Wahm Forum - Your "Work-at-Home Moms" Support Group

christina · Mon Feb 11, 2008 9:01 pm It's a Scary Word...

Recession. It's all over the news and in publications. There's a debate as to whether or not we're in a recession. Does it really matter?

One thing you can do to protect yourself is to wisely manage money now whether or not we're in a recession or one is coming. One of the best things to do is aggressively work on paying off debt if you have any at all. Yes, a mortgage counts as debt even though it's an investment.

If you aren't sure how to start, take a look at the snowball method discussed in a previous post. It's the easiest way to get started and just makes the most sense.

If you don't have any debt, then start building up your savings account. A great place to save and still have access to your cash while earning a great interest rate is ING Direct. You can open a checking savings account. Plus if you refer others they get a deposit in their account and so do you.

If you want to get a bonus deposit, send me a PM with your name and email address and I'll send the link. I'm not trying to make money from you opening a savings account so if you think that's the case no need to PM me. Simply go to ING Direct directly to open your account. :)

Getting out of debt and building up a savings account are two ways to provide security for yourself in a recession. Do you need to work on debt (even if your budget is tight even adding $5 extra dollars to a payment will make a difference over time) elimination or building up a savings account?

What's your next step?

wahmannounce · Mon Feb 11, 2008 10:23 pm

Christina,

I've used ING direct in Oklahoma. They offer a good start on your savings account. I've been thinking of starting a new account here. Haven't done so since moving.

christina · Thu Feb 14, 2008 9:55 pm

Hey Rhonda,

Yep, I really like ING Direct. I don't believe there is a local branch to me. I just opened my accounts online. I have a separate general savings account, home account (to buy my first home), emergency fund and then the checking. I basically set up the checking and got an ATM card for it so that I could easily transfer funds from one of the savings account into the checking when I need to access it right away. Otherwise I just transfer funds from the savings into a my regular local checking account as needed.

I like ING Direct because I earn upwards of 4% interest where a local bank or credit union can barely give 1.5% if that. That's a big difference. I want my money to work for me as much as possible and still be accessible. :wink: