Does anyone have a good savings account?

CantWaitforBaby

I'm having a kind of high anxiety day...DH and I have a small savings account that has slowly been dwindling due to baby expenses and other unexpected expenses, plus now we have to pay taxes this year, and by the time it's all said and done our savings account will be puny by the time the baby is here...DH definitely makes enough for us to live comfortably but when I think about saving for our kid's college and our retirement or just having a good solid cushion for if god forbid anything drastic happens to our income, it seems like we'll never get there...saving is just so hard..anyone else worry about this?

Somethingclever25

I always worry. dh works for commision only, and the way the market/economy  is he hasnt made a dime in 4 days. I know we are headed for plenty more days like this. especially since summer is always slow time anyway. Our savings account is on the large size. we could live off of it for a year, so that helps calm my fears. we really try not to touch it for anything!!

cher kessler

FYI:  If you're interested look into IRA's and different savings bonds.  If you buy Roth IRA's they are non taxable which is nice and if you invest in a high yield savings account for the little one it'll grow really fast (We put together a pie chart, type of thing, where so much goes into different types of accounts.  For instance some grow rapidly and are high risk we put 25% of what we would deposit into that account.  Then some are straight stock, with no risk, 50%.  And then a moderate risk one gets the rest.  So basically you risk a little but, usually it is worth it and every year you can change it so just watch the banks fiscal year.)  They have people at the bank that can help you invest wisely   GL  sorry it's so long I just wanted to try to explain better

mrs.m-ski

EVERYONE worries about having enough money to financially support a baby/child. Somehow we manage to get by and come out looking pretty good on the other end.

Lovin Wife

Financial planning is intimidating to me as well.  We had a nice savings and were going to buy a house, DH was then not working for 4 months so we used half of it.  They always say to have 6 months living expenses in your savings for unexpected things.  We are on the way to building that back up.  All I can say is save a little at a time and then it will add up, but yes, it can feel like it will never happen.