If i deposit 4k in the account. The account has a dividend rate of 0.70 percent and a APY rate of 0.7 percent. There is no term contract for this account through my bank?

Also if someone can tell me how to calculate this myself it would be a help or show how you calculated this amount of money earned

About $28.00, depending on compounding.

The easiest way to figure how much a given percentage rate pays on a sum is to multiply the sum by the interest rate. You just have to make sure you move the interest rate the correct number of places to the right of the decimal point.

Example;

To figure ten percent of one thousand, multiply 1000 X .01 = 100
To figure seven tenths of a percent of one thousand, multiply 1000 X .007 = 7
To figure 2.375% of $345.00, multiply 345 X .02375 = 8.19375

How much money will this money market savings account gain in a year?

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I try and try to save but it doesn't seem like I can save any money. What can I do?

get payed and dont buy anything

The easy way to save money is to set aside a fixed sum of money every month and put it in a separate savings account.. That way, you can be sure you are saving money.

PUT IN A SAVINGS ACCOUNT

Turn off the light when you dont use it, dont spread the water, read the news on the Internet not the newspaper.

Just keep aside a portion of your income and put into Fixed Deposits.

Set up a Direct Debit Mandate with Your Bank into a None-Taxable Saving Bond or Guilt.

You can always Increase the amount as You begin to feel more confident with saving Money.

You must find ways of Living off a certain amount of Money each week or Month(Depending on when Your Employer pays you).

Make the savings account hard to get into(You are less Likely to raid it then!).

Have a specific amount of money withheld from your check before you get it and have it deposited directly into a savings account. You won't miss the money because you won't ever see it and it will grow faster than you think. Choose an account with a good interest rate and leave the money alone. This is the most painless way to save because it is gone before you have a chance to spend it

I've heard good things about Bank of America's "keep the change" program. When you buy something with your debit card, the bank will round the change up to a dollar and put the change in a savings account for you. They will match that amount up to I think $500. So if you buy something for $12.57, they will round up to $13, debit that from your account, and then put 43 in your account and match that so you actually get 86 cents. It sounds like a really cool program.

If you have a job only use half the money you got then don't use it .

Go through one week without eating out. No fast food, no Starbucks, nothing.

You'll be surprised at just how much you'll save.

put the money away and "forget" that you have it.

take a certain amount out of each check and "forget" about it… before long you will have a pretty good sum of money that is all forgotten… until you need it…. $25 per week is $1200 per year.

don't buy things you don't need. if you go shopping always go with a list and don't deviate from it. keep accurate records of your spending in your checking ledger. use will power to keep from spur of the moment purchases.

put a little in a jar each time you get paid and DON'T TOUCH IT!!!

Pay yourself first. Before buying anything, put a fixed amount away in a savings account that is not easily accessible.

Use cash to make every purchase. Save your change throughout the month. Only spend paper money, not coins.

Skip some extras and instead put that money aside for savings. You'll be surprised how fast it adds up.

Don't spend it! OK – besides the no-brainer, you need to budget yourself. Find out what you are spending youre money on, you may find you're just eating out a lot, or blowing your money of silly little things. Try to do these things less, eat in more, and put that money in a bank account that you won't get into. ING direct has great high-yield saving accounts. Put your money in there every month and DON'T TOUCH IT! It's hard to switch from spending to saving, but it can be done. Hard work, but well worth it. Best of luck!

I save however much i make an hour per day. For example if i make 15 dollars an hour and I work 5 days , I put 75 dollars in my savings account. It may not seem like a lot but its a realistic way to save and it really builds up fast.

I also try and make cuts on things that I don't really need. Like giving myself a manicure instead of getting it done, not getting coffee at Starbucks and such. Or I take my lunch with me to work instead of going out to lunch. All this stuff really adds up.

I found this method a couple years ago which, oddly enough, adds another category to the equation. It's called the "10-70-20 Plan." You take your total net earnings and divide them up this way: 10 percent goes to the church, charity or favorite cause of your choice. The 70 percent is what you are going to use to pay bills, buy food and household necessities (the key word is "necessities," not "wants" — there is a big difference). And the 20 percent is the money you will put away into savings and not touch. When enough of that "20 percent" money accumulates, you can turn it over into a higher-interest earning account at a bank or credit union.
The "10" is important because it gets the focus away from "me me me" and onto other people, causes and institutions. You will become a better, more responsible person for it AND you'll find that you can live within your means just fine.

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If you are able to have a 401K plan, start there. They take the money out automatically. If not, try a Roth Ira. Then put a couple thousand in it each year.

make a list everyday. inside the list there should be items u spent ur $$$ on. state the amount n name the item in the list.
at the end of the month, u should know where u spent ur money..
from there, u can make appropriate planning / budget…
this should help u to save $$$$$$$$$$$$$..
identify ur income n expenses 1st b4 u spend……

Have the money automatically transferred to a money market savings account when you are paid

Automatically transfer money to an account that you don't have easy access to like in another state. You can set it up to deposit a set amount each week or month to that account electronically and if you don't have an ATM card attached then you will have to physically go there in order to take money out. It doesn't matter if you are talking $1 a week or $100 a week, the principle is the same. Don't make it easy to access your savings, live on what you make, and build as much interest as you can … ie Roth IRA after taxes or 401K pre-tax. Invest for long term and/or save for short term goals. Don't buy what you really don't need. You need food and shelter and transportation but alot of the other things you are buying are only temporary pleasures. Be aware of the values of your purchases. Use cash instead of credit or debit cards. Shop around for things.

Tell your friends and family that you are leaving to joing the peace corps for 5 years. In the first year, sell as much of you can of stuff you don't have to have (if you have a nice car get a crappy one), then get two additional jobs (3 in all). Work 15 hours a day everyday even Sunday's for a year, just one year. Put every nickel and dime that you come accross into a growth stock mutual fund and then really join the peace corp/army for the next 4 years. Save everything you make from that. After 5 years you should have enough money (don't be surprised if you end up with $250,000+, if you go to the army and $150,000 if you go into something else) to where you won't have to save again because your standard of living will have dropped considerably, but then you can buy everything with cash and earnings from investment AND you can come back and do what you want to do for work because you don't have to worry about how much you are making!

The best way is don't buy anything that we know it is impossible for ladies, but you can save money buy work more. i mean give yourself a budget for saving, for example $200 a month. in first 2 weeks pay do your saving and then do what ever you want with the rest of the month and your money.

Whats an easy way to save money?

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A large number of people opt for mortgage refinancing when faced with pressing foreclosure issues. If you were among those who have missed payments on your mortgage and are facing potential foreclosure proceedings, realizing the amount of money that refinancing your mortgage could save you would aid your cause.

When you refinance, your current mortgage can be substituted with one that offers you with a more favorable rate of interest and terms and conditions. This is likely to allow you to be better able to cope with the monthly repayments. Your home would have to be put up for collateral yet the amount you would pay would not exceed your current balance. The amount remaining on the balance may be able to be paid off and the savings made could be used for other purposes.

There several reasons why refinancing is beneficial. If you wish to save money and pay a reduced amount in monthly installments for your mortgage then you should look to refinancing. Furthermore, if you wish to extend your mortgage then you may wish to turn to refinancing.

If you are able to afford higher monthly premiums, refinancing may even allow you to reduce the duration of the mortgage term. If you are in possession of an unfavorable credit rating, there are a number of mortgage refinancing deals for those in this financial position. Such offers will aid in your bid to conquer foreclosure. If you wish to convert an ARM deal into an FRM deal, you will be able to lock your interest rate at a low rate and begin to pay a stable figure each month rather than having to deal with monthly fluctuations.

It is important to check the refinancing rates before selecting a mortgage as the rates are not guaranteed to be lower than your current rate. Here, the 2% rule should come into play. If the rate is 2% lower than your current rate of interest, you will be able to make savings when refinancing your home.

If you wish to avoid foreclosure, it is simple to do so by refinancing your current mortgage.

How to Save Money by Mortgage Refinancing

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So you have a great need to use every penny as smart as possible, i.e. to get the biggest benefit from every dollar. If you have several student loans, both the private and federal ones, you can save money with a simple student loan consolidation, even hundreds a month!

1. The Student Loan Consolidation Can Be Done For Private And Federal Student Loans.

Student loan consolidation can be done for both the private and federal loans. The consolidation is a great tool for simplifying the monthly bills providing an immediate payment relief and the long term benefits. However, it is important to note, that the federal loans must be consolidated as one separate group and so must the private debts too. You cannot mixed them.

As to the federal loans, which you can consolidate only once, the interest rate will be fixed during the rest life of the loan. When you can do the consolidation during the grace period, it is the deal with the fortune, which interest rate you will get. You do not have to go through the credit check and there is no application fees

2. The Debt Refinancing.

If in your case you have just graduated and got the work, your credit score may have improved compared your student times. Now when you will do the consolidation, you will refinance the interest rate and the repayment time. This process is the most effective thinking the cost savings.

3. Consolidate During The Grace Period, You Can Reduce The Interest Rate By 0,6 %

When you consolidate during the grace period, within 6 months after the graduation, you can save in the interest rates by 0.6 %. During the times, when the interest rates are historically on a low level, just by renegotiating the interest rate can bring the much needed help.

4. How Much Are The Savings?

The ideal situation would be the one, when the interest rates are historically low. Then by consolidating and refinancing the whole debt package, you can get the maximum saving. To take examples, if your student loan is $ 10.000 and you extend the repayment time from 15 years to 25 years, you can save over $ 230 a year. With the $ 100.000 debt the saving is over $ 2.400 a year without the interest rate changes.

5. Start To Calculate The Benefits From The Present Loans Consolidation.

When you think the student loan consolidation rates, you have to take into account two things: your present loan terms consolidation rate and the future rates after your student loan possible refinancing. It can happen, that only the new interest rate brings the saving you need and there is no need to extend the repayment time.

However, remember that you can consolidate the debts only once. This means, that it may be wise to plan your monthly payments so, that your monthly expenses will be on the lowest possible level. This is a careful plan and will help you, if you will meet sudden changes with the incomes or living costs.

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Student Loan Consolidation – A Way to Save Money

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I have recently received money from a deceased relative. We may be moving in the next year to a more expense area of the country (D.C). Do I save the money in the bank for moving time/closing costs for new home? Do I pay off bills and lower our debt ratio to try to get a better rate on a new house? Or do I put it towards my current mortgage to increase equity when we sell our home? I don't know the must efficient way to use the extra money.

you will still in debt no matter what, better save it for retired.

think as if you don't get the money, and invest it.

or you can finish the bill, but if you do it for a better rate, you will get in bigger bill?

Pay of the high interest bills
Put the rest in the bank find one with high interest that does not penalize you if you take it out early. You can also invest it depending on your knowledge of the market and if your have a broker that could lead you in the right direction. I wouldn't put it towards your house that is the best thing for you. Save as much as you can. You can always use it when you move.

pay off current bills and put the rest in savings

the others have good ideas. Pay off bills.Put some money away for emergencies.
About bills , pay off the smallest amounts first – not the highest interest . Why? have you ever seen the small pack dinosaurs – alot of them will kill faster than one big one. you will feel much better and in control if you kill a bunch of the blood sucking small ones . It is a mind victory – much better than interest rate kills.
Now you can focus on the next bigger ones.
A cash emergency fund 1000-1500$ is a need to stop the blood of credit cards.
Save some money in bank for closing. Get a budget and stay on it. visit DaveRamsey.com to learn what the working poor won't learn and banks don't want you to know.
As for the house buying don't for the first year
until you find in real time where you want and can Afford to live not where the realator says you should live. Buy less than you can afford cause Mr.Murphy will move in.

Paying off bills is usually your #1 priority as overdue bills usually carry a lot troubles, such as loss of services, phone calls from debitors, and sky-high interest rate for late and overdue payment, in fact some charge even higher interest rate than credit card companies do.
Beside, like you said, it may affect your credit rating and lower you bargaining position in the future when you need a credit.

AS a rule of thumb, when you have extra money usually you allocate that money to the debt which has the highest interest rate (credit cards balance, overdue bills, etc) and other urgent needs.

Bankrate.com
Saving when you're barely surviving
Monday August 28, 6:00 am ET
Don Taylor
Dear Dr. Don,
I am a husband and father of two young toddlers. My net pay is just enough to scrape by every two weeks. With health insurance premiums well over $400 per month, my net pay is only enough to cover the bills. Every time I set aside money, I end up having to use it all for some unforeseen expenditure, and then some with credit cards (whose balances continue to escalate). Where does one in my situation begin to save?
— Underfunded Mike

Dear Mike,
Your question is one of the more difficult issues in personal finance. How do you work toward the future when you're having trouble getting through the week?
The key is to keep spending less than income. Easier said than done, but that doesn't mean it doesn't need to be done. Spiraling credit card balances aren't the answer. Credit cards just postpone the problem and have you spending money on finance charges that should be going toward meeting your family's needs.
Differentiate between what's necessary and what's nice in your monthly spending. Cutting out cell phones (or alternatively land lines), cable TV, dinners out, etc. brings down your monthly nut. Bankrate has a budget work sheet that you can download to put together a monthly spending plan. Talk to your employer's personnel department to see if there are ways of reducing the health-care costs while keeping family coverage. Taking advantage of flexible spending accounts to pay for medical costs with pretax dollars is one possible way of accomplishing this goal.
The other side of the equation is to increase income. Take a second job, or a third. Don't think of it as forever, just until you can get the credit card balances down and build a bit of a cash cushion. If your wife doesn't work, perhaps she should. Bankrate's "Should my spouse work, too?" calculator will help with that math.
The answers aren't easy, but you've got to ramp up income, throttle back on spending or both to get to the point where you move past paycheck-to-paycheck living and get to the point where your income is also building toward your family's future.
If you've worked through all this and still can't see a way, it's time to ask for help. Your state government might be able to help with health-care insurance for the children, for example. A Bankrate feature, "Finding help in hard times," has some other ideas, too.
To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "financing a home," "saving & investing" or "money."

———————————

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http://www.investopedia.com/terms/d/debt…
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Unified Theory of Everything Financial
Revealed in Dilbert and the Way of the Weasels
By Scott Adams

1.Make a will
2.Pay off your credit cards
3.Get term life insurance if you have a family to support
4.Fund your 401k to the maximum
5.Fund your IRA to the maximum
6.Buy a house if you want to live in a house and can afford it
7.Put six months worth of expenses in a money-market account
8.Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement
9.If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio

Check the bottom line: A portfolio with an asset allocation of 70% in Vanguard's Total Stock Market Index (VTSMX) is doing just fine, performing remarkably close to the S&P 500 index. Moreover, that simple two-fund portfolio is perfect for the vast majority of America's 95 million investors who are passive much as Adam's Dilbert character.
The truth is, most investors have little or no interest in Wall Street's casino action; all the time-consuming research, the sophisticated stock-picking tricks, the costly trading necessary to play in a market drowning in 10,000 stocks, 18,000 funds and more than 100,000 bonds. Most investors have jobs and kids as their top priority. Moreover, Dilbert's simple two-fund portfolio compares favorably with our other lazy portfolios.

I would pay the bills first. It's all about interest. The high interest stuff should get paid off first.

As for the mortgage, you get a tax write-off for that, so I'd just pay the minimum on that for now.

Your mortgage is probably getting the best interest rate so leave it be… I would do 2 things… pay off some of the high interest ccards if that is what your other debt is and save a little for the move. This is why!!! If you don't save some for the move you'll probably end up putting moving expenses on a ccard so your back to where you started. Next, paying off some of the other debts will help your payment to debt ratio which will in turn help you get the better interest rate when buying the new home when you relocate… hope this helps… good luck!!!

tithe
savings
bills
rainy day

Do I save the money, pay off bills or put towards the mortgage?

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Many contracts and deals, on everything from home insurance to savings accounts, offer you a fantastic deal at the beginning but then add on a pile of interest after a certain time. As well as robbing you of value for money, this unexpected change in your contract can leave you with hefty bills to pay and could even lead to serious and sudden debt problems.

People often forget when their contract ends or how long their great deal lasts, so it is a good idea to make a note of it, so you know the perfect time to take action. Doing so can help you switch to a better value product before it’s too late.

The following are a few deal expiry periods to look out for:

• Credit card 0% interest deals

This offer is a standard on many credit cards, and it is very effective at luring new customers in. However, it is limited and if you fail to pay off your credit card balance before the last 0% month ends; you could be facing a huge leap in interest payments. To switch to a new card and get a better deal, you need to allow yourself six weeks or so to move provider before the 0% period runs out.

• Home insurance

Simply renewing your policy at the end of the contract is no guarantee of the best deal. Many insurers are notorious for rewarding customer loyalty with above average renewal quotes – as many customers are lazy and will renew anyway without shopping around first. You could save money on your insurances by shopping around for the latest and best deals, so give yourself a few weeks of researching time before your policy runs out to find the cheapest or best priced cover that you need.

• Savings accounts

Some accounts have end dates, when your interest rate falls and your money isn’t earning as much as it used to. It pays to move your money around to where the best interest is offered, as it could significantly boost the amount of money you have saved. Switch to a new account about six weeks before your “offer interest” period happens, by searching around online for the best deals.

Good places to look for all of these deals include comparison websites like Compare-the-market and Money Supermarket. Or you could even shop around first and then go back to your original supplier and ask them to match the price you have been offered elsewhere.

Money saving: when to act on short-term deals and contracts

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DENVER – We love ‘em and we hate ‘em, we can’t live with them and can’t live without them.

Regardless of your reasons for keeping your credit card or saying good-bye to it, it’s safe to say that all holders are spending way too much money to keep their credit cards for the benefits they are getting in return. The real dilemma is how to cut down on those costs and enhance any benefits or security the card gives you.

Last year, Congress passed the Credit ‘CARD’ act of 2009, which is one of the most sweeping set of changes to the credit card industry in decades. The law, which went into effect this summer, aims at providing holders with grace periods for late payments and notification requirements for any changes the company makes to your account.

However, according to the Lending Club’s Chief Consumer Advisor Jennifer Openshaw, the changes have left consumers paying more to keep their cards because of higher rates to offset new expenses to the credit card companies.

“Americans are making a lot of sacrifices during this recession. Many Americans are paying more than 14 percent interest rates on their credit cards, while 30 percent of Americans are paying more than 20 percent,” said Openshaw.

One of the best suggestions for credit card holders is what you have always heard when trying to find a bargain at a flea market: negotiate with the top dog. Doing so can cut your credit card interest rate to something that can save you hundreds if not thousands of dollars over the course of a year. Two-thirds of those who try to do it are actually successful.

“If you’ve been a long-time customer and you pay your bills on time, chances are they don’t want to lose you,” Openshaw said. “If you don’t make headway there, ask to speak to the supervisor.”

With the new financial reform law signed into law, impacts will touch both Wall Street and Main Street. On the upside, the law creates a Consumer Protection Agency which will reduce the chances of ever having to bail out banks again. However, changes meant to protect consumers may lead to even higher credit card payments as well as changes at the bank.

“Credit card companies will no longer be able to charge merchants whatever they want on those credit cards. For the consumer, some of the savings and limitations on banks on one hand may lead to higher fees in other sectors of bankings. I’m not sure we’re going to see free checking going forward, and already we’ve seen a bunch of rate increases on credit cards all of a sudden,” Openshaw said.

(KUSA-TV © 2010 Multimedia Holdings Corporation)

You are paying way too much on your credit cards

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Husband has a college degree but can't get a GREAT job, wife stays home with first child and homeschool second child is on the way. Couple does not make enough money for finacial help books to really work, but would like to start saving money and possibly buy a house soon. In general they want to change their situation and have no idea how to change it. Although it is not from a lack of trying and trying that they haven't yet.

They could start small and analyze exactly where their money goes. Maybe they eat out a couple times a week? They could eat at home more and put that saved money away. Or cancel the cable or phone bill extras (caller id, 3 way calling, etc). They could also set up a savings account and have a small amount ($20 or so) taken out of each pay check and directly deposited into that account. It's not much so it wouldn't be terribly missed income, but after a year they'd have over $200 saved.

when ever you go to the store always save your change, never give the cashier your change always break a dollar bill, go home and put the change in a locked container, let it accumulate. You'll find out that this adds up fast and it's a start for saving. Try it it works!

the first step is decide that u really want to do it pay your self first and keep this goal in mind. there are a million ways to save money the magic of compounding watch how u spend It is not the american way to save u need to go against the trend start early and it is easier get the most for your money go with out the frills that u do nor really ealy and it will pay off in the long run

from whatever income you earn…you have to pay yourself first….that is the best advice i ever got to saving money.

I have a savings account set up throuth INGdirect.com and they transfer 10 dollars a week from my primary checking account. I don't even notice that it's gone, it adds up fast, and they have a higher interest rate than a typical savings account.

If your husband wants to get a GREAT job he really needs to go back to school to get a Master Degree.

You really need to send your two children to a Day Care Center and get a job or go to College if you want to buy a house.

I also suggest you to STOP HAVING MORE BABIES. Consult your doctor for more information.

Your husband really need to start saving at least half his paycheck to buy a house first and to open a 529 account to send his two kids to College.

He is not going to be able to pay for a house, 2 cars, 2 529s, 2 HSAs, 2 Roth IRAs, 1 disability insurance, 1 identity theft insurance and 4 life insurances by himself.

The good news: saving money isn't as difficult as it seems, even on a low income.

The bad news: you have to give to receive. And I don't mean in a religious sense (although that does good, too).

First, figure out what you can save each month, even if it's only (as stated above) twenty dollars. Then, think of things you spend on yourselves which could be cut. Cut fast food from your diet, if you eat out a lot. Not completely, mind you, but make it maybe once a week, if that. Substitute the soda you keep (again, if you do) for bottles of juices. It's healthier AND it ends up being a lot cheaper.

As a parent, you probably already know this much, but just in case: do NOT buy brand names. If there are two pants for your kid (or you) and one is half the price, but the other is brand, go for the CHEAP one. There are exceptions, only for things like having one pair of jeans that are already falling apart compared to the others in fine condition.

Speaking of saving, go to thrift stores. It's not degrading as many tend to think it is. There are plenty of fine things at the Salvation Army stores, and they're cheaper than most places else. And it can be most any thrift store.

When the kids are bored, go to the park or take a walk together. If you have bikes, take family bike rides. It's SO much cheaper than amusement parks, and it's still a great time. Save the expensive outtings for special holidays (birthdays, maybe).

Don't necessarily cut foods from your shopping trip, but make sure you always have a list of exactly what you will buy. That way you can avoid the "Oh, I MUST get them this!" train of thought. It only takes a few minutes to set up the list, once you get used to what you usually need. Set aside a few dollars for "other" just because, as a mother, you're sure to give in to the 'can I please have this' line once in a while. Keep that indulgence under that limit.

Keep only basic cable, if you have cable. You don't need ten million channels, and the basic covers all you REALLY need. "Need" being a very loose term.

Doing this, you'll find you have a lot more money to put into savings. Those pennies saved here and there add up quickly.

Speaking of spare change, keep it all in a jar somewhere. Don't use it (unless you're dying to pay phone change, I suppose). At the end of every other month, or when it's full, get it changed for cash and save that cash. It adds up.

Also, and most importantly, remember to spendthrift at least once a year. If you don't pamper yourself once in a while, all the fun goes from life and you never get anywhere. Just take a big shopping trip, or vacation. The whole family. Sure, keep a limit on it, but make it a bit spacey. You'll know how much you can afford once you start saving for a while. This takes the stress off of you and gives you the pleasure of living again, even if just that once a year. It's something to look forward to.

Hope this helps!

Secretly. I had a problem saving money because either the kids needed something or my husband would spend it on crap. I just had to open a secret savings account and deposit whatever i could sometimes 200 other times 25. It adds up.

YOU SHOULD NOT SPENT MONEY ON WHAT YOU DO NOT NEED AND GET THE BEST JOB YOU CAN POSSIBLY FIND AND JUST SAVE

Agree, pay yourself first, even if its just a tiny bit, saving $20 dollars a month can grow into a large ammount of money in the future.

You need to cut out everyday stuff that you don't really need. Whether it is a pop from the machine or a coffee on the way to work. Whatever it is, whether big or small, you need to cut it out and you will see the savings.

Treat it like a monthly/weekly bill. Create a savings account at your bank and have them automatically take $XXX.XX out every week/month.

1. Reduce any debt that you have, especially credit card debt. Read up and eduacate yourself on financial planning, and have short-term and long-term goals on where you want to be financially
2. Bargain shop. But a used car but nothing to beat up as maintenance costs will add up
3. Watch your expenditures. (i.e. rent movies instead of going to the theaters)
4. Create a budget to find out how much expenses you can cut and how much you can feasibly save and stick to it.
5. Start putting savings into a bank until you have saved up 6mths – 12 months living expenses as a cushion for emergencies. I recommend 12 months.
6. After this has been accomplished, start investing your savings somewhat. And unless you are very skilled in the stockmarket stay away from stock picking, mutual funds. Just buy the Vanguard total stock index fund and Vanguard total international stock index fund for reliable, low cost and conservative long term returns. Remember this is for the long term.
7. Outside your emergency savings cushion, avoid having too much money in the bank unless you are trying to save up for a downpayment into a home. 3% interest in the long run is going to make you poorer due to inflation. Other than these index funds, I advise putting money in hard assets like gold, silver etc. The US dollar is probably going to continue falling and this will be a good hedge against that. But never put all your eggs in one basket, so make sure you are diversified.
8. Save up (cash, gold/silver, index funds) until you can comfortably buy a house. Check your credit score, and make sure its 700+. If not try and improve it cause this will add a lot of savings on your interest payments on any sort of loan. This is very important.
9. Dont rush into buying real estate. There are a lot of costs associated with it so make sure you can comfortably hold on to it for 5 – 7+ years. But out of all the savings and investment strategies, real estate is the best I believe, so try and aim to achieve this.
10. Be healthy and happy.

How does a young couple, with 2 children and little money start saving money?

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whichever offers the higher interest, usually the money market account

A personal savings account allows you to withdraw any amount of money at any time and still earn the stated interest. Money Market account will earn the same interest, but you'll have to maintain a minimum, and not take more than 3 withdrawals in a 90 day period. If you take out too much and drop your minimum – your interest rate will drop.

Whats better a personal savings account or a money market savings account?

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Are online savings accounts a valid, safe place for someone to save their money? With the age of the internet, many banks have given clients the opportunity to save money through these accounts. These accounts, like traditional passbook savings accounts are FDIC insured and operate much like a savings account that someone might open at a local bank. There does happen to be a few differences between an online account and one that a person might open at their local bank.

One of the differences is that with some online savings accounts there is a minimum amount that a depositor has to deposit. This amount varies between different banks, usually this amount is between ten and twenty-five dollars as a minimum deposit. Additionally, the amount of deposits that a depositor can make in one month can be limited in an account that is online.

Online accounts apart from a few minor inconveniences are just as good as a traditional accounts and in some ways better. One of the drawbacks of an these types of savings accounts is the availability of funds. Usually funds that are deposited in an online savings account are transferred electronically, with this process, it can take several days before the money is available for the customer. Likewise, when making a withdrawal, it can take a few days for the money to make it to the customers checking account. For savers who need their fund in a hurry, an account online account may not be for them.

However, for those savers who do not need their money immediately, there is an obvious benefit to an online account. The benefit is a higher interest rate that a person can get with an online account. Online accounts usually pay a significantly greater interest rate than a traditional passbook account at a local bank. This means that a persons money is working harder for them and will compound quicker.

For those who can afford to wait a few days for their money, an internet account can be great place to plant it and watch it grow.

Are Online Savings Accounts a Good Place to Put Your Money?

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