Questions tagged [savings]

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

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2
votes
3answers
266 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 ...
19
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9answers
6k 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, ...
1
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4answers
659 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 ...
1
vote
2answers
95 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 ...
2
votes
1answer
334 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 ...
7
votes
3answers
593 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 ...
0
votes
1answer
253 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 ...
0
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0answers
107 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, ...
3
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7answers
448 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, ...
0
votes
1answer
154 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. ...
2
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3answers
223 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 ...
1
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1answer
214 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 ...
5
votes
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 ...
2
votes
2answers
236 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 ...
1
vote
1answer
339 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 ...
1
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3answers
177 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 ...
31
votes
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 ...
1
vote
2answers
364 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 ...
1
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1answer
96 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 ...
2
votes
4answers
145 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 ...
25
votes
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 ...
1
vote
1answer
103 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 ...
17
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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
votes
1answer
279 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, ...
1
vote
1answer
172 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 ...
34
votes
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" ...
0
votes
1answer
219 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 ...
52
votes
8answers
22k views

How much money should I save in order to generate $1000/month for the rest of my life?

How much money do I need to make in order to generate 1k/month for the rest of my life? Is that even possible? If yes, in what way?
2
votes
2answers
167 views

Savings strategy for grad students (minimal expenditures and minimal savings)

This is question has been somewhat asked elsewhere: Savings account vs Roth 401k Savings Account Rates vs. CD Rates vs IRA CD Rates Can a Roth IRA be used as a savings account? However, I wanted to ...
-1
votes
5answers
1k views

What's the lowest risk highest reward I can invest in for 5 years?

Good day; Canadian here, 23. I'm looking to place money (at a rate of 100$-200$ per month) into savings, for 5 years (locked or not). I don't have a "specific" plan in 5 years. I just need to have ...
3
votes
3answers
465 views

The balance between Renting and Buying

My girlfriend and I are spit-balling the idea of buying a house. We've heard pros and cons for mortgages; you're putting your money into an investment vs you're paying far more than you anticipate due ...
2
votes
1answer
220 views

How to strike balance between home loan, savings, investment, tax savings, marriage, retirement plan, startup & living life?

Small intro: I am 30 years old, living with my parents in Mumbai, India. I am the only child. During the past 8 years of working, I have managed to change my family's financial condition to a great ...
1
vote
4answers
455 views

How to save money on bathroom overheads?

This question got me thinking, I spend around $3 per week on toilet paper for the bathroom. If I could half that, I could save ((3*52) *60 years of life left) = $9,360 over the rest of the course of ...
9
votes
2answers
3k views

Why different interest rates for checking and savings?

I have recently become financially independent (21 yo student in US) and I am starting an independent bank account. I noticed that the interest rates on savings accounts are significantly higher than ...
1
vote
1answer
99 views

Placement student savings account

I have started a placement year (full time job for 14 months) as part of my university degree. I am looking to save a regular amount of money each month - something that would gain interest (if ...
0
votes
2answers
250 views

Where do I go to invest?

I have been reading up on investing my spare savings in index funds/bonds and so forth and I am very interested in saving my money for long term use. But all the sources are not clear on what and ...
2
votes
5answers
371 views

What should one do to not lose the value of his money over time

I live in Europe with my parents. I work and I have around 18k € (US$ 20k) in my bank account. I know that money loses its value over time and I wonder what I can do with that money and my income ...
0
votes
1answer
57 views

Which option to invest savings on home ownership? [closed]

I have savings of ksh 1m to invest in a residential plot(1/8th of an acre) - not built - in the suburbs of Nairobi city - say 30km from the city (Kitegela). the plots cost from 2m-3m, is this a good ...
3
votes
2answers
235 views

Received an unexpected windfall and have no skills or knowledge of finance (UK)

Good Evening, I work and live independently with a lifestyle that isn't lavish but is perfectly comfortable for my needs. Recently, I was the beneficiary of a sum that is about 10 times the amount of ...
0
votes
1answer
53 views

How do I calculate an average monthly income, with accurate yields, from dividend stocks paid quarterly and monthly?

I have a column that has evolved over months and I have another spreadsheet with my positions (my stocks, # of stocks, dividends payout and dividend yield). Those won't move. However, some of my ...
0
votes
1answer
301 views

How to start investing at a younger age?

I am currently 23. I live in Quebec, Canada and I work full time at $17.31 per hour. My salary will increase 1% to 6% every December. For the time being, my cost of living is relatively low. I ...
21
votes
8answers
7k views

Strategy to pay off revolving debt while building reserve savings fund?

We currently have about $16K cash. I'd like to have $30-35K+ for a ~6 month reserve. This will be a "single giant reserve fund" that will pay for large and/or unplanned expenses, frivolities like ...
2
votes
2answers
244 views

Sold one house but not planning on buying another for several months. What to do with the funds?

So some background. I recently sold my first house to move for a new job. The housing market is much hotter here than where I was. I am looking for a house, but am comfortable in my current ...
0
votes
1answer
39 views

How to calculate equivalent interest rate of gains with monthly contributions?

I started the year with a known amount of funds in my account and I make regular (assume equal) monthly payments into the account. I know how much my gain/interest for the year is. I believe the ...
1
vote
2answers
132 views

Should I move to finish college and get into a community, or work full time and get my degree online?

This is my first post - sorry if it's poorly organized: I'm 24 years old, and currently a little less than halfway done with my bachelor's degree in Software Engineering. At the current rate I'm ...
0
votes
2answers
238 views

Help with a homework question calculating interest

Question : Imagine that you deposit $6,000 a year, starting one year from today, for four years into a savings account paying 6% per annum. (That is one deposit of $6,000 per year.) How much money ...
0
votes
2answers
77 views

Prolonged low base rate and personal savings

The Fed recently has prolonged its low base rate and is even considering lowering it further. I am an EU resident, and our base rate is even lower - it has been 0% for several months and it seems that ...
1
vote
1answer
111 views

Placing Tax withholding into a savings account instead of haivng it deducted from my paycheck [duplicate]

Typically one has a percentage (based on a W-4) of their pay withheld to cover one's taxes at the end of the year, it occurs to me that this is effectively like storing that money in an account with ...
1
vote
1answer
266 views

Can you double up on car payment?

If I get a $15000 car loan and have 11.99% and a 60 month term but pay double each month is that the same as getting a 30 month term?
1
vote
1answer
175 views

Taking a loan with a low interest and putting it into a Savings deposit with High interest [duplicate]

Can I make money from taking out a loan from a country with a low interest rate (such as Switzerland, that has an interest rate for loans from 4.9%) and put it into a fixed savings deposit account in ...