What's the best way to Manage and Save Your money now?

What's the best way to Manage and Save Your money now?
The economy seems to be collapsing, the banks don't seem to be safe anymore and the market is falling.
Dollar cost averaging is the smartest long term strategy for these types of markets. Invest regularly and if you can do it every day. The markets are extremely volatile that it is important to invest as often as you can. DRIP programs are another good idea. Remember to diversify and do not operate from fear. Think about what you want to do in 5, 10, 15 or 20 years from now.

Diversification is the key to any good plan. Manage your money in accordance with your long-term needs, goals, and objectives. Where you put your money ought to be a reflection of your plan. Banks and credit unions serve a purpose. Do not make them the center of your plan.

Each individual situation is different, so I would highly recommend going to www.fdic.gov and using the Electronic Deposit Insurance Estimator, or EDIE, to figure out exactly how much of your money will be protected. Or you can always talk to your bank manager.

If a bank fails how long would it take for you to get your money through the FDIC?

How to Deal with Banks Failing: FDIC Knowledge and Resources

" According to the FDIC, there's no cookie cutter way these failures unfold. But if you've got $100,000 or less, there really should not be much of a disruption to your ability to get access to that money, if at all. Generally, the FDIC will either get some other institution to operate that bank or the agency will do so itself. So you should be able to use the ATM or write checks. Look at IndyMac. The bank failed on Friday. People could still get their money out through the weekend. The only thing that wasn't working was online banking, and I believe that was fixed by Monday.

Now, if you've got some uninsured money in a failed bank, that's a much different story. You could end up waiting a very long time to recover anything above that $100,000 limit and you might not be able to recover it all. The FDIC will have to liquidate the bank's assets. If there's cash left over after they deal with expenses and leave some money in reserves (which they are required to do), they will start paying out dividends to creditors and depositors. As I said, that could take years. "

But remember, do not panic if you don't have anything beyond that $100,000. And if you've got more than $100,000 and really want to be safe, spread it out over a couple of banks.

Savings Account and CD:

It's not $100,000 in any one account. The FDIC insures $100,000 PER depositor PER insured savings association. So you can have $50,000 in a savings account and $50,000 in a CD in one bank, and you will be fine. No matter what happens to that bank, your money will be safe.

What is a DRIP Program?
A Drip program is an acronym for a dividend reinvestment program. This type of investment strategy can be any dollar cost averaging program or systematic investment program