By Terry Savage on April 22, 2024 | Financial Planning / Retirement

Kind of an question well below your expertise but got divorced several years ago and had to use my IRA to basically start over and all I have now is a checking/ debit account with all I have in it. Basically question is would starting a savings account be worth it. Probably would put $2000 in it to start and maybe contribute $100 a month. I basically live off of my debit account.

Terry Says

You’re not the only one starting over — and the sooner the better. Yes, everyone should have a savings account, with cash for emergencies.
Then if you’re working, you should start an IRA.

I’m impressed that you’re asking. So please reply to the email you receive sayng your “question has been answered” and send me your full name and mailing address. I’ll send you a copy of The Savage Truth on Money. The basics are still there for you, though some of the numbers are outdated by a couple of years. It will help you get started.

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