Hey all!
I'm just getting into using investments for savings. I currently have two mutual funds from Vanguard and I'm trying to get as much of my savings out of my savings account (aside from my rainy day fund) so that it actually gains interest. (I think I averaged about $0.15/month from BofA last year).
My question is this: How do you manage saving for different things? For example, retirement, new house, car, etc.
Do you have different allocations for different things? Like, a more conservative investment for money set aside for a new car (assuming you'll need it in 3-5 years) and a more aggressive investment for retirement? Do you simply keep track of it in a book/spreadsheet?
I hope my question makes sense... Happy to clarify if it doesn't.
Thanks!
I'm just getting into using investments for savings. I currently have two mutual funds from Vanguard and I'm trying to get as much of my savings out of my savings account (aside from my rainy day fund) so that it actually gains interest. (I think I averaged about $0.15/month from BofA last year).
My question is this: How do you manage saving for different things? For example, retirement, new house, car, etc.
Do you have different allocations for different things? Like, a more conservative investment for money set aside for a new car (assuming you'll need it in 3-5 years) and a more aggressive investment for retirement? Do you simply keep track of it in a book/spreadsheet?
I hope my question makes sense... Happy to clarify if it doesn't.
Thanks!
Comment