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In current economy where to put savings?

Discussion in 'Money Matters' started by jasinjyo, Aug 18, 2011.

  1. jasinjyo

    jasinjyo Bronze IL'ite

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    Need saving methods in USA (500$) per month

    Hi Ladies:
    I want to know what are the saving schemes available in US? I want to save atleast min of 200$ per month. I have no idea about share market.. so don't want to go to that side. Need suggestions where can i put the money..

    where can we get more interest rates?? please advise??

    Your valuable input is appreciated.

    Thanks
    Bindu
     
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  2. JGVR

    JGVR Gold IL'ite

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    Re: Need saving methods in USA (500$) per month

    In US interest rates are very less in bank. So i had two savings accounts.One account had credit and debit card linked with it and other account didn't have them. Every month i used to transfer some amount for savings to the savings account without any card in the begining of the month itself and used the remaining amount for regular expense. After a considerable amount of money was accumulated in saving i transferred it back to India a/c where interest rates are good for FD.
     
  3. ProudIndian

    ProudIndian Gold IL'ite

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    Hello All

    I have one general question to all who reside in america who owns house for few years. In current economy if you have saving where would you like to invest? Buying house in india or america or fixed deposit or mutual funds. If you have one primary house will you add into principal so your mortgage installment goes down?
     
  4. tashidelek2002

    tashidelek2002 IL Hall of Fame

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    I'd put it in a fixed deposit in India. Exchange rates right now are good and future outlook of the dollar is for weakening so you might make something if it is switched back into dollars later. Real estate here is good priced BUT may go down further depending on location, and you have interest, taxes, upkeep, utilities....you are losing losing with real estate. Stock market has buys but do you have the background to stay on top of it non-stop? Where you should put your money is where it is both safe and where you get money back. The other possibilities woudl be purchase of a rock solid (Gibraltar rock solid!) business where you will get income. But also you will get a lot more work so all in all I would do the fixed deposit and re-evaluate in six months or a year. And for heaven's sakes....don't touch gold!
     
  5. SriVidya75

    SriVidya75 Platinum IL'ite

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    Just in last weeks episode of Suze Orman show, she suggested if you want toinvest, invest in Stocks & ETFs which are showing dividend yield % 4 to 5%....dont go for stocks which show higher yield as it may not be consistent....and we may not want to invest in stocks with low yield as we may loose our principle itself.

    I like Tinas idea too....investing in FDs in India...the interest rate is much higher there.
     
  6. tashidelek2002

    tashidelek2002 IL Hall of Fame

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    In India, in addition to higher yield, if the dollar tanks you are protected. Of course if the rupee tanks with the dollar you are going to lose but you are still getting better interest.
     
  7. orion80

    orion80 Platinum IL'ite

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    Good ideas Tina.
    Rupee isnt going to tank as much as the dollar as the intrinsic value of rupee is still intact.

    My suggestions:
    For a safe player: invest in FDs as the returns are as high as 9.75% for around 280 days.
    For medium risk: go for shares of companies in India which have tanked due to the current fluctuations but the fundamentals are still strong. Ex: manufacturing, banking, retail, metals. These shares are bound to go up once the current fuzzy situation stabilizes.
     
  8. deepasahana

    deepasahana Bronze IL'ite

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    my suggestion is u can buy some land in your native place(india) and sell it when u get profit....

    also some FD in your bank
     
  9. ProudIndian

    ProudIndian Gold IL'ite

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    Thanks so much friends. I am not expert in investment at all so I need guidance from all of you. Tina I like your idea about FDs in india. Is it possible I can open my separate account thgouth internet and transfer from my american bank to indian bank which will convert into rupee. which bank and which FD scheme will u suggest me? So far my dh was discouraging me to have my own investment but now its hightime I must do this. Thanks in advance.
     
  10. tashidelek2002

    tashidelek2002 IL Hall of Fame

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    I can't tell you which one is best but State Bank of India, ICICI, Citibank and others have branches over here now so you can contat them and see what works.
     

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