What should I do with my savings account? | TigerDroppings.com

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EveryonesACoach
LSU Fan
Baton Rouge
Member since Nov 2012
258 posts
 Online 

What should I do with my savings account?



Hey guys, first post on this board. Trying to get some opinions on what to do with the money in savings. I've got $30k saved, and I already put the max towards my HSA while putting 10% towards 401k (company gives 3%) while wife puts 6% (company matches 6%). Each month I can add about $2k to that savings account if we aren't setting aside that money for something or have an unexpected expense.

We also plan on starting a family this year, so I guess that 2k saved each month number will drop a good bit once that day comes. Both 27, own a home and no other debts. Thoughts?







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offshoretrash
LSU Fan
Farmerville, La
Member since Aug 2008
5269 posts

re: What should I do with my savings account?


Live a little, can't take it with you.





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Croacka
UNLV Fan
Denham Springs
Member since Dec 2008
51125 posts

re: What should I do with my savings account?


Roth IRA?





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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30038 posts

re: What should I do with my savings account?


Not knowing anything else about you, I'd go in this order:

1) 3% on the 401 to get the company match. It's a 100% ROI. Keep the savings account while this is done.
2) Now ditch the savings account and max the Roth. You can take money you contributed back out from the Roth anytime you want with no penalty. Invest some portion of it in "safe" stuff, this is the portion you set aside for emergencies. But in a Roth any gains are tax-free. Above that you can invest as you would in any retirement fund.
3) Max the HSA
4) Max the 401






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guttata
LSU Fan
prairieville
Member since Feb 2006
20068 posts

re: What should I do with my savings account?


I've got the same issue and am trying to figure what to do. I've maxed my 401k, wife has maxed 401k and based on income, can't do a Roth. What are some other options?





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matthew25
Ole Miss Fan
Member since Jun 2012
3411 posts

re: What should I do with my savings account?


Go to Scottrade store in Baton Rouge and open account. This will be taxable.

Purchase Vanguard, T. Rowe or Fidelity mutual funds with intent to hold.






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