I always buy up a bunch of collectables like beanie babies and nascar memorabilia. Excellent way to save for the future.

- If your country has tax-free savings schemes, invest in them.
- Try to put a little aside every month - look for those accounts which give you the highest interest rates and be prepared to move your money to other accounts if the interest rates go down (check that there are no penalties for withdrawing sums).
- Don't use credit cards and don't use consolidated loans to pay off debts. Always pay off debts in order of interest rates (pay off those charging you higher interest first)
- If the company you work for offers employee share schemes at a discounted rate, and you consider your company to be stable, consider investing
- Don't invest less than £2,000 at a time in stocks and shares.

Invest in defence contractors, oil companies and pharmacuticals for long term gain.

GaryTheNoTrashCougar said:

Perhaps I look for a guide on ethical investing.

GaryTheNoTrashCougar said:

Perhaps I look for a guide on ethical investing.

For someone coming out of debt!!!! Who has em'''?

So I shouldn't do anything till I have money in savings? How much? And I thought investing was better cause you earn money not just save it?

See, I consider myself a smart gal, but I really just know nothing about managing money. Maybe I should take a class...

CarrieMpls said:

ING is now up to 4.5 % on a SAVINGS account.

This may touch off a firestorm of controversy and arguments, but I think you’re getting your finances under control follows different paths for different people.

If you have the ability to, pay off your highest interest debts first, then the next, then the next. You can only do this if you have the ability to pay off the debts without living off of bread and cheese the next 10 years of your life.
If you don’t have the ability to do that, you should pay off your debts in order of easiest to pay off first. The smallest credit card obviously will be the easiest to pay off. And the money you used to pay on that can roll into the next smallest, and so forth.

For most people, it’s not a matter of which makes the most sense for them to pay off first though—it’s a matter of what they can actually pay off on a paycheck-to-paycheck basis.

For those of us lucky enough to own a home, a home equity loan is a good alternative to mounting credit card debt. I took out a home equity loan this year, and my monthly debt payment dropped to 1/3 of what it was. This allowed to pocket more cash, and to payoff other debts easily. Yeah, I still have this home equity payment that I’m making ever month, but its very manageable, and I have no intention of racking credit card bills ever again. I’m able to live off of my cash flow alone, and pocket leftovers in investments.
Although I do warn that all financial experts will say , pay your debt off first before investing, they’re not taking into consideration what folks can actually afford to do on a month to month basis. In about 2 years, I’ll be able to attack paying off my home equity loan and student loan and should be debt free in 5 to 7 years—and all while living comfortably.
I celebrated by buying a kayak!

CarrieMpls said:

Low returns.