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Questions tagged [savings]

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

1
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2answers
249 views

Is storing money in a bank the best way to utilise your savings?

Over the past few years, the rate of inflation in my country has outpaced the interest on my savings account, meaning that I have been losing money as its value has dropped faster than its quantity ...
2
votes
3answers
208 views

I have 25,000 in savings and I want to invest, but I don't know where to start [duplicate]

I've been collecting information about the best investment practices, however I'm have very little financial knowledge and was hoping someone here could point me in the right direction. I feel like I ...
1
vote
2answers
180 views

Move money out of the UK due to Brexit

I'm a non-British European living in the UK with about £50k in a UK bank account saving to buy a house in Europe. I have a bank account in another European country. With Brexit looming, does it make ...
3
votes
2answers
116 views

interest compounded daily vs monthly

I want to compare two saving accounts with same APY, but one has interest "compounded daily and credited monthly" and the other has interest "compounded monthly and credited monthly". Which will yield ...
0
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4answers
974 views

How can I budget to build up a down payment for a house over the course of a year?

I'm currently looking to buy a house in one year - my lease will be expiring, I'll have the time to build up a savings, and we'll have the time to research and find the exact house we want - we've ...
62
votes
6answers
8k views

Good allowance savings plan?

I am about to begin receiving a weekly allowance from my dad. As I am not great at controlling my "buy buy buy now" impulses, could you guys help me put together a savings plan for my allowance, given ...
4
votes
3answers
157 views

How to balance saving for retirement with saving for a house?

Situation: Married w/ kids, 29, about to finish grad school, no debt. Accepted a job offer with $87k salary and an employer contribution to an SEP-IRA equal to $13k/year. No additional household ...
10
votes
5answers
3k views

What type of investment is best suited for a 1-year investment on a down payment?

I'm looking to buy a house, but lacking in the capital to make an adequate down payment on said house. My lease expires in a year from now, so I am looking to build up my capital through investment ...
1
vote
1answer
71 views

End balance after x years of an account with fixed interest rate and growing withdrawals

I am looking for a formula to calculate the balance on my savings account after x years whereby this savingsaccount has a fixed interest rate and my withdrawals increase each year (because of ...
3
votes
0answers
49 views

Are Netherlands“second pillar” pensions USA Section 402 compliant?

I am a US citizen and work in the Netherlands as an employee for a Dutch company. In the Netherlands, the retirement pension system is based on three pillars: the public pension scheme, akin to the ...
2
votes
2answers
232 views

Too much cash: pay off mortgage, invest in market, or all of the above?

My wife and I have the (pleasant) problem of having too much cash. Part of the reason is that we have been looking to upgrade to a nicer house for the last few years, but we never found the right ...
1
vote
3answers
288 views

Opening account for family in my name

Sibling of mine asked me to open an bank account for her in my name. She wants to fill it with her savings and use it on day-to-day basis with a debit card. I have a strong feeling this could ...
4
votes
2answers
332 views

Saving rate higher than the Fed rate: Too good to be true?

Recently I saw this Intrx company advertise a savings account with 2.91% APY on Facebook, and claim it would be FDIC insured up to 100M. They explain their business in the following: We are an ...
1
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1answer
72 views

Australia- Bank account for newborn

I have just acquired a newborn, a would like some advice in setting up long term financial plan. I don't have a target amount in mind, just to have some money to help her when older (roughly 18-21 ...
0
votes
5answers
358 views

How Should I Start a Savings?

I'm 22 and looking to start saving, and having my money work for me. I've got a few options I'm aware of right now: a) Going in with my bank's Mutual Fund plans, b) going safe and using a TFSA-GIC ...
2
votes
1answer
133 views

Use savings for our wedding or use a loan [closed]

I recently married (similar to engagement), planning our wedding and starting a new life with my spouse. Where we live we use two currencies, the GBP and a local one (XXX) that is getting harder and ...
44
votes
11answers
15k views

What can I do with a property that won't sell following divorce?

My wife and I bought a property just over 2 years ago for €114,000. We put down a 10% deposit (€11,400) and so took out a mortgage of €102,600. We took the mortgage on a short term (15 years) to ...
4
votes
4answers
3k views

Scenarios for a 25 yo finishing a PhD staying in Academia, but hope to invest her $100 K USD [duplicate]

Suppose 1: I am a 25 year old just about to finishing my PhD in pure mathematics, and have saved about $100 K USD so far in my life. I have saved all $100 K USD in an American Bank (actually Bank of ...
0
votes
2answers
261 views

What should be done when my cash reserves are high?

When I have plenty of money in hand available, which is the correct choice? is it better to pursue new investments? To do things that were not done in previous days? Donate to charity? Upgrade my ...
0
votes
1answer
248 views

Storing Money Without a Bank [closed]

One way to store money without a bank account, could simply be keeping it in banknotes, however that's not very safe. So is there another way to store digital money that is not a bank account? ...
0
votes
1answer
36 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
0
votes
1answer
54 views

Should I pay and refinance or continue LPMI?

Details: Origin loan: $152,000 Original downpayment: $8000 Remaining loan: $144,000 (= approximate current pay-off quote) Currently value of house: $160,000 (assume value hasn't changed since I ...
0
votes
1answer
168 views

Should I make a loan or withdraw all my savings to buy an asset?

Lately, this is a question I've been asking myself, and I don't know which would be best, both on short term and long term. Let's suppose I have around 20,000 to 25,000€ in my savings account (which ...
1
vote
1answer
161 views

Saving for a house/saving in general vs putting my money in Super vs paying off my student loan

I'm at a point of my career where I'm starting to earn decent money and can put decent chunks away. The question I have is mostly around whether I should max out my superannuation contributions in ...
1
vote
2answers
277 views

Friend constantly complaining about $850 monthly S.S. check [closed]

I posted a similar question recently, but I guess I didn't explain correctly. I have a friend that receives $850/month in social security. He doesn't pay rent, electric/gas/water/cable bills, loans, ...
1
vote
1answer
88 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 ...
13
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
102 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
152 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?
20
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 ...
7
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
119 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
124 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
705 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 ...
1
vote
1answer
342 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
135 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
50 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 ...
89
votes
15answers
33k 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
80 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 ...
150
votes
24answers
51k 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
211 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
230 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
40 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
358 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
55 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
620 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
491 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 ...