I say set up an automatic withdrawal of a reasonable amount out of your main account into a high interest savings account and...let it do its thing. When it gets you your three months' emergency cushion, STILL LET IT DO ITS THING. Then, really, you don't have to have a goal, you don't have to stay motivated....all the saving is being done for you!
Smartypig's not a bad place to shove the money. They actually give better interest rates (2.01% on up to $50,000) than anything but an insanely long-term CD right now. Also, if the goal is to keep you from touching it, I find that the inability to take out just PART of the savings (you can get the money back anytime you want, but have to take the whole thing, all or nothing) keeps me from messing with what I've got in there. Once you've got a cushion you feel good about, maybe start saving up enough to get the minimum to buy into a mutual fund or something similar? Take the leap from just saving to actually investing for down the road?
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Date: 2010-05-05 03:12 am (UTC)I say set up an automatic withdrawal of a reasonable amount out of your main account into a high interest savings account and...let it do its thing. When it gets you your three months' emergency cushion, STILL LET IT DO ITS THING. Then, really, you don't have to have a goal, you don't have to stay motivated....all the saving is being done for you!
Smartypig's not a bad place to shove the money. They actually give better interest rates (2.01% on up to $50,000) than anything but an insanely long-term CD right now. Also, if the goal is to keep you from touching it, I find that the inability to take out just PART of the savings (you can get the money back anytime you want, but have to take the whole thing, all or nothing) keeps me from messing with what I've got in there. Once you've got a cushion you feel good about, maybe start saving up enough to get the minimum to buy into a mutual fund or something similar? Take the leap from just saving to actually investing for down the road?