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How to save money (band, ira what)?
I want to save money. my job will match 50% of what i put in a 401. but what is the best way to save money? 401, bank or what? I am a nub in this area. I want it to be able if something comes up in a year if i need i can take some out.
2 Answers
- exactdukeLv 71 decade ago
Save 6 months of living expenses in the bank. After that, begin investing 15% into your 401k. 401k is for retirement. Emergency and/or savings at the bank, are for short term goals. Or if something comes up.
- Anonymous1 decade ago
Retirement accounts (401k, IRAs, etc.) are NOT for short term savings - they're for long-term RETIREMENT investing. That's why there are restrictions and penalties on withdrawals.
If you want to save for short term goals, that's what bank savings accounts are for.
