It really depends on what your savings goals are. Are you saving for short term? What is the purpose of the saving?

Frankly, with the market down, unless you're looking for a short term investment vehicle . . . folks, this is the "buy low" that everyone talks about.

The real purpose to save is so I can buy a small economical beater to get to work and back, and because if my tranny were to go out today, I'd be screwed. Besides, I just throw my money away, and if I save it, I'd like it to be able to save as much as I can and let it earn a little intrest too since banks are willing to pay.

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1984 300SD Orient Red/ Palomino
1989 560SEC
2016 Mazda 6 6 speed manual
1995 Ford F-150 reg cab 4.9 5speed manual

Okay, then it's a short term account. Find a savings account or investment account with the appropriate term and have the money automatically taken from your paycheck or whatever account the paycheck lands in, so you won't really have to do anything about it.

Savings is a great habit and the power of compound interest is amazing. They should teach it in schools.

They definitley should teach it in schools! The only thing is, is when you are 18, you know more than the adults do and kids probably won't take good advice anyway. At least I didn't.

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1984 300SD Orient Red/ Palomino
1989 560SEC
2016 Mazda 6 6 speed manual
1995 Ford F-150 reg cab 4.9 5speed manual

i live in an area with absurd real estate pricing (los angeles) so i know the likelihood of me buying a home is very very small.
while all my friends and coworkers are busy buying new cars and $200 sunglasses, and $80 t shirts im still buying costco t shirts and gas station sunglasses.
im managing to put 15% away in my 401K and the company matches a small percentage. im using ING for savings its currently at 3% but was 4% before the feds started trying to rein in the inflation. ive recently started looking at every expenditure. closed my credit union account coz they were charging me $6 a month, started shopping around for car insurance instead of just renewing it etc.

im eating before i go to the pub to watch rugby, eating out minimally etc.

im making about a dollar a day on interest in my ING account's balance, but ive got a few major expenditures coming up in the next few weeks.

the price of gas is not really much of a concern, but it has severely curtailed my disposable income. so im trying to ride my bicycle more. the very good thing about it is, even if i dont feel like riding back home, a 20 minute ride to the north hollywood metro station nets a 20 minute $1.25 bus ride on the orange line to within 3 miles of home. one way to work is 15 miles.

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'O=00=O'
bmw 2002.
long live the legend

It is a good idea to have emergency funds available. Start with bank
saving and possibly some in mutual funds. 10% is respectable.

After you have emergency money saved start increasing your 401K
a few percent/yr with the goal of getting to the $15.5K/yr max if possible.

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cult plus time equals religion

My understanding:

You don't pay capitol gains or income tax on a Roth IRA.

IRA and 401K pay income taxes when withdrawn and no capitol gains.

I am not rich enough to worry over a capitol gains tax increase or taking
away the tax cut. The national deficit is way up, the middle class
is hurting so why not tax the upper class?

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cult plus time equals religion