[LWC]

Anyone have any tips or advice on Savings accounts/CD's or Retirement Accounts?

I would like to at least start a savings account, if not retirement savings. I will be getting a $1,760 tax refund, and I want to put it away to collect dust and not touch it for at LEAST 4 or 5 years.

When I become an Ordained Elder in the United Methodist Church the church I pastor will pay into my retirement for me. (Pretty sure it is required, if not, it is almost universally done), so I could transfer what I have already saved into that account.

Realistically, I guess I am looking for info, tips or advice on probably 1-5 year savings/CD's.

Thanks in advance.

[Stardust]

Open a Brokerage Account, and put your money into a Mutual fund. You get nothing with a Savings Account, and locking you money up for a period of time in a CD for such little return is not a good route. Mutual Funds are in the stock market, and even in poor economic times like this, will out-gain savings by 3 times.

[EKUAlum05]

Like SD said.. Savings offers very little return. I use a savings basically as a short term type of thing to discipline myself to hold money away from my paycheck to go towards emergency situations and upcoming expenses (house, car, etc, vacation, etc)

I have an IRA right now with my company. I get a % match from my employer and once I had a pay raise I immediately bumped the % I was putting into it myself.

The one thing I strongly advise is eliminating your debt first if you want to start saving. If you have any credit card balances get those paid off first. Interest on debt kills people and you will be surprised how quickly your money saved adds up when you can put what you are losing in APR charges into interest that is actually making you money instead.