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Thread: A good way to save?

  1. #1
    Kaylinn
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    Default A good way to save?

    Had an Idea....

    What if I take 25% of what I make every night, and on my way home, get a money order for that amount. At the end of every week, send thoe smoney orders in to an online savings account.

    Is this a good idea? And if so...I have no idea about online savings accounts. Can anyone recommend a good one?

  2. #2
    God/dess Lena's Avatar
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    Default Re: A good way to save?

    You mostly have to use a bank for an online savings account, I think. I use www.emigrantdirect.com, which has a little bit better interest rate than www.ingdirect.com that a lot of people use.

    I do something similar to that... at the end of the night I put 1/3 of my money in my wallet for living on, 1/3 in an envelope for paying off student loans, and 1/3 in an envelope for retirement. Then every few days I take the money and put it in the bank, retirement money in my savings and student loan money in my checking. Then I pay SL's online and transfer the savings money online too. Regular bills (well, the only one I have is car insurance) I pay with a money order from my living money. It's great, the money adds up really fast.



  3. #3
    Yekhefah
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    Default Re: A good way to save?

    Money orders aren't free. You'd be paying a pretty sizeable chunk of your savings to whoever is selling the money orders if you did that. It would be better to just set it aside in an envelope like Lena and put it in a savings account every week (or whenever).

  4. #4
    Kaylinn
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    Default Re: A good way to save?

    Hmm..that is true.
    No, wait...My real bank offers free money orders. But wait. That defeats the purpose. Envelopes even. I need to make the cash inacessible as soon as I get it. A money order means I cant spend it. An evvelope means I have to not touch it until I can get it to the bank. Im never ever awake during thoes hours.

    I think, for me, a moey order would be worth the expence, becasue I could not cash it. Inacessible money.

  5. #5
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    Default Re: A good way to save?

    um, money orders cost a dollar, sometimes as little as 40 cents for amounts up to 500 or 1k. hardly a 'sizable chunk' of savings.

  6. #6
    Yekhefah
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    Default Re: A good way to save?

    Are they so cheap? I've only gotten a money order once and it was a long time ago. I thought I remembered it costing $10 or so, but I could be wrong. If it's just a dollar or less, then yeah, this is a pretty good plan.

  7. #7
    God/dess Emily's Avatar
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    Default Re: A good way to save?

    yeah, money orders are 59 cents at the grocery store around here. That's for $500. The post office sells them for up to $1000, but those are $1.50.

    it's not a bad idea, especially if you're bad with cash laying around.

    emigrantdirect is good, but I recently switched to capital one only because they have a good rate if you're a costco member. You don't need to send them money orders though. You can "wire" money from a brick and mortar bank for free. So I suggest making deposits that way and transfer over. You can make night deposits at the ATM.

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    Banned Melonie's Avatar
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    Default Re: A good way to save?

    again, keep in mind that depositing cash in a bank account and/or purchasing money orders does create a paper trail of your income. Also purchasing money orders in amounts over $1000 will generate a cash transaction report to DHS/IRS. And of course your bank will generate an interest income report to the IRS, from which it is very easy to back-calculate the average account balance. You might want to first consider taking 25% of what you earn every night and depositing it in an envelope / account designated to pay estimated taxes. and then taking the next 25% and depositing it in a different envelope / account for savings.

  9. #9
    God/dess LuckyOne's Avatar
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    Default Re: A good way to save?

    Kaylinn, you want to save money? You need to buy a house. I have a broker that will hook you up because he is VERY experience and has great connections. Trust me. You'll be thanking me for the rest of your life. Otherwise, if you go with someone else, make sure they know what they're doing.

  10. #10
    God/dess LuckyOne's Avatar
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    Default Re: A good way to save?

    BTW- saving isn't the best use of your money. If you keep a $100 bill for a year it actually drops in value due to inflation. Real estate rises historically at a rate of about 8% per year. Plus Las Vegas is the fastest growing city in the country for the last two decades. This is the best year to buy because its the first time the market has gone down in at least 16 years. And the reason it is down is because there are lots foreclosures on the market because almost anybody could get a loan. As a result, the government is tightening up lending restrictions and it will be more difficult to get a loan after the next few months.

  11. #11
    God/dess Emily's Avatar
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    Default Re: A good way to save?

    Lucky One....

    did you read what she wrote? She's trying to earn interest by investing in a money market. For all you know, she's saving to buy a house....or something else. You are assuming she's just going to have it sit around doing nothing.

    As for buying in Las Vegas right now....bwhahaha! Yeah, you might get a better deal this year before last year, but if you think it's not going on sale even more, I question your motives.

  12. #12
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    Default Re: A good way to save?

    I just opened on online savings account with HSBC which requires no checking account, no minimum balance, and pays 5.05%. Opening a savings account at a regular bank is pretty much a waste of time, as your money will be earning next to nothing. You could put that money into buying baseball cards and have a greater chance of cutting a profit.

    I only put 10 dollars in the online savings to initially open it, but just starting the account will motivate me. I'm not planning on saving a ton of money as I still have debt at higher rates than 5%, but everyone needs an emergency fund in case they are injured or something.

    Money orders under a certain dollar value (which I believe is 1000-3000 depending on the location) are not reported to the IRS, but if you're sending it to an online savings account, it is linked to you and any gov. official could see that anyway. To save yourself 3 money order fees, you could wait til your 4th shift and put ALL that money into a money order, rather than saving 1/4 each night. 59 cents doesn't seem like that much, but x3 x52, it will save you 92 dollars for the year.

  13. #13
    Kaylinn
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    Default Re: A good way to save?

    Lucky one, I have no saving, at all. I have no down pament, no closing costs, and no credit. I have had a terrible year financially, and before I attempt to buy a house( which we plan on doing in the near furture) we need to get some shit striaght first. Before we buy a house, we need not only the down payments and stuff, but we need some savings. We do not want to buy a house without having some money in the bank first. That way, if financial disaster strikes again, we are prepared, so we don't lose the house we just bought.
    The market here won't change any time soon. There are sooo many houses for sale right now, the market is entirely flooded. There will still be houses for sale for decent price when we are ready to buy.
    It would be foolish for us to try to purchase now. Becides, with the financial year we've had, both our credits are pretty much ruined right now, and we would not qualify for a good loan. Why not wait awhile get the credit scores up, so we can get a better deal ona morgage. Right now, we woudl get raped on interest.

    Baby steps. We need a savings first. We just recently finally got caught up, got out of the hole, and the last thing I want is to get back in that hole again. Need a savings.

    The plan is...start small, make deposits in an online account, get something there saved up, and after there is a nice amount, start moving that money to better places. I dont know maybe cd's or stocks, or something. Haven't thought that far yet, because 1 step at a time, we just need somethign in savings.

    We wont buy a house until we have 6 months income saved up, to prepare just in case another financial disaster strikes.


    So anyway....thanks for all the recommendations everyone....I started last night. Got a money order for 25% of my money. It's waiting for somewhere to be deposited. I'm still looking at banks. Maybe I'll just send it to my credit union back home in PA. ( I keep an account open there) I'll have to check the interest rates. I think online banks might be better.

  14. #14
    God/dess LuckyOne's Avatar
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    Default Re: A good way to save?

    Phew! Got flamed for that one!!! Sorry Emily.

  15. #15
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    Default Re: A good way to save?

    Kaylinn, would you be okay with just deposting the money in the ATM every night after work? That's what I do. Although, it is more tempting to take it out that way....lol.
    Sexy Jasmine after getting fucked over at work:

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    Banned Melonie's Avatar
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    Default Re: A good way to save?

    from

    (snip)"Overall, her firm is predicting that the downturn that started in late 2005 will end up pushing median home prices down 8.7 percent nationwide by the time it ends in early 2008. The nationwide figures, of course, mask a great deal of local variation.

    Regions that saw the greatest price appreciation (and speculation) during the boom, such as Florida, Las Vegas, Phoenix and San Diego, are now taking the hardest hit - and will continue to do so until all the air is out of the bubble.

    While Fiserv is forecasting flat prices nationwide over the next 12 months, the firm expects price drops of as much as 9 percent in half of the 50 biggest markets. Home prices in Las Vegas, down 5 percent over the past 12 months, may fall another 9 percent in the next year."(snip)

    If this prediction is true, then anybody who bought a $200k house in Las Vegas last year has already lost $10,000, and stands to lose another $18,000 next year ! If they put 20% or $40,000 down to purchase that house in Las Vegas, they have already lost 25% of their $40k 'investment' and stand to lose a total of 75% of their $40k 'investment' by the end of next year. This of course does not include the loss of US dollar purchasing power with time/inflation, which would occur on top of the loss of principal due to the house's declining market value.

    Of course if the Las Vegas house buyer only put down 10% or $20,000 as a down payment, then they have already lost 50% of their 'investment', and by the end of next year will have lost ALL of their 'investment' plus they will owe another $8000 out of pocket to the mortgage lender besides !

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    Default Re: A good way to save?

    thanks mel! ive been looking for information about this topic


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