Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Money wisdom? Not really.

At this point I'm simply trying to soak in knowledge. I've done a good job staying out of debt (though, admittedly, I did spend a lot of money on entertainment goods this past year).

I have most of my bills on auto pay, so I tend to keep quite a bit of money in my checking account because I'm very cautious about spending. I tend to have a sort of budget, but I'm trying to trim down a lot of my food costs. My job has me "in the field" a lot, so I tend to eat out almost everyday. Anyways, I digress.

What I've been doing the past year is simply setting aside 400 dollars each month into my savings automatically transferred from my checking. I mostly leave that money untouched, but I would often use it to pay off my CC debt in lump sums.

I've also tried to budget by staying away from using my debit card, and visiting the ATM on a biweekly basis instead.

I suppose what I want to do now is setup a gameplan. Do I setup an internet bank savings account/cd's? Do I put more money into scottrade and continually buy solid dividend paying company stock instead? How much? Just a few of the things I'm struggling with.

Oh, and a question. How are interest payments on CDs and Savings accounts taxed? Is it considered capital gains, or is it in a seperate category? I tried looking around google but wasn't able to find an answer yet.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.