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Saving Too Much?

Many people place the bulk of their money in ordinary savings accounts. While this is certainly better than spending every cent of your money, you’ll still end up losing what you save because of inflation. Obviously the $100 you set aside today won’t be worth as much 3 years from now, and the interest rates you get from a regular passbook account won’t match the loss of value.

As a general rule, your savings account should only hold about 3 months’ worth of expenses—like rent, transportation, allowance, utilities, and what you’d generally need to survive. Then, invest the rest.

About

This page contains a single entry from the blog posted on November 11, 2007 7:05 AM.

The previous post in this blog was For Your Vacuum Cleaner.

The next post in this blog is Finding a Mortgage.

Many more can be found on the main index page or by looking through the archives.

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