With all of the financial issues that have been bombarding the world recently, I would like to encourage all of you to be financially responsible. Specifically I would strongly advocate that you automatically save a portion of your income, and deposit it into a high interest savings account. Of course, we are all aware that interest rates have suffered greatly since the financial crisis. However, you must use what is available right now. Interest rates will go back up, and you will find that interest is your best friend if used properly.
In addition, you need to learn to pay yourself first and live within your means. DO NOT spend more than you make! It is simple but very profound, and works great from my personal experience.
There are many choices when it comes to choosing a good bank to use. I have been using ingdirect.com for years now and they have been great. They are free to use and currently have a 1.1% variable interest rate. Standard savings accounts usually give you only 0.25% to maybe 0.5%. When I first opened an account with ingdirect they had an interest rate of 4.5%. They allow you to link your ingdirect account directly to your existing bank. You can easily transfer money back and forth with no fees whenver you wish. They are also safe to use.
My recommendation would be to take the first step to being responsible and open an ingdirect account now. After your account is set up, I would then advise enrolling in direct deposit where available and deposit 5% or 10% of your income directly into this account. You will be pleasantly surprised at just how much money you will begin to earn and save!
Your Friend,
Varalan Mabus
Visit the Order of Validus Now
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