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Questions tagged [savings]

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

-4
votes
0answers
55 views

What's my monthly salary so that I can save $800/month? [on hold]

This is just a theoretical question, so please bear with me. Let's say I live in the US, and the state I live in depends on the person that answers the question (ie. if I post an answer and I'm from ...
1
vote
1answer
58 views

Investing platform options without fixed residency

Background: My wife and I are in our high-twenties currently living in UK. We don't have a mortgage, we're renting our flat. The only debt we have is the standard UK student loans, which is deducted ...
12
votes
5answers
4k views

Incremental payoff vs lump sum

I have $12 000 in student loan debt at 6.5% interest. Currently my payments are in the ballpark of $150 per month. I have an automatic transfer to a high interest savings account with Tangerine set ...
3
votes
1answer
90 views

Would high interest rates offset the issue of keeping money in a weak currency?

I am a UK resident and recently I managed to unlock an account in South Africa with FNB that my family had set up for me. The account is worth R90k (~£5k). I have no intention of moving back to South ...
4
votes
3answers
93 views

How to set up saving for items in GNUCash: Asset or Expense

Let's say I'm saving for a car and I would like to save X amount on a month to month basis, where would I generally put this?
17
votes
5answers
8k views

Is it possible to lock in a high interest rate in savings, when general interest rates are high?

I've heard anecdotes about high-interest savings accounts (4.5% around 2006, even 8% in the 80s), that were opened when interest rates (federal funds rate) were high. The implication seemed to be ...
6
votes
5answers
2k views

Is this a reasonable financial plan? - Spend all of your money every few years? [closed]

Ok, the title is intentionally a bit facetious. But a bit about my current situation. I live in Europe (a high cost of living country) and save around 10,000 Euros per year. I have been doing this ...
1
vote
1answer
96 views

How do I find out if an old bank account still exists and if I still have funds available in that account? [duplicate]

I have an old savings account from old Shawnee Bank in Shawnee Kansas. It shows a balance in it from 1970. How do I find out if it still exists?
1
vote
1answer
120 views

Best way to allocate money? Mutual Fund VS Student Loan

I am a 21 year old Canadian who is employed full time. I have no wife or kids nor do I own any property. I have no type of savings set up (investments, CPP, etc.). Each month I have 400$ leftover ...
18
votes
2answers
4k views

Continue to save?

I'm in my late twenties and have, thus far placed a keen focus on having a healthy personal finance. I'm reaching a point where I'm starting to question if I'm placing too much emphasis on it. My ...
14
votes
6answers
630 views

I have just short of € 15,000 in a savings account with 0.03 % interest – do I have better options?

I am 21 years old, am in college and have a savings account with nearly € 15,000. As I understand it, inflation devalues money at about 2 % a year while the interest rate of my savings account is only ...
-3
votes
3answers
277 views

How much of America is wealthy? [closed]

When you walk around and see all the things in America, I can't help but think that someone owns it: the buildings, houses, businesses, cars, luxury cars, coin collections, YouTube millionaires, ...
1
vote
1answer
310 views

Extra money - pay mortage or invest?

Our situation: Both 28 years old Both working full time with stable jobs No debts (no student loans, cars are paid, etc.) except a 80$/month 0% interest 2 years loan for home furnitures. Family ...
-2
votes
2answers
112 views

Is this incremental Saving Formula Correct?

I'm planning to save some money. I earn in Pakistani Rupees. At the time of posting 1Usd = Rs 123.12. I came up with an idea to save a certain amount each month and add additional 10% of the saved ...
1
vote
0answers
48 views

I am 21 years old and I wish to invest my $15.000 of savings but don't know how to [duplicate]

I have been working for a while now and I realized that I have saved a moderated sum of money that I wish to invest and eventually make it grow. But, it happens that I am new to investment. I ...
87
votes
15answers
32k views

Spouse wants to pay all debt in a month but I don’t. Is this a good idea?

Between both of our student loans and car loan, we are in the hole about $48,000. My spouse is adamant about paying off all debt in the next month or two since we currently have about $55,000 in the ...
1
vote
1answer
79 views

Saving / investing before I buy a home with an unknown investment horizon

My income exceeds my expenses, so I save money monthly. I tend to move countries every 2–6 years. Until I settle in a place where I expect to stay at least 5–10 years, I rent my home. By the time I ...
145
votes
24answers
49k views

Why do people save so much?

When I am old and retired (70 years +), I don't plan to spend a lot of money. I'll be living in my own house that is already paid off at that point, so no rent or mortgage payments. Since I don't need ...
5
votes
2answers
186 views

How many budget categories are too many?

I have a budget with all the essential categories (rent, utilities, groceries, etc.) and I wonder if it is worth having a few (many?) non-essential categories even if my monthly contribution to them ...
1
vote
1answer
211 views

How to grow wealth? [closed]

I just recently reached a financial goal of $20,000 in my savings and I'm looking for tips, advice, suggestions on how to make this money work for me and start growing , I'm open to everything and ...
1
vote
0answers
38 views

Can I open a Help to Buy ISA, transferring a part of my existing Cash ISA, if I paid a small sum of money into that Cash ISA in this tax year?

I am aware that opening a new Help to Buy ISA is not possible when subscribing to another Cash ISA in the same cash year. On the other hand I've read that ISA transfers are not subject to this limit ...
6
votes
2answers
3k views

If Checking Account's and Saving Account's interest rates are the same, what is the point of having a Savings Account? [duplicate]

In this question I am using Wells Fargo as an example. https://www.wellsfargo.com/savings-cds/consumer-account-rates/ You will see that the interest rate for a checking account is the same as for a ...
2
votes
3answers
342 views

Saving vs. Living Life

Saving is good. Everyone knows this. However, it is important to not get so caught up in cash hoarding that you forget to live life. Our savings goal is $1m in revenue/interest bearing assets, ...
0
votes
0answers
50 views

Comparing a savings account to a money market fund

I am looking at a savings account with 0.15% APY. I am comparing it to a money market fund with a 0.64% expense ratio, 1.65% 7-day yield, 0.65% YTD total returns, and 1.04% 1-year returns. I'd like ...
4
votes
4answers
577 views

What's the point of a savings account, when I can put savings in money market?

Everything I throw into my brokerage account and don't invest automatically buys money market (shares?) I've been keeping my emergency fund in a savings account. Should I do this, when I presumably ...
1
vote
3answers
460 views

Whats the best option to increase my net worth, now that I have an income and some money to save?

I am 25 years old software developer with no loans. Before my software developer work I rarely had more than enough money to live by and I was not thinking of savings and such since I didn't any spare ...
26
votes
10answers
10k views

18 years old and unsure how many bank accounts to create and what types

this is my first question so I apologize if I don't provide enough information or my description seems vague. I'm 18 and live in the Midwest of the US. My parents helped me set up a bank account last ...
0
votes
0answers
26 views

Is there any way to compare a tracker's interest with an average fixed rate?

I have been paying into a tax free index tracking account for a number of years, the amounts were only occasionally regular and varying in size. I haven't withdrawn anything. I have exported data ...
2
votes
2answers
160 views

Saving account vs. money market - do my numbers add up?

My savings account has 0.15% APY. I use it as an emergency fund. I was thinking about moving much of it to a money market fund. This fund's expense ratio is 0.64%, and its 5-year total return is 0....
1
vote
1answer
305 views

What To Do With Leftover Money When 23

I live in South Africa and I just started working this year. I would like to do what is the best thing for me to do with leftover money each month, instead of just spending it. When I say leftover ...
2
votes
2answers
349 views

Save or invest?

I'm 19 years old Software Development Student from The Netherlands Currently i'm making around a €500 (600USD) a month. My parents are saying that I should deposit at least 35% of my wage to my bank ...
61
votes
11answers
28k views

I'm 18 and have 6 grand. What should I do with it?

I'm 18 and about to go to college. Luckily, I don't have to worry about student loans or most other living expenses. I've been working and have over $6,000 (will probably be about $7,000 by the end of ...
1
vote
2answers
127 views

What is the preferred account in the UK, an ISA or a 0.35% AER standard savings account for a £1,500 monthly savings?

I am aware of the £1,000 Personal Savings Allowance, adding this to the equation confuses me even more. So which one would be more beneficial at the end of the year, consistently adding £1,500 every ...
4
votes
3answers
717 views

How can I get out of debt AND save money?

My wife and I are working our way out of debt; specifically, credit card (in lieu of student loans; I know this was a bad idea, don't remind me!) and personal (money loaned from her parents). Our ...
8
votes
5answers
3k views

Pay off car debt, or start (value) investing?

I am looking for a method to calculate - or estimate - whether it would be better to pay off car debt or start value investing in stocks. My history: We are soon to get about 1900 USD/month in ...
6
votes
8answers
840 views

Methods of generating additional income on top of full-time job

I am a resident of Europe. I currently work a full time job, which pays around 1.5k euro monthly. I have under 1k in savings. I just finished my 1st year of Computer Science in college. I am aiming ...
0
votes
2answers
238 views

How to get the best out of cash savings without the money sitting idle?

Lets say I have personal savings of £20,000 in cash. How could I possibly get the most out of these savings without just letting it sit there idle? What are the options out there to make the most out ...
0
votes
2answers
71 views

Need business checking account with limited access [closed]

I'm looking for suggestions. I need a business checking and savings account, where I can setup full access for myself (withdrawals, deposits, view account number and routing information, etc...). ...
16
votes
3answers
672 views

How can I survive the economic crisis I see will hit Argentina soon?

I'm from Argentina, where the shit is about to hit the fan just like 2001. We are going to have a crisis similar to Greece in recent times (or us 17 years ago): all debt related. I'm not an economic ...
2
votes
4answers
161 views

How common is it for banks to lower the high-yield introductory rate they use to entice people?

I was looking to put some money in a simple savings or money market account. But I found a caveat in each bank’s small print that made me hesitate. The bank’s marketing shows a high rate, say 1.5% to ...
1
vote
3answers
176 views

Which is better -to save money or pay down debt?

Generally speaking, if you've come into a little bit of money (for example, the profit from the sale of real estate), is it better to use that money to pad your savings account or pay down your debt ...
3
votes
1answer
302 views

Building an ETF portfolio: Is it even possible to diversify?

I want to start investing my money. I've decided to invest a monthly fixed amount by buying ETFs. I am currently investigating different ETFs to decide on what my portfolio allocation will look like. ...
0
votes
2answers
205 views

If my employer has a retirement program that is *not* a 401(k), should I/can I invest in one of my own?

My employer does not use the common 401(k) retirement program - they are a state employer and use a different but similar State retirement program, along with a deferred compensation program that uses ...
13
votes
1answer
2k views

Should I begin investing in a 403(b)

To start off, I'm very naive when it comes to these issues. I know virtually nothing about retirement funds. I'm 24 years old, and currently in my second year of a gap between undergrad and PhD ...
0
votes
1answer
62 views

How do interest calculations differ between loans and savings? [closed]

At the bank or financial institute how are the interest calculation is different from loans and savings? Are they calculated the same way?
7
votes
3answers
416 views

Saving/investing instead of paying off 0.01% interest student loan. Am I missing something?

I have a rather large amount of student loans, around 40k euro. The rate is set for 5 year time periods. I have to pay 0.01% interest over them until 2020. Historically, it has rarely been higher than ...
3
votes
3answers
265 views

Save for one thing or for many things at once?

Lets say I have $100 each month to put in my savings account and that I want to save towards thing A, B, C and D that each cost the same (e.g. $200 each). I'm not sure if I should have one savings ...
0
votes
0answers
81 views

I am being offered whole life insurance with a savings account. Should I take it?

I am being offered a savings account with a Whole life Insurance policy. I believe it is 100,000 policy for $30 a month. However, half of this goes to a savings account with a 4% "compound interest."...
0
votes
0answers
190 views

23 y/o looking for advice on where to invest money [duplicate]

I have start my first "big boy" job just 6 months ago. Currently I am putting ~$1000 into a savings account each month that goes untouched. I have saved up $5000 as an emergency cash account for ...
1
vote
1answer
71 views

What would be a financially intelligent rental cost to bear if you earn $90000CAD annually in Toronto?

Imagine if I earned $90000CAD annually (before Tax) in Toronto, what would be the most financially sensible maximum rental cost to bear? Would renting a house for $2500CAD monthly be somewhat over-...