Questions tagged [savings]

a generic tag related to accumulating cash or bank deposit savings.

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43 views

Loan Calculation and Profit Check

Two years ago Abilia purchased a $11,000 car; she paid $2,000 down and borrowed the rest. She took a fixed rate 48 -month installment loan at a stated rate of 7.0% per year. Interest rates have fallen ...
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5answers
1k views

For Every $100 Saved and Properly Invested, You Make X Per Month

I remember hearing a figure somewhere that went something like this. . . "For every $100 bill you save and properly invest, you make X cents per month for the rest of your life. The trick is, ...
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1answer
56 views

Report interest to HMRC - less than personal savings allowance

[UK] Do I need to report to HMRC if I earn less than £1,000 (personal savings allowance (PSA) basic rate taxpayer) in interest? I also have CGT of less than £12,000.
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1answer
201 views

How can I make my 100K in savings safe and possibly a bit more profitable?

Situation sketch: I'm nearly 30 years old, single, still living with my parents in Belgium and disabled (autism in case it's relevant). I have a job where I earn about 1750 EUR after taxes monthly. I ...
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3answers
2k views

Inflation and the current value of my dollar

I am trying to figure out the value of my $100 with a hypothetical 2% constant inflation rate after 30 years. Here is the scenario: suppose I have $100 that laying under my bed and the hypothetical ...
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0answers
29 views

Difference Between Opting In and Out of Courtesy Overdrafts

Let's say you had $50 as a balance in your savings account. You go out and buy something that costs $250. So, your balance is now 50 - 250 = - 200 dollars. What is the difference between Opting In ...
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0answers
30 views

Business banking insurance above FSCS £85,000 [closed]

In the UK, the Financial Services Compensation Scheme (FSCS) provides insurance for bank deposits up to £85,000. Is there an insurance (or financial product) that provides coverage above this ...
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1answer
181 views

How much should we have/save before having a child? Baby planning a couple years out [closed]

Edit: Additional helpful information. Location: USA: Oregon Lifestyle: Middle-class and content that way. I have biologist job, so I'll never be 'rich' and "millions" is certainly an exaggeration. ...
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1answer
61 views

Interest rate difference - savings account in a foreign currency

I live in a EU country where I have a currency account in CHF with a local bank. The interest rate of this account is 0.01%, whereas the interest rate in Switzerland is currently at -0.75%. Doesn't ...
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2answers
69 views

Tips on frugal approaches to donating to charities for averagely well-off

The title says it all really, but to get the discussion going let's imagine the following simplified reality: Suppose John is 25 years old, lives in the UK, has a very secure job with a take-home ...
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2answers
144 views

Why can one pay with ACH but not with checks from a savings account?

I have a payment I have to make four times a year. (well within Regulation D limits) The payee only accepts checks, and they sit on the checks for a random amount of time between 1 and 6 weeks before ...
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4answers
387 views

Doesn't the existence of FDIC incentivize savers to put their savings in the most risky bank?

The riskier something is, the more interest/coupon would be demanded by the lender. In the case of choosing where to put one's savings, wouldn't the existence of FDIC incentivize searching for the ...
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2answers
334 views

Shouid I throw away my inkjet printer when its ink runs out & buy another?

This is not the usual question that I see here, but What topics can I ask about here? says: Personal Finance and Money Stack Exchange is for people who want to be financially literate, find ways to ...
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2answers
2k views

Deciding on a correct down payment for a house

I am in the process of making an offer for a house. Wife and I have about 135K saved, with steady jobs, both happen to be an 'essential business' as required for this period during the corona virus. ...
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0answers
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Saving for a house, is holding money in the bank account currently wise?

I was currently saving to buy a new house with as lowest mortgage as possible (have currently money in the normal bank account without any interest rates) and planning to make a buy around the middle ...
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3answers
348 views

My retirement savings are waning due coronovirus crisis. What should I do?

My AFORE already lost a chunk of money in my retirement savings, i'm not sure what to do, i'm afraid if leave the rest of my money i will lose even more and it's gonna take a while to recover those ...
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2answers
257 views

Putting away 20% down payment money next 3 years to purchase home

We are considering buying a house in next 3 to 4 years. I am putting away my wife's salary into the savings for next 3 years until we come up with 30% money in the bank to take care of down payment, ...
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2answers
139 views

Opening monthly savers in different banks

I recently had a monthly saver with Lloyd Banks that is coming to an end. I want to continue saving however you can't have another monthly saver with the bank. I found that you can open accounts with ...
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3answers
342 views

How much money does one need to afford to stop working for the rest of life? [closed]

Let's suppose you are in your 20s and want to fully devote your life to something you are highly passionate about, but there's a problem: you are unsure whether that activity will bring you any ...
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6answers
451 views

Overpay student loan or mortgage first?

I am aged 23 and make £48000 a year. I have 2 sources of debt at the moment, my student loan and a mortgage I have just entered. Student Loan Details: Amount: £42775.54 Interest Rate: 5.4% Monthly ...
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2answers
195 views

Feasibility of buying first house at 23 when I may leave the country in a few years to work/travel (UK)

I am 22 years old and in my final year of study towards an Engineering degree, with a graduate job secured for next year with a starting salary of £25,000. I currently have ~£47,000 in savings, ...
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3answers
359 views

What to do with spare cash, in the short term?

I live & work in the UK. Having pretty much exhausted all of the avenues I can find for saving (none of which have great returns anyway at the moment, obviously), I have recently started looking ...
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2answers
201 views

Does returning small bank verification deposits count towards the limit of 6 monthly “convenient” withdrawals on a savings account?

Does returning small bank verification deposits count towards the limit of 6 monthly "convenient" withdrawals on a savings account? Example:
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3answers
297 views

How to invest monthly savings for the long term?

Personal info I'm a single man in my mid thirties living in Spain. In 2019 I saved around 900€ per month on average after taxes. Most of that went to pay some one-time taxes and the rest to an ...
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9answers
7k views

Best ways to invest for a planned house purchase in 1 year?

I've just sold my house after relocating and got £45,000. I am now looking for a house to buy. In the area where I live now houses are around £500,000, so I will need at least £50,000 for the deposit, ...
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4answers
695 views

How risky is it financially to emigrate to a different country?

My situation: I am 31 years old. I live in the UK and have been a software developer for 5 years (but only 1 year in a really challenging, full stack position). I own a house. I have a fair amount of ...
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2answers
111 views

To opt for interest only home loan and save for next property down payment or keep paying P&I to reduce debt AND borrow more for next property

I currently own an investment property which I bought to live in (lived in for couple of years) and now has rented out as I moved (renting) in a better area for kids school. I am comfortably managing ...
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1answer
363 views

Should I save up my credit card points?

I earn points on my credit card and can redeem them at one cent per point, so if I have 10,000 points, I can deduct $100 from my bill. Is there any advantage to saving my points and spending my ...
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3answers
1k views

How to calculate savings account interest if you deposit and withdraw irregularly?

It's easy to calculate interest on a fixed principal. If you have for example $1000 deposit on your savings account and the rate is 0.25% compounded every whatsoever and you want to know how much is ...
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1answer
271 views

Lost $100k (paper) money on property subdivision project. What should be my next step?

I had the misfortune of working with a shady project manager for my first property subdivision project (1 property into 3). The development contract with him was for him to organise and supervise the ...
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0answers
109 views

Best way to invest ~10k euros in Europe [duplicate]

newbie here. I'd like to know what are the best ways to invest ~10k euros here in Europe. I don't have any debt and I am able to save 1k euros every month moving forward. I can't buy property yet, ...
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7answers
461 views

Saving hard to buy one specific item worth it?

I am new to this Stack Exchange channel, sorry in advance if the story does not fit. About 3.5 years ago I bought a laptop for my education. At the time it was a top of the line model etc. Recently, ...
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1answer
168 views

Best way to start investing, for a young person just starting their career in Europe? [duplicate]

I'm in my 20's and just starting my career as a data scientist. I live between the United Kingdom and the rest of Europe. I have read the answers to this question but it seems to be very US-centered. ...
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3answers
255 views

Estimating nest egg and inflation

First a couple paragraphs for me to lay out my understanding and then my actual question. It is often reported that one can estimate how much they need for retirement by taking their current expenses ...
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1answer
220 views

Saving question - I do not know where to start

I just finished my degree and I have been working in Malaysia for 3 months. Let's say that every month I have a salary of $2,550 and my expenses are: $300 taxes $500 to parent $300 toward ...
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4answers
4k views

Is there any benefit to keeping money in a checking account?

I have been getting a lot of "tips" from my bank lately about different ways to save. Things like "Save $1 week 1, $2 week 2", etc or "tax my spending habits". Whenever I see things like this, they ...
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2answers
240 views

Is there any recommendation of rent / spending / saving ratio?

In the USA, are there popular rent / spending / saving ratio recommendations? Say I earn $150k per year and split it evenly between the three. Which would be $50k for rent or mortgage, $50k for ...
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1answer
379 views

Is this a scam? [duplicate]

I have recently found some sugar daddy’s saying there will help me financially they state that they will give me a weekly allowance if I’m loyal but once I send my PayPal link they say that to ...
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3answers
184 views

Is it a good idea to invest in gold as a safety against nation or worldwide economic crises? [duplicate]

Is it a good idea for someone in the middle class to invest in physical gold as a safe guard against economic crisis? If not, why not? If yes, still why? I'm also curious what percentage of savings ...
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4answers
13k views

Why should I invest so much in 401(k)?

I am 24 yrs old and am making $60,000/yr while saving ~41% of that. 28% of which is going to my Roth 401(k) and the rest is going into a TD Ameritrade and a small amount into a Robinhood account (both ...
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2answers
371 views

How can I help a 17 year old track and pay me back a personal loan?

I’m selling my 17 year old cousin my car. He wants to make regular payments on it, every two weeks or so. Instead of taking cash, issuing receipts, and tracking this on paper somewhere, I’d like to ...
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1answer
104 views

Investing and saving advice in Italy during first employment

I'm a 23 years old programmer working full time in Milan since September 2019. I'm currently not paying for rent and utilities and I'm managing to save 1200€ net a month (I have no debts). This money ...
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4answers
229 views

Monthly budget - deferred expenses from savings vs Income? How to manage?

Background: My wife and I have put a monthly budget together using the Google Drive Budget Template. Pretty standard - Income section and Expenses section with rows allocated in each. It makes most ...
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8answers
8k views

Is there any point in adding more than 6 months' runway in savings instead of investing everything after that?

I have saved enough to be able to survive for 6 months. I don't have any debt. So far, I've been investing a small part of my income in a diversified portfolio and have seen ~11% returns, which I'm ...
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1answer
105 views

Retirement Plan Returns Formula

My income after tax is $48,060 and I'm contributing 6% of my income into my retirement account. My estimated income increase is 2.6% per year, which I hope to include in my retirement account. The ...
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6answers
6k views

How to start toward financial independence

I would like to ask for help from those with more experience on how to achieve financial independence on, say, an N year window where N is large enough to get there but as small as reasonable. I just ...
3
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1answer
295 views

If I want to invest as a 19 year old, how should I go about it? [duplicate]

I'm a 19 year old student and I have a part-time job as a programmer. I make 20 euros an hour and I work about 10-15 hours a week, depending on school responsibilities. I earn 800 euros a month, ...
2
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1answer
207 views

Is there a US federal law that requires a 90 day waiting period to reopen a savings account once it is closed?

My bank was having "technical issues " and I was forced to close my savings account in order to access my funds. The bank told me that this was the only option that I had and that I would be able to ...
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3answers
9k views

How safe is the 4% rule if U.S. returns trend towards World returns?

I keep hearing about the 4% rule. I know it's based on historic returns, but aren't those returns based on U.S. stocks, at a time when the U.S. was ascending to the peak of "world superpower" ...
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1answer
225 views

How long would it take someone born in 1940 to save 25 times their annual salary?

Assume the person starts working at 25 and earns the average salary for whatever year it is at the time (changing every year). Assume that they save 20% of every pay cheque and invest it in an account ...

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