What's the best way to manage your savings?

2016-12-12T22:02:02-05:00

Response by MSG Private RallyPoint Member made Dec 12 at 2016 10:14 PM

2016-12-12T22:14:12-05:00

Leave it alone unless you absolutely need to touch it.

Response by Sgt Private RallyPoint Member made Dec 13 at 2016 1:17 AM

2016-12-13T01:17:10-05:00

AN Private RallyPoint Member Good question! Have money set aside for emergencies and expected expenses. Make sure that you invest in TSP, Roth IRA's, IRA's. Bond and stock mutual funds are a great way to invest. Become an educated investor/saver. Below is a website to explore:

https://www.investor.gov/additional-resources/general-resources/glossary/stock-market

Stock Market | Investor.gov

A general term for the organized trading of stocks through exchanges, over-the-counter, and computerized trading venues.

Response by LTC Joseph Gross made Dec 13 at 2016 9:58 AM

2016-12-13T09:58:20-05:00

Have two categories of savings. You should have a short term savings account to pay for those things that you need eventually but not right away. Put money in that account to save for a car or TV. Then have a long term account that is locked in and you can't get to without real effort. That could be your TSP or some other IRA type plan. Leave it alone until a week before you die and then go crazy!

Figure out exactly how much you need to live, how much you can budget for having fun and make sure whatever is left goes into one of those savings areas.

Response by Capt Private RallyPoint Member made Dec 13 at 2016 10:01 AM

2016-12-13T10:01:45-05:00

Know where you are, where you want to be, and build a plan to reach there.

Response by SPC Todd Hanson made Dec 13 at 2016 12:58 PM

2016-12-13T12:58:31-05:00

Lock it up into a CD