I will be getting my tax refund also I can put some money away in a cd for a few months and start on another acct so I can set up a new one also. any suggestions are welcome. I want to ladder some cd's so that I am not so tempted to access the money on a daily basis, everything to my children is an emergancy. I have to decide which "emergancies" I want to or don't want to indulge :) Just me thinking out loud. :)

That is a great attitude to have and to practice... we must pay ourselves first. At first, it may seem hard to do but in time you begin to look forward to paying yourself.

For me, I love payday's just for that reason. To put money in savings is a wonderful feeling. By paying ourselves first, we are psychologically telling ourselves that we are worth it.

When I started saving, I first had to set a goal that no matter what I wouldn't touch the money until I had at least $500 in savings... when I finally reached $500... I realized that I didn't need that money. It was safe where it was and it felt really nice that I was saving money for an emergency.

I've been saving for three years and have just reached seven months wages in savings. It is really a nice feeling. I still want a larger emergency fund and because of that I still haven't started a CD.

CD's kind of scare me. It is a great way to save but if I had a really hard and deep emergency and needed that money, I would lose some of it because of early withdrawal. I guess I'm still not totally comfortable with my budget and the unknown.

Someday, I'll start one but right now it is more important to me to have a good enough emergency fund for normal "emergencies."

Which for me right now, is new glasses. I haven't had new ones in three years and recently set up an appointment and it is so nice to know that I can pay for it in full when I get them.

My opinion? Build up that emergency fund and let the rest take care of itself. And always remember to pay yourself first... you're worth it!!!!

Thank you Messenger,
just a suggestion, ladder your cd's.
month one-1st cd 6 month-open savings to start saving for second cd
6 mos-1st cd matures, still save for one more month for second cd
7mos-open 2nd cd for 6mos. keep saving in the savings for 3rd cd
12 mos-1st cd matures again, reopen for another 6mos.
13 mos-2nd cd matures-reopen for another 6mos-save one mor month in saving
14 mos-open 3rd cd for 6 mos-keep saving until this3rd one matures.
on each one take interest to start on new savings.
Just some suggestions from things ive studied on money sites.
I haven't tried it, but would like to try it some day.
and especially since you have a savings of 7 mos wages,
keep that one going, and you can start on saving to open a cd in a different acct. and then you'll have some interest growing on top of that cd, and your savings acct also. (wow double interest!)
k you got me on a roll. I have some work to do on my savings.

Oh I do save in different ways... don't want all my eggs in one basket. I've got two savings accounts... one in a physical bank, three blocks from my apartment. The other in an on-line bank that pays a higher interest.

Then three checking accounts. One with a debit card for my daily living, one that is on-line, this is for my website and a third that is used just to pay legal bills... mostly now that is just for the IRS.

My debit checking account is the one I round up my checks and round down my deposits and that has over $400 in "hidden" money in it by me doing this method.

And then a 401K which I need to increase my contributions to it.

Someday, the CD's will come but right now I just want to keep building on both savings and the "hidden" money in the checking account...

I would really recommend you to read Dave Ramsey's book "Total Money Makeover". What you are doing is the first step in his financial "makeover". We have been doing his steps and our first was to build an emergency fund of $1,000 and it sure has come in handy a couple of times! But if any of it is used, we pay it back first before anything else. We have also paid off so much debt within the last few months that would seem impossible to do to other people. I wish you the best of luck.

Thank you strugglin...I have read so much on line about saving, budgeting, and debt, it is coming out of my ears. lol but yeah, reading it and doing the steps are my dilemma. I should be a thousandairre by now, but keep finding reasons not to save money. mostly family gives me reasons not to save money, they always seem to find my hiding spots. lol
But I haven't given up, I am still yet trying. keep on encouraging me.

I had that problem once, so I got to the point that I didn't tell anyone. My ex-wife always found ways to spend money... so before she even seen it I would take money out of my paycheck and hid it... it was the only way to get a little ahead... I took that money out to pay for a family vacation and then my secret was out... so it quit working. Looking back on it I just should have kept it hidden and pay our bills without her knowledge.

I do like "thousandaire" lol

I can't remember what movie I heard that on! "thousandairre" lol
Yeah I am learning not to let anyone know about my money but "guilt" gets the best of me at time and I tell them anyway, but, I am finding that I can just say "no"
believe it or not I had a very difficult time saying the n-o word for a long time, now I am getting a little bit more confidence in saying no.
escpecially with a big payment now. lol.