Re: Hop in! On my way to a 100k!
04-11-2012 11:53 AM
Dawnstream - Welcome! And yes, a CD every payday is much more fun than worrying about the credit score or worried about too much in the bank account.
I have an excel chart that tracks each CD and when it matures. I am blessed that the CU allows me to continually add to any CD that is open. So I have been adding to those now with loose change. My goal is to (eventually) get their balances up to 2k. But for now, I am stretching for $200 balance on each CD in addition to opening a new one each payday.
I do count my total CD balances (if they are regular CD's) in the big plan for a 100 grand. If they are IRA CD's (and I have a few of those), they are NOT included in my total. The reason being I can't easily access those without stiff penalties to the IRS.
Since I started the CD game, I have managed to save an astonishing 19k+!! I know, right - awesome??? And that doesn't count the 3k I bought my youngest as a graduation gift. He will be able to access it when he completes a BS or equalivent (sp) college degree. It's meant to be seed money to get his own place or to help with another degree.
Have you sent a monetary goal to reach with CD's? Are you laddering them so you have some that mature next year and in the years following?