Questions tagged [savings]

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

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350 votes
18 answers
70k views

Best way to start investing, for a young person just starting their career?

I am young, just started my career, and looking to begin investing so I can make my money work for me. I'm still living like I did in college (occasional purchase on myself, but most of it goes into ...
Eric's user avatar
  • 4,883
67 votes
3 answers
14k views

Saving for retirement: How much is enough?

How to save I'm in my late twenties and am trying to get started off on the right foot saving for retirement. I have learned that retirement savings should usually be placed in retirement accounts in ...
Stainsor's user avatar
  • 3,397
38 votes
13 answers
38k views

Is there a good rule of thumb for how much I should have set aside as emergency cash?

I'm buying my very first home, and should be receiving the $8,000 first-time home buyers tax credit. A majority of my savings are going to the down-payment of the house, but we still have a pretty ...
Jeffrey's user avatar
  • 1,636
94 votes
12 answers
12k views

Where can I park my rainy-day / emergency fund? Savings accounts don't generate much interest

Savings accounts don't seem to generate much interest. What other options do I have for my emergency fund?
S. Chang's user avatar
  • 1,145
28 votes
5 answers
3k views

Where should I park my rainy-day / emergency fund?

This is the US companion of the same question for Canadians Where can I park my rainy-day/ emergency fund?. Basically I want to know what options I have for my emergency fund?
Leigh Riffel's user avatar
23 votes
7 answers
15k views

Why are interest rates on saving accounts so low in USA and Europe?

For example, in USA interest rates are 1-2% percents, while in Russia it is normal to have up to 8% anually for US dollars account. Same goes for Euro. For Russian ruble it can be up to 12%, but with ...
Andrey's user avatar
  • 715
7 votes
3 answers
2k views

Best starting options to invest for retirement without a 401k

I'm trying to avoid asking a duplicate question, but I feel my situation is more specific than general beginner's saving or investing. I am a university student with a part time job that does not ...
intcreator's user avatar
45 votes
7 answers
6k views

Ethics and investment

I am a young man who has recently reached a point of financial stability. I'm starting to think about long-term plans which may one day buy a home, or provide for myself in old age. This raises the ...
AJFaraday's user avatar
  • 589
39 votes
9 answers
22k views

What happens to my savings if my country defaults or restructures its debt?

I live in a eurozone country that a lot of people think will soon default or restructure its debt. My family has a savings account in a bank here. A similar question has been asked before, but it isn'...
Naurgul's user avatar
  • 493
27 votes
7 answers
3k views

Where to start with personal finance?

I am married with kids and starting to look hard at savings for retirement, buying a house and sending my kid to college (still a LONG way away). However, I am completely new to the world of finance ...
Josh's user avatar
  • 373
133 votes
13 answers
80k views

I'm 23 and was given $50k. What should I do?

Recently I was given 50k from my grandmother in her will. I am 23 years old and have no idea what to do with it. I make $33k a year. I have zero savings. I owe $35k in student loans over 6 years 0% ...
John Wall's user avatar
  • 1,279
35 votes
6 answers
6k views

"One should save about 15% of their income for retirement." What assumptions are implicit in that statement?

I read a lot of websites that say, "I've run the numbers, and you should be saving around X% of your income for retirement in order to be safe, and have fruitful golden years." With X% being a number ...
Glorified Plumber's user avatar
95 votes
14 answers
34k views

Can saving/investing 15% of your income starting age 25, likely make you a millionaire?

I came across this article. It states, The plan calls for young people to put 15 percent of their salary into a savings account — whether it be an IRA, 401(k) or taxable account — starting at ...
user avatar
48 votes
7 answers
13k views

I'm saving money too fast. What should I do?

[Apologies if this sounds (and is) like a first world problem] I get a very generous salary and I am not a spender. I am able to save $2000-$2500 every month. I've invested part of my money in some ...
Rajesh K's user avatar
  • 489
18 votes
2 answers
3k views

What is the best way to invest short term without losing principal?

My wife and I were planning to buy a house this year, but the plan fell through, so right now we are sitting on the money that we saved towards down payment and renovations (prior to now money was in ...
konung's user avatar
  • 283
12 votes
1 answer
10k views

What is the difference between Interest Rate and APY?

What is the difference between Interest Rate and APY on savings accounts, CDs, etc? Is there a simple formula to convert the two?
C. Ross's user avatar
  • 7,856
4 votes
1 answer
2k views

21 years old and saved up $20,000 from working. What should I do with it?

My main concern is making the $20,000 that I currently have saved, substantially grow. - I currently am able to put roughly $500 into my savings at a bi-weekly period due to my part time job. - I am ...
Linda's user avatar
  • 41
27 votes
7 answers
3k views

Importance of liquidity in emergency fund?

I know standard rules of thumb are that it is a good idea to have a liquid emergency fund of between of anywhere from 3-8 months of expenses (depending upon the source). How important is liquidity ...
Michael McGowan's user avatar
25 votes
8 answers
7k views

Should Emergency Funds be Used for Infrequent, but Likely, Expenses?

Say we break down non-monthly costs into the following three categories. High level of predictability: This would include oil changes that may be needed every 2 to 4 months depending on usage, car ...
danjuggler's user avatar
10 votes
5 answers
16k views

Should I pay off HELOC or save?

I've heard the principle of "Pay yourself first", implying that saving some money each month should be a priority. However, I've also heard that being debt free is important, and it would be good not ...
Don's user avatar
  • 859
9 votes
4 answers
953 views

What expenses should be covered by an emergency fund

Going along with this question, what items should we be planning to pay in a month from our emergency funds? Rent / mortgage Groceries Electricity / gas / water / sewer / garbage Car payments ?? I ...
MrChrister's user avatar
  • 25.2k
8 votes
6 answers
562 views

Should I prioritize paying down my higher interest debt over building an emergency fund, or vice-versa?

I have a debt of $15,000 at a yearly interest rate of 9%, which can be paid within 5 years. Would it be better for me to: Build first the emergency fund (e.g. liquidity for 6 months' expenses ...
user12701's user avatar
6 votes
1 answer
493 views

Which is more advantageous: Lifetime ISA or SIPP?

I should preface that I am a self employed sole trader in my early twenties, and a basic rate taxpayer averaging somewhere between £28-32,000 per annum. The variation not only arises due to the nature ...
Talisman's user avatar
  • 185
3 votes
3 answers
353 views

Easiest way to diversify savings

Finance has always been a bit of a black art beyond current and savings accounts, so I'm hoping this makes sense. In light of the possibility of Britain leaving the EU (that isn't the actual reason, ...
Dark Hippo's user avatar
1 vote
3 answers
327 views

401(k) which is better, more traditional or less ROTH

My company matches my 401(k) contributions, 4% to my 5%, so I'm contributing at least 5%. So I ran some numbers. If I switch from traditional contributions of 5% to ROTH contributions of 5%, my take-...
Christ Schlacta's user avatar
1 vote
2 answers
928 views

Tips for a 21 year old on looking to invest [closed]

I am a 21 year old Computer Science student currently on a year out Placement at a Software Company where I am earning £17,000 a year. I'm half way through the placement and have saved £4,000 of the ...
StephenCD94's user avatar
166 votes
24 answers
59k 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 ...
cearl's user avatar
  • 1,345
54 votes
8 answers
24k 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? Edit: I am 30 years old.
samouray's user avatar
  • 657
39 votes
10 answers
12k views

Everyone says save at least 10% of your income. What counts as "saving"?

I made a financial planning spreadsheet a while back. Then, I realized that the money I'm saving has specific allocations. This much goes to the future car payment. This much goes to the new PC I'm ...
Zaenille's user avatar
  • 4,334
28 votes
6 answers
7k views

Ideal net worth by age X? Need comparison references

Is there a website resource that gives suggestions for how much savings or net worth I should have at any given age, based on my education level and salary? I'm in my 30s, have no debt, and have been ...
stackoverflowuser2010's user avatar
23 votes
8 answers
17k views

How do I know when I am financially stable/ready to move out on my own?

Some background information: I'm 23 and living at home. I have a good full time job as a web programmer that I've been at for over one year. It includes benefits and 401K (which after one year I ...
Bryan Denny's user avatar
  • 1,357
19 votes
5 answers
7k views

What percent of my salary should I save?

Here is my situation: right now I am living in Puerto Rico, and I am planning to relocate to the mainland US (probably to Seattle, WA). Although Puerto Rico is a territory of the US, almost everything ...
scubaFun's user avatar
  • 875
18 votes
3 answers
617 views

Are peer-to-peer loans viable options for savings/investing?

Now that peer-to-peer sites like Lending Club and Prosper have matured are they viable options to add to my savings/investment portfolio or should I only use them with extra cash?
brainimus's user avatar
  • 966
15 votes
6 answers
12k views

Should I have separate savings accounts for various savings goals?

I have read through some personal budgeting articles and saving tips. Most articles and books mention saving money for emergency funds, large purchases, etc. Should emergency funds and saving funds (...
kitokid's user avatar
  • 961
15 votes
6 answers
7k views

Put money in savings or pay towards mortgage?

Should we take our excess cash at the end of the month and put it in savings or put it towards our mortgage payment? We've been in our home 3 years and we already have some emergency money saved up. ...
jacook11's user avatar
  • 153
14 votes
4 answers
14k views

Is there a standard check format in the USA?

In the USA, do checks(also known as cheques in some parts of the world) have the same format across all banks and financial institutions? Adding on, is there a standard format followed across the ...
L.C. Tan's user avatar
  • 143
13 votes
3 answers
4k views

First time home hunters. Pay debt or save for down payment

tl;dr We want to buy a house. We've done all the pro's and con's of home ownership. We have 1/2 a down payment and some highish loan payments Would it be wiser to pay down the loans and go with a ...
Chase Florell's user avatar
12 votes
2 answers
5k views

A good investment vehicle for saving for a mortgage down payment?

I've calculated that I will be able to save approximately enough for a 20-25% down payment on a home (at my back-end-ratio affordability level) in the next 2-3 years. I'm maxing out contributions to ...
Mike's user avatar
  • 926
11 votes
3 answers
689 views

At what age should I begin discussing money - saving, spending, investing - with my child / children?

In addition, when should I open a savings account at our bank for my kids; and give them accountability over it?
Nat_Rea's user avatar
  • 8,683
11 votes
4 answers
1k views

I'm 20 and starting to build up for my mortgage downpayment, where should I put my money for optimal growth?

I have no credit, no loans, and am a contractor for $40/hr at a company and I expect to work here for quite a while (job security should be above average). Every week, I allocate $300 to my Mortgage ...
Zaenille's user avatar
  • 4,334
10 votes
3 answers
22k views

Are savings counted as part of expenses in a personal budget?

When I budget for me, I usually count savings part of the expenses. Is it the correct way to do it? Because of this, when I look at my budget at the end of the month, it feels like my expenses are a ...
kitokid's user avatar
  • 961
10 votes
4 answers
1k views

Should I switch to this high rate checking account for my emergency fund?

Okay, so I bank at a local credit union, AllegacyFCU. (Here is their rates sheet.) Currently I have through this bank: Daily Access Savings account with 0.2% interest Totally Free Checking (no ...
Bryan Denny's user avatar
  • 1,357
9 votes
3 answers
858 views

Saving for a down payment on a new house, a few years out. Where do we put our money next?

We currently have two rewards checking accounts. We are nearing the maximums permitted on each account, after which we receive .5% and .25% APY. It's within our means to perhaps open another one, ...
Scott's user avatar
  • 854
8 votes
3 answers
4k views

CD interest rate US vs abroad, is there a catch?

I was in Ukraine and ran into a few banks that offer anywhere from 5% to 10% interest rate on investment per annum. For example, Erste Bank is willing to pay 5,75% on 12 months deposit. I have few ...
user avatar
6 votes
3 answers
708 views

Where can I invest for the Short Term and protect against Inflation?

I am looking to open some short term savings accounts (Emergency fund, Car fund, etc) that I want to have liquidable, but I may not necessarily touch at all from month to month. I am very worried ...
aceinthehole's user avatar
5 votes
1 answer
226 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 ...
falkon13's user avatar
5 votes
4 answers
577 views

Is it wise to invest small amounts of money short-term?

I own a house that is 75 years old and needs a lot of work done to it. I have been setting aside money from each paycheck for the past couple of years into a savings account earmarked for that purpose ...
Wes Sayeed's user avatar
4 votes
2 answers
643 views

Options for risk-free investment or savings over one and two years?

I converted my IRAs to Roths last year, and with the extension of the tax cuts*, I've decided to split the tax burden over 2011 and 2012, even though I can afford to pay them for 2010. Given that I ...
Phil Sandler's user avatar
  • 3,501
4 votes
2 answers
2k views

Is it possible to physically own a share certificate in a company?

I'm based in the UK. In the current ecosystem, if I was to buy 1 share of ____ (the US company) I'd probably have to open a brokerage account and have a share assigned to my account. This system has ...
Mars Robertson's user avatar
4 votes
1 answer
1k views

How to maximise savings?

I am in my late 20s, living in the UK, and in my third year of professional work (one year industrial placement, two years since graduating from University). I have very little in the way of monthly ...
Noble-Surfer's user avatar