How to save money?

without a savings account. I have started working and want to save my money to move out. The only problem is my mom will not let me open a bank account since it will hurt her food stamps and housing money(dont know the real name for it). I want to save money so I can move out, it is an unhealthy living sisutation, but my mom told me she would kick me out if I opened an account with a bank. I know the account would help since I would get interest. How can I save without a saving account. If I open a savings account then the city would take some of the money they give to my mom away. I do not want to cheat the government, but she really would kick me out. Then I would be homeless.

Public Comments

1. get a piggy bank that you can't open. and when your done saving take a base ball bat and smash it. i'm not joking
2. You don't need a savings account to save money. Sure it would probably be a lot safer in a savings account and earn more money than if it was under your mattress, but if you have no choice, do what you can. Just keep it somewhere safe that you know nobody will find it and make sure you don't spend it. Even if you opened up a savings account, if you kept it in a traditional bank, you would probably get a very low interest rate and wouldn't make much in return, especially if you only have a little saved. An online savings account is really the only way it's worth it. If you are desperate, you can find someone you trust that can open an account in their name and hold your money for you, but I would be careful with that. Save what you can and keep it safe!
3. Even if you put your money in an interest earning account, I'm guessing since your mom is on food stamps and you are living under her roof, the amount of money you actually have to put into the account will only earn so much on the interest alone. There are some liquid checking accounts out there that earn as much as 4.50% interest a year, so even if you have $25,000 to deposit in there, the interest earned per year is only $1125, and that's without touching a cent of the money for the entire year. That little of an amount of money is not worth your mom throwing you out on the street. I would suggest opening a safe deposit box with the bank and putting all of your physical money in there.
4. If you have a close friend you trust, open an account in his/her name and have your paycheck automatically transferred to that account. If you can not set up an automatic transfer to that account, cash your paycheck and physically deposit the cash into the account each payday.
5. Cash in envelopes, stuffed way back in the closet. The only problem is, if your mom's on food stamps, you'll have to go out of your way to prove that the cash isn't drug money.
6. You could buy US savings bonds but not able to cash in right away. It would make the money safer than at home. The small amount you would need to save to leave home won't earn enough to worry about. Your income might cost her benefits anyhow since the household income will be increased. She must report all income or it is fraud. If you are an only child and leave home she may need to support herself instead of living on welfare.
7. You can buy travelers checks. They never expire and pay no interest. You can usually get them at a bank in any amount.
8. I am really glad to see that you are trying to hard to get out of your situation. Your best bet for a safe way of doing this is to see a financial counselor who can help you make the best decision. If you go to this website http://www.daveramsey.com/fpu/counseling/index.cfm?fuseAction=dspFindCounselor you should be able to find a counselor in your area that will normally do the first meeting free. Ask them if they can do it free if they don't offer. You will likely be ale to do a money market account in order to keep the money liquid. good luck.
9. Jeff and Stan C are on to something. Traveler's checks are a wonderful way to go. You use your driver's license to prove who you are. They are good for something like 10 years and require your signature when you buy them and when you cash them. You may have a nearby Deli or store which sells money orders for free or for 25 cents. That's a good reasonable way go as well. I've done the envelope thing when I was younger and it worked perfectly. I had a little budget book with envelopes in it and I used a percentage of money to put in each envelope. Another thing you can do is this: Buy food or gas cards so you have them later. I do that now. Be careful which cards you buy as businesses are closing up like crazy. You want your gift card to be good. I bought gas, grocery store, subway shop and doughnut shop cards, so if I was low on cash, I had gift cards to resume all my normal way of life. I also fill the small M&M tubes with quarters for laundry. Each tube holds about $14. Skip the savings account! There's not much to be earned and then you get taxed on it anyway. In your situation you don't want to jeopardize yourself. You can put money in battery compartments, on the back of clocks, etc. Just remember where you have the money--if you go that route. If you leave your situation, you should be able to get social services as well. Hook up with a YWCA and find out what's available for you. Hopefully a wonderful room mate will come along and keep your expenses low. Good luck.