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Tips on what to do with money, please! :)

July 3rd, 2007 at 10:29 pm

Well, dh got paid today, so I was doing the budget. I realized I had over-budgeted for our envelope system (spending real cash makes us spend less money than using a card) So I am putting the extra $50 into the challenge, as well as $40 from a cash paying client.
Since this is now my "new car fund", I'm also adding $100. I hope I'm not changing the $20 challenge too much by doing this. It just helps me to save that $100 if I pay it to myself at the beginning of the month, instead of waiting toward the end to see if we have any money left over.

My question is - Once my challenge reaches $1000, I'd like to put it in some kind of account so it will earn some interest. I'd like to keep it somewhat liquid. Any suggestions? Maybe a money market acct?? What do you all do with yours?

Have a great Independence Day, all!!!

Previous balance $379
Adding $190
Current balance $569

7 Responses to “Tips on what to do with money, please! :)”

  1. Ima saver Says:

    I have a money market account paying 5.25% interest. I put all my challenge money into that account about once a month. I am saving to pay off my car and buy a new one.

  2. Nic Says:

    I have my challenge $$ in a money mkt acct. too @ 4.98%. I've designated it as my EF fund for one of our houses.

  3. disneysteve Says:

    I'd go with a high yield money market also, like Emigrant or HSBC or similar.

  4. baselle Says:

    Why wait until $1,000? The Paypal money market interest rate is at 5.06% with no minimum. The interest is applied monthly. As far as liquidity is concerned, if anything Paypal is a little too tempting (esp if you are an eBay junkie), but since its linked to your checking account, its very easy to move money back and forth.

  5. Jennifer Says:

    How about ING? You can access it within a few days and it earns over 4%.

  6. Jenniflower Says:

    Thanks everyone so far! It helped me out a lot. They all sound like great ideas!
    ....now just to decide which one I should use! Smile
    Jennifer

  7. disneysteve Says:

    Jennifer - There is really no reason for anyone to use ING anymore as their rate just hasn't kept up. There are a dozen online banks with higher rates.

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