Ways to automatically save your money

2 Replies

I am hoping for some advice on different ways that I can automatically save my money. I already have a portion of my paycheck sent directly to a savings account but that of course earns almost nothing with interest.

What are some other interest earning options I can do for automatically saving money so I can buy my first deal in the next 12 months?

Thanks!

It's awesome that you're trying to save up for your first purchase!  Unfortunately, I don't have a lot of good recommendations. 

Try asking if your employer has any sort of saving plan.  I worked for a place that offered automatically purchasing Series EE bonds.  Those are longer than you need, but see if your company offers anything.  Also, check with your bank.  Perhaps you can automatically purchase a CD every month.  Finally, while you won't get any interest, try putting all your spare change and perhaps even all your $1's in a jar every night.  It will add up.  ;-)

Good luck and congratulations on your plan!

Probably about your only other option for 12 months is to find a certificate of deposit special and that will probably only get you 2-3%. You could put the money in the market, but you run the risk of it dropping when you need to pull the money back out.

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