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Questions tagged [savings]

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

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307
votes
16answers
56k 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 ...
64
votes
3answers
12k 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 ...
37
votes
13answers
37k 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 ...
93
votes
11answers
10k 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?
27
votes
5answers
2k 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?
24
votes
7answers
14k 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 ...
27
votes
7answers
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 ...
42
votes
7answers
5k 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 ...
39
votes
9answers
20k 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'...
6
votes
3answers
1k 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 ...
92
votes
14answers
33k 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 ...
12
votes
1answer
8k 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?
4
votes
1answer
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 ...
127
votes
13answers
68k 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% ...
44
votes
8answers
12k 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 ...
25
votes
8answers
6k 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 ...
8
votes
6answers
543 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 ...
1
vote
2answers
849 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 ...
9
votes
4answers
894 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 ...
27
votes
7answers
2k 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 ...
10
votes
5answers
11k 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 ...
3
votes
3answers
302 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, ...
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?
28
votes
6answers
4k 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 ...
27
votes
6answers
6k 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 ...
19
votes
5answers
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 ...
40
votes
10answers
11k 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 ...
23
votes
8answers
14k 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 ...
9
votes
3answers
17k 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 ...
3
votes
1answer
2k views

What is the easiest way to open a foreign Bank Account?

I live in Argentina. Nowadays in my country it is almost impossible to buy foreign currencies as American dollars or Euros. I was thinking if it is possible to open a foreign Bank Account to be able ...
18
votes
3answers
577 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?
15
votes
6answers
6k 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. ...
12
votes
3answers
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 ...
12
votes
2answers
4k 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 ...
11
votes
3answers
611 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?
4
votes
1answer
312 views

Future value of a compound-interest savings account when contributions are inflation linked

I've got a savings objective to achieve in 6 years and I'm trying to work out the percentage of salary I need to put towards it to achieve it. I am trying to work out how to calculate the future ...
18
votes
2answers
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 ...
14
votes
6answers
10k 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 (...
13
votes
4answers
7k 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 ...
10
votes
4answers
730 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 ...
6
votes
1answer
319 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 ...
3
votes
3answers
1k views

What investment options should I consider for my emergency fund?

I have an emergency fund with 3 months of income saved up. It is currently in a money market earning less than 1%. This money is saved in case I lose my job or need to make a major repair on my home. ...
1
vote
1answer
196 views

Where to start with personal finance in Canada?

This will obviously differ by situation, and might be overly broad, and very closely related to Where to start with personal finance?. But how about some Canada specific answers? Say you've reached ...
9
votes
3answers
748 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, ...
8
votes
3answers
3k 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 ...
7
votes
3answers
646 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 ...
5
votes
1answer
199 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 ...
3
votes
5answers
956 views

What should I do with my money?

I'm a final year University student with about 50k (AUD) in the bank earning interest at 2.8%. I have nearly finished my paid full time placement which is why I have a lot of money currently as I ...
2
votes
4answers
236 views

Strategies to earmark money for large expenses

Like most people, we have several large expenses that we only have to pay once or twice a year like homeowner's insurance, car/home repairs and improvements, and saving money for a vacation. What's a ...
2
votes
1answer
131 views

Balance transfer reward, is there a downside?

My credit union is offering a credit card promotion, 2% cash back on balance transfers No balance transfer/cash advance fees I currently have ~$13k in savings/CDs earning 1%-1.1%. Is there a ...