Questions tagged [savings]

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

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Cost of Buying Versus Renting Over Time: Did We Account for Everything?

My partner and I are looking into buying a house versus renting in our city (USA), and we would like make sure we've accounted for all the relevant variables and that our assumptions are reasonable. ...
Dusacks1570's user avatar
0 votes
1 answer
59 views

Generic FV of PV Formula with equal inflation and savings rate

I’m trying to arrive at a formula that allows me to determine the future value of a present savings amount (P), given the following: Period (p): e.g., Annual (p=1), Semiannual (p=2), Quarterly (p=4), ...
Sterdib's user avatar
0 votes
0 answers
39 views

Do any Belgian banks offer "virtual" accounts/cards/investment systems/funds where I can put aside money for purchase budgeting?

In order to be fiscally responsible, I would like to put aside a number of small distinct amounts of my monthly salary for specific types of purchases. For example, currently I do my PC games ...
Nzall's user avatar
  • 231
3 votes
1 answer
378 views

In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?

Like a lot of people in the UK fortunate enough to have savings, the higher interest rates mean that I will be getting more than the £1000 tax-free allowance on savings interest. Unlike a lot of ...
Bob Tway's user avatar
  • 1,281
1 vote
2 answers
157 views

How can I transfer money from local US bank to international bank in Asia, if the local bank can only issue a cashier's check, not a wire transfer?

I am an American teacher in China. I received an inheritance of a substantial sum of money back in November: a few hundred thousand dollars. Because of the pandemic I could not get back to the USA ...
user avatar
0 votes
1 answer
53 views

Delay Self Assessment Return

I am a international student holding a residence visa. A month ago, I began my degree program, and I have some income from a non-ISA savings account. I recently noticed that the deadline for filing my ...
top ROOKIE's user avatar
2 votes
2 answers
178 views

How much savings do home mortgage lenders expect borrowers to have after closing?

When applying for a mortgage as purchasing a home, there's lots said about expectations of down payment and monthly payment amounts, in terms of LTV, debt-to-income, and so forth. What's less broadly ...
Phil Miller's user avatar
1 vote
1 answer
247 views

How would I set up a prenuptial nest egg for a partner that would be difficult for me, as the spouse, to coerce out of them?

I'm getting married soon, and I am fortunate enough to have a career where I can be a sole breadwinner. I want to offer that to my fiancee, but she has not previously lived in a situation where this ...
TheHans255's user avatar
3 votes
2 answers
357 views

Is overnight rate swap ETF viable alternative to low-risk bank products?

I live in a eurozone country. While the ECBs deposit facility rate is 3.75%, interest rates on savings accounts and similar low-risk products are less than 1% with the best offer being 2%. Overnight ...
kubek's user avatar
  • 31
0 votes
2 answers
180 views

Why not put short-term savings in the market?

My income comes entirely at the end of the year so I'm planning out where I should put my expenses for the year. The general advice I've seen is that you shouldn't put money into the stock market if ...
GranBurguesa's user avatar
1 vote
2 answers
319 views

Why not stuff all my money into a new high interest savings?

I have a well-balanced portfolio. I am leaving my job for a year. I see here that I can potentially receive 5% on my money. Is there a reason not to take everything out of stocks and bonds and put ...
Ken - Enough about Monica's user avatar
8 votes
3 answers
2k views

Are high yield savings accounts as secure as money market checking accounts?

I do asset allocation: 10% in cash. 40% in equity mutual funds. 60% in bond mut funds. I've had the cash in Vanguard money market funds. Wondering about keeping some of the cash in HYS account to ...
Doug Null's user avatar
  • 676
7 votes
4 answers
3k views

How to compare loan interest rate to savings account interest rate?

I don't understand how to compare my loan's interest rate to my savings account interest rate. My savings account states: The Interest Rate on your account is 4.0249% with an Annual Percentage Yield ...
Donut's user avatar
  • 173
-4 votes
3 answers
232 views

Method to save money which disallows early withdrawal?

How can money be saved that can't be accessed -- even in an emergency -- for 6 months? I'm aware of CDs, but in an emergency banks allow you to get the money on the CD, and will charge you to access ...
whitewings's user avatar
8 votes
7 answers
5k views

When is it worth taking out a loan for something I could pay in cash?

I'm trying to better understand the time-value of money and how to compare interest rates vs. investment returns. In general, if I can pay for something in cash or short-term credit (paid off monthly),...
cr0's user avatar
  • 287
18 votes
5 answers
8k views

I have to pay back my student loan. When is the best time to do it?

Today, I received the news that my "Payback phase" for my student loan has begun. I was afraid this day would come soon, but it came quicker than I anticipated. However, I got the news that ...
SpoiledMustard's user avatar
2 votes
3 answers
168 views

What is the way to get money managed without hiring a personal financial advisor?

What is the way to get money managed without hiring a personal financial advisor? I do not think I need any personalized approach, I'd rather have a target retirement date and I would like to get ...
Medan's user avatar
  • 543
23 votes
9 answers
7k views

Where to put an inheritance of $1.4 million upon first receiving it

Sometime in the next year, I will receive an inheritance of 1.2 to $1.4 million. I am concerned about the safety of money in a bank with threats to USD thanks to fiat vulnerability. I live in the ...
Cherie's user avatar
  • 279
0 votes
1 answer
54 views

How are the income conversion factors for 3%, 5%, and 7% interest rate calculated for retirement income in the U.S.?

I'm reading the U.S. Department of Labor's PDF Taking the Mystery Out of Retirement Planning. Page 17, Worksheet D, asks the reader to take their total estimated savings in different retirement ...
Aleksandr Hovhannisyan's user avatar
15 votes
3 answers
5k views

How does Robinhood’s cash sweep achieve 4% interest?

As of February 2023, Robinhood’s Brokerage Sweep Program guarantees its users 4.15% APY (for those who pay $5 a month for Robinhood Gold). Robinhood is sweeping the cash to banks. Do those banks offer ...
asb1230's user avatar
  • 253
1 vote
1 answer
138 views

Is car loan the better option when one has already saved enough to cover the purchase

Let's say someone has saved $100 000. There is no specific purpose for this saving Now there is a car that cost $62 000 Financing the car entirely via a bank loan would cost around 50% of the salary ...
stevy21's user avatar
  • 11
13 votes
4 answers
3k views

Prepay principal vs putting money in savings account

Should one prepay principal if the interest rate is higher than that offered in a savings account? For example, in the US savings rates have gone to 3% but what if one's mortgage is higher than that, ...
heretoinfinity's user avatar
10 votes
12 answers
6k views

Do I use savings to buy a car?

My current car worth £700 needs £1500 of repairs. It’s a bit of a money pit at the moment with big repairs needed a lot. I want to buy a new car. I’m looking at used cars and I found a 2015 Corsa that ...
Jess's user avatar
  • 101
2 votes
3 answers
226 views

Should I repay my student loan to free up £800 in cash flow?

Some advice would be appreciated. I am in a very fortunate scenario where I'm currently earning net £6k a month as a contractor inside IR35. My student loan balance remaining is £12k and I have enough ...
MetalGearUK's user avatar
27 votes
2 answers
7k views

Saving for retirement... starting at 68 years old

It may sound like a joke, but it is not. I imagine I am not the only one in this situation. I guess. Here is what I have going on. I am a "one man show" self employed carpenter. It took many ...
Jack's user avatar
  • 407
0 votes
1 answer
4k views

How do I calculate monthly compound interest with additional monthly deposits in Google Sheets?

I'm trying to figure out how to write a formula and/or use a function to calculate the following in Google Sheets. John deposits $1,000.00 into a savings account on Dec 31st. John also deposits $100 ...
Mr. B's user avatar
  • 167
1 vote
0 answers
85 views

Are there any world-wide statistics about the average amount of money people hold in savings? [closed]

I was surprised to learn today that according to finder.com, the average British adult has savings of around £6,700 (unclear if it's mean or median though,) while a third of Britons have savings of ...
Lou's user avatar
  • 111
0 votes
0 answers
89 views

EE Paper Savings Bond reads MAIL TO:?

This was issued 23 years ago. Below my Son's name reads MAIL TO: and gives a person's name and PO Box address. I don't recall how I purchased this, and who this person is, but how does my Son find out ...
EEBONDQUERY's user avatar
4 votes
1 answer
261 views

Funds that approximate savings accounts

I have money in IRAs that I shouldn't take out to put into a savings account. I'd like to get a relatively safe 1.5-2% return on these, similar to what I might expect from a savings account in terms ...
Ken - Enough about Monica's user avatar
0 votes
2 answers
367 views

Investing in stocks and bonds to save for a home renovation

We have a goal of one day doing a large home renovation. This work is not urgent, but it would definitely be nice to do someday. I would prefer to take on as little debt as possible to do this, so I'm ...
bill's user avatar
  • 1,027
6 votes
5 answers
1k views

Do High Interest Savings Account (HISA) have an associated risk?

I have been chatting with a friend who asserts that all investments have an associated risk. In reference to this I suggested a High Interest Savings Account, claiming it has no risk. My friend ...
akozi's user avatar
  • 243
7 votes
3 answers
4k views

Is it a good time or good idea to invest money that I will need to repay in a year time that is not currently accumulating interest?

I'm currently in my graduate studies in Canada. I have around 20k in savings. I will make around 8k more by the end of studies in savings without accumulating any more debt. I currently have 20k in ...
akozi's user avatar
  • 243
5 votes
5 answers
6k views

In a Budget is Saving Considered an Expense?

I created a personal budget with a savings section but I'm not sure if it is considered an expense. Is it an expense, and how do I account for it? Thank you all for your great insights. I decided its ...
user117582's user avatar
2 votes
1 answer
248 views

How to establish your (yearly) savings rate in GnuCash?

Title says it all... pretty much. Maybe this exercise is really simple and this question a bit silly: I'd guess it's simply the sum of all expenses (i.e. expense accounts) over the sum of all income, ...
shoyu's user avatar
  • 691
6 votes
4 answers
518 views

Financial pros and cons of having a rainy day fund in a savings account versus invested?

I used to have about 4 months of expenses in a savings account as a "rainy day fund" in case of emergencies. The last year or so, though, I've switched to having a minimum of expenses (about ...
canary_in_the_data_mine's user avatar
0 votes
1 answer
65 views

Should I hold strong currency with weaker interest rate or a weaker currency with high interest rate?

I earn in USD but my home country has a different currency INR. Pros of holding USD: Converting to INR cost me 0.5% of the amount which I save by not converting. USD/INR rate seems to be going up ...
CodePanda's user avatar
  • 103
1 vote
0 answers
96 views

Understanding/Calculate effective annual rate and savings

I came across the following exercise: You put $1000 into a savings account today that offers a 5% APR with semi-annual compounding. What is the effective annual rate of the saving account? How much ...
Anton2107's user avatar
1 vote
1 answer
49 views

Mismatch Between FV Function and the Bankrate Simple Savings Calculator

I'm trying to replicate the functionality of the Bankrate Simple Savings Calculator in Google Sheets. I've assumed that I need to use the FV function, but I can't get the numbers to match exactly. ...
Frank's user avatar
  • 13
0 votes
0 answers
52 views

How much you have to pay taxes for selling gold in USA? [duplicate]

Imagine you don't trust the stock market nor the banks so you keep the money in your house. Then you want to protect yourself from inflation and you buy gold. Then one day you want to sell a ...
Joe Jobs's user avatar
  • 155
6 votes
3 answers
3k views

Promotion will leave me with a spare $25k. What should I put this towards?

I'm 20, about to graduate college, and have accepted a promotion at my current job that after taxes will leave me with about $25,000 not allocated to anything. I am already putting aside 15% of my ...
Isaac Corbrey's user avatar
6 votes
1 answer
635 views

It's official - I've paid off my student loans. Now what?

I paid it off. (Before you congratulate me, I'd like to remind you that I imagine this must be how it feels getting released from prison.) But now there's $1100/month that I was paying toward that ...
NovaDev's user avatar
  • 198
0 votes
2 answers
325 views

Diverting work income through my unprofitable LLC

I have an LLC that doesn't make money, and I have a full-time job. I'm considering having part of my income from my employer go to my personal bank account (to save for retirement), and the rest go ...
Ken - Enough about Monica's user avatar
5 votes
1 answer
262 views

"High Income Earner" savings / investment options

After 7 years in my profession, I'm finally in a high paying position. I was reminded recently that I needed to be "accumulating wealth", which got me to reading articles. One of the things ...
User51610's user avatar
  • 173
12 votes
2 answers
2k views

What is the advantage of a Sparbuch, and how does this work?

In Germany, there apparently exists such a thing as a Sparbuch (literally: Savings book, apparently comparable to a passbook in the USA), mentioned in this answer. According to a recent news article, ...
gerrit's user avatar
  • 3,213
2 votes
4 answers
95 views

How does tax-deferred pension savings carry any long-term benefit over taxable accounts?

In terms of the total post-tax savings value, I don't see how taxable (e.g. Roth) vs. tax-deferred (e.g. 401(k)) makes a difference. Let me be specific. Suppose tax rate is s, and you dedicate X of ...
J Li's user avatar
  • 145
21 votes
8 answers
9k views

Safe-ish investment options for a young, well-compensated couple

I'm definitely late in learning this stuff and have gone through the top questions on this site like I'm 23 and was given $50k. What should I do? Oversimplify it for me: the correct order of ...
Jemmy's user avatar
  • 343
4 votes
2 answers
234 views

How do I use my spare money? (Brazil)

I am writing this question because I want to know what are the best options for using my spare money. Hence, let me first describe my situation: Who am I? I am a 24 years old no child single male. ...
Matheus Diógenes Andrade's user avatar
0 votes
2 answers
540 views

Is this a loophole in my credit card policy?

I have recently applied for a new credit card that and cardholders can get 5% cash back on purchases in their top eligible spend category each billing cycle, up to the first $500 spent (then 1%). The ...
Zuriel's user avatar
  • 1,569
0 votes
1 answer
687 views

How do I calculate Compound Interest with changing monthly contributions, quarterly contributions, and changing interest rate

John currently has $100 in a saving account that compounds quarterly at a .25% interest rate. When the account's balance reaches $2500 or more, the interest rate will change to .05%. I want to figure ...
Colin Fiedorowicz's user avatar
0 votes
2 answers
376 views

What exactly are the drawbacks of moving money from a checking account into a savings account?

My paychecks get directly deposited into my checking account, and I haven't bothered to move any of it into my savings account because I know there are some drawbacks to having it in savings as ...
JSNinja's user avatar
  • 129

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