Group writing project: What would you advise?

Personal finance

I received the following question from a reader today, and I’d like to follow in Darren Rowse’s footsteps from Problogger and open up the question to readers and other bloggers to answer, especially because I don’t think there’s only one “right” answer:

I like to setup my finances on a “purpose” basis. I create a separate account for each specific saving target. I have 401ks or IRAs devoted to long-term savings. A checking account (and a small savings account at the same bank) to handle day-to-day expenses. Some CDs as a safety net in case I lose my job. A separate savings account for spur-of-the-moment spending.

This keeps things tidy and reduces the tempation for my spur-of-the-moment spending to hamper something important (like next weeks groceries).

This works great for short-term or long-term savings. But not so well for mid-term savings. Things that are maybe 3-7 years out. (Like buying a new car or saving for home remodelling.) I can’t figure out what the best vehicle is for carrying this out. I can take more risk (and want better return) than savings accounts and CDs, but it’s not so long that I want too much stock exposure.

It just doesn’t seem like there’s a good way to create a single account to handle this sort of time-horizon.

Maybe the answer is on your site somwhere and I haven’t been able to find it. Any suggestions?

Here’s how the group writing project will work. If you’re interested in participating, just do the following:

  1. Write a post on your own site that addresses the reader’s question below
  2. Send me the link (URL of the post) and the title of the post
  3. I’ll create a separate post showing the original question and an up-to-date list below the question that links to all other bloggers’ responses.
  4. Let’s set the cutoff for posts at Friday, July 7th at midnight (Pacific Coast Time), so that I can send a quick summary at the end of the week.

This is a great way for newcomers to build links and grow some traffic (just keep in mind that my site’s averaging a little less than 100 visitors a day, though it’s growing). I benefited quite a bit from Darren’s group writing projects, so I’m trying to pay it forward, though in a (necessarily) smaller way!

Sound good? This is my first time attempting this, so let me know any feedback you have!


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Mid-term savings methods…

Experiments in Finance received a question and has opened it up for group conversation on the myriad different ways that it could be answered. All the related posts will be posted on Experiments in Finance.
The Question:
I like to setup my finances on…

How should I invest for 3-7 years out? | Experiments in Finance

[…] Personal finance [Note: This is my response to a question received from one of my readers. I’ve made it into a group writing project (instructions and original question are in the link). Please feel free to respond to the question and participate, and I will create a post linking to everyone’s responses this Friday. Thanks!] […]

Responses to “How to invest for 3-7 years out” | Experiments in Finance

[…] Personal finance I only received a couple of participants in my group writing project, but I’m not disappointed: they both had great advice, and in the end, it’s the quality that counts! Without further ado, here are some thoughts other personal finance bloggers shared, and a link to my response as well. The original question appears below. […]

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