate your disposable income from your.. well.. savings. I drop about $100 into my savings each month to use for spur of the moment trips, or unplanned expenses. As a college student, I'd say I'm doing pretty well there.

If you've got a job, it's a really good feeling just to see the money pile up in there. Once you get past $1,000, it's almost a goal to just keep building it up.

MSmags011 · 10-10-2012, 10:27 AM

almost like a checking account, but actually gives you interest. Not a lot right now, but everything helps. If you want higher interest, check out a Certificate of deposit or money market.

smeat · 10-10-2012, 10:30 AM

Don't do it, OP. You'll get a virus.

byarosh201 · 10-10-2012, 10:34 AM

It's good that you want to save money. I did that for a while. Now I look back and was like **** that noise. I bought a truck and a motorcycle and other useless **** with the money I had stashed. Now I live check to check basically. And I'm okay with thay

undiscoveredtalent · 10-10-2012, 11:09 AM

Banks cannot be trusted, I carry all my savings in cash :nododgy:

pbmink (Banned) · 10-10-2012, 11:22 AM

Quote:

Originally Posted by bowgster

donate your money to barack obama, that way when he gets reelected you can keep collecting those juicy welfare checks

Where do i sign up?
-small buisness owner with a tax liability of more then your family makes a year.

Quote:

Originally Posted by buckeye_man18

Savings account will not give you a high rate of return. Interest on it will suck. It's still a good idea to have one, because it's stable, will allow you to separate your money and save some when you otherwise might spend it if it was just in a checking account.

THIS

Quote:

Originally Posted by undiscoveredtalent

Banks cannot be trusted, I carry all my savings in cash :nododgy:

U poor?

parkrats · 10-10-2012, 11:38 AM

I treat my savings as a back up checking and make transfers all the time. Pretty pointless really, but I put a certain amount in my checking and try to make that last as long as I can before taking more from my savings. I don't have a job currently though. When I have a steady flow of income though I'm good at saving, hence my ability to not have a job at the moment.

Xanatos903 (Banned) · 10-10-2012, 12:05 PM

I did that for a while. Then I found myself just keeping all of my money in my checking and spending it anyway. It just takes discipline to actually put that money away, and budget your disposable income.