Questions tagged [savings]

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

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0
votes
1answer
55 views

How do I calculate Compound Interest with changing monthly contributions, quarterly contributions, and changing interest rate

John currently has $100 in a saving account that compounds quarterly at a .25% interest rate. When the account's balance reaches $2500 or more, the interest rate will change to .05%. I want to figure ...
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2answers
234 views

What exactly are the drawbacks of moving money from a checking account into a savings account?

My paychecks get directly deposited into my checking account, and I haven't bothered to move any of it into my savings account because I know there are some drawbacks to having it in savings as ...
27
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8answers
5k views

Professionals who provide the same services as Mint; i.e. personal expense tracking & analysis?

Not long ago I went to a financial advisor/money manager for a discussion of all (I mean all) my finances and was needing some analytics in the short term to decide what smart actions to take for the ...
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3answers
188 views

How to split up income for loans and savings

My partner is about to start Veterinary School, and as a result is going to be taking on a potentially very large amount of debt. I have a job currently paying me $55,000 on salary (factoring in the ...
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5answers
5k views

Company with high match for 401K vs IRA, which to choose?

I am fortunate to be at a company with a pretty high 401K match, 50% with no cap. Normally when I've saved in the past, I've done the 401K up to the amount matched, and then chose other savings ...
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4answers
459 views

What is the easiest way to avoid using banks while still being able to store money safely?

I have had a bank account since I can remember, which I mainly used for saving money & having a physical card to spend money with. For a long time, this his seemed a logical thing to do as I would ...
0
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1answer
202 views

If the loan interest is lower than inflation rate, does it mean it would be less expensive to take a loan and spend now, than save to buy later?

I am considering to buy an upright piano. For that, I have been planning the budget I would need and how much I would have to spend/save to be able to buy it . A few things to consider: The piano ...
34
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13answers
13k views

Should I spend 3/4 of my savings to buy a new car that costs about a year of my annual salary?

Since I still live with my parents I've been saving money for a while. All these savings amount to around 15 months of my current salary. Now I need a car. Cars are pretty expensive. I don't want to ...
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2answers
178 views

Started earning money, have significant savings, would like to invest [duplicate]

I am in the last year of university and got myself a well paid part-time job. My expenses are negligible for now. Since I was 18 I was always making money here and there, so I managed to gather over ...
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0answers
30 views

What are my options for investing as a resident in Poland?

I am intending to become resident in Poland in 2 years and would like to find ways of investing, eg: stocks and shares, tax free savings etc. What are the options and how can I find them? (I don’t ...
2
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3answers
132 views

Optimizing Savings Allocations

I am currently trying to decide the best way to allocate my savings, and I would appreciate your input. I am trying to budget roughly based on the idea of using 50% of my post tax income for ...
4
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1answer
129 views

Can I buy an overseas property using the bonus from a Lifetime ISA?

I have a Lifetime ISA but am looking to move overseas in the next few months. I am yet to buy any property and thus my first property purchase will most likely be overseas, can I use my Lifetime ISA ...
0
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1answer
50 views

What does same scheme account mean in banking purpose?

I'm planning to open an online savings account in a bank where i already have normal savings account. In the form though it asks me to declare that i don't have same scheme account in their bank. I'm ...
0
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1answer
176 views

How should money sitting idle in a bank account be invested? [duplicate]

I've been working for a couple of years still living in my parents home with no outgoings, meaning all my money goes straight to the bank. I've saved around £30'000+ but I'm unhappy with money sitting ...
7
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4answers
3k views

Mid twenties, no debt, maxed out all contributions to "common sense" stuff, what can I do to maximize the value of my money now?

I'm in my mid twenties living in the US, in a relatively inexpensive city (my rent is 930 a month). I max out 401(k), 80% going to Roth 401(k), 20% traditional 401k (I expect I'm going to have to pay ...
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0answers
25 views

Future value with contributions NOT increased for inflation

Let's say one starts with a portfolio balance of $1,000 and wants to contribute an additional $100/year. Future returns are assumed to be 5%/year. Future inflation is assumed to be 2%/year. If he ...
0
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1answer
104 views

How do you calculate your finances for 3-5 years in advance?

I can keep 50% of my net salary a month (800$ for example), so I can just 800$*12 months, but this would be deadly wrong. Since probably I would keep it somewhere in the bank, with compound interest, ...
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0answers
93 views

What do I need to do to prepare for starting a business? [closed]

I have this service business that I've been working on the backend (planning, relationships, coding etc) for a couple of years but I don't know how I can get the time/money to launch it. I work 40 ...
0
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2answers
67 views

What could be the basis for computing your Cost of Opportunity?

For example, I bought 30 shares of X Company for $10/share in November 2016: 30 x $10 = $300 + 10% tax = $330 If I hold on to it until 2021 and the price of each share is around $11.50, Have I made ...
39
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4answers
8k views

In Reddit vs. Wall Street, what are the ramifications of those who had money with the bankrupt firms?

Story: Gamestop: 'Failing' firm soars in value as amateurs buy stock My question is about the impact of such a "stick it to the man" approach that amateur investors on Reddit used. I ...
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0answers
64 views

Best place to keep savings for home down payment?

I'm currently saving for a first home down payment (in USA), but don't want to keep a large pile of money sitting in a low-yield savings account while I'm looking for the right home. I want to find a ...
32
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12answers
9k views

Excess income after fully funding all retirement accounts. Now what?

Long-time lurker, first time asker... I have a positive problem. We are a family of four with two small kids with one working parent (me). We have very little debt: our only debt is our mortgage, ...
3
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3answers
144 views

What is "negative liquid assets" called?

I technically have $3000 on my bank account. However, I have -$2000 in "liquid assets", as determined by my little software system which I've made. Basically, it takes the money I have and ...
19
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5answers
4k views

Where to keep savings for home loan deposit?

I'm a US resident and I've saved > $100k cash for a home deposit. I expect to finance a home in the next 12 months. Currently the cash is split between Bank savings account and a couple of money ...
26
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8answers
5k views

Is it wise to keep some savings in a cash account to protect against a long term market crash?

My wife and I have half our savings in a low risk diversified account (WealthFront - mostly bonds, some stocks). We have the other half in a high interest cash savings account (0.35% interest). Our ...
2
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1answer
126 views

Should i worry if i lied in my new bank that i have no association with another bank when i actually do?

I recently opened a new account. I already had an old account at a different bank, but I declined when they asked me if I had association with another bank. Does this matter?
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6answers
182 views

Should I reduce my 401k contribution to pay of car/house payments earlier?

It’s a little more complicated than the question (at least I think so). Basic Info: I’m 36 I have about $398K in 401k+Roth savings, 15% contribution per paycheck I have a mortgage worth $175K I have ...
6
votes
1answer
107 views

Are one-person company savings taxable in the Netherlands?

In the Netherlands, personal wealth such as bank and savings accounts over a certain amount is subject to taxes (box 3). If an entrepreneur (eenmanzaak, with or without officialy qualifying as ...
0
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1answer
63 views

Need Advice on what to invest in? [duplicate]

If I have some money saved up, in our current economy what would be the best way to invest lets say... $1000-$3000 dollars? Or would it be best to just save this money? Any and all advice is welcomed. ...
0
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1answer
249 views

How to save money while protecting it from inflation for a home?

Last time I heard from my friend that M1 money supply year increase in my country is about 35% and economy is frozen (I don't known is it true, but let assume that it is true in some country X). If I ...
2
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0answers
71 views

Can I use my personal savings to pay the limited company of which I am the director?

I'm an IT contractor (UK). I work and invoice through a limited company. When the pandemic began I was on a voluntary break between contracts. Obviously the market went very quiet. I decided to ...
4
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2answers
161 views

what percent of my investments can I take out annually if I want it to still grow after beating inflation and taxes annually?

I'm interested in learning how much money one might have to save and invest if they are aiming to live purely off of the capital gains from their investments while still allowing their money to grow ...
3
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1answer
163 views

How do I prepare for a potential furlough on my salary?

Today I heard a rumor in the office that we might be seeing a salary furlough coming within the next few months. Normally I don't pay much attention to the rumor mill, but this rumor has some ...
0
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0answers
30 views

What is my best investment option as a Canadian citizen who is working temporarily in the US?

I am a Canadian citizen who just moved to the US and am making a relatively good money. My employer provides a 401k with a matching option. Most likely I will be working here temporarily for 3-5 years....
0
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1answer
151 views

How can I prevent my brother from forcing the sales of a home inherited from our father? [closed]

I moved back to my parents home to take care of my father until he died. I decided to stay here, but my parents were the victims of con artists and lost everything they had, Somehow a mortgage was put ...
3
votes
1answer
344 views

How to save as much money as possible from my salary? [duplicate]

I have 10 months of work, which's my first work experience, and during this period I haven't saved anything in my bank account. I spend all of my salary on rent, which represents 32% of it and the ...
0
votes
1answer
147 views

Is it possible to use a international broker account as a saving account?

Say that I'm a citizen of country A, I want to save all my personal savings (obtained in A legally) in another country B (I don't care about the currency, as long as it's relatively stable), and I ...
3
votes
3answers
245 views

What is a good starting point for a new investor?

Firstly to clarify, I am not looking for financial advice, I am trying to find out where is a reasonable starting point for someone who has no experience, some cash in an ISA and is risk averse. I've ...
0
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0answers
36 views

How do I open an RESP account where I am both the subscriber and the beneficiary?

I am located in Canada and am trying to open an RESP account where I am both the subscriber and the beneficiary. The government of Canada website says I can open an RESP for myself here. I’ve called ...
2
votes
1answer
232 views

Constructive and relatively safe investment options

I'm a single, a grad student, and have some personal savings. Saving money is in my character, and for the last 5 years, I've been saving 1/8th of my monthly income, on average. In the future, I know ...
1
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3answers
285 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-...
4
votes
1answer
191 views

What are my options for storing a large amount of money for less than one year? [duplicate]

We've just sold our house. We had been planning on buying another immediately, but our purchase fell through and we have now moved into a rental. Consequently, we have >£100k of cash on hand and ...
3
votes
1answer
98 views

Cash ISA restrictions in the UK

I'm trying to understand the restrictions on putting money into cash ISAs in the UK. Currently, the government homepage says "Every tax year you can put money into one of each kind of ISA. The ...
1
vote
1answer
164 views

How to use savings to buy security

I am a 28 year old single male and I have about 30k USD in my retirement account and 100k USD in my savings and checking accounts. I'm on track to save another 30-40k through the rest of the year as a ...
19
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7answers
5k views

Did I save enough for my age? Am I falling behind and should be saving more or take some investment risks to earn more?

I am a 28 years old male, living in the US. Currently working full time with the salary of $84K per year. I also have a dependent wife(same age as mine), who is currently studying in a uni, graduating ...
1
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3answers
644 views

How should i invest $70k - buy a house or other?

I have been saving for a home but TBC on if I will buy one so wanted to ask for advice on what other ideas there may be. I have $20k in cash savings and $50k in stocks. I have 401k currently at $55k I ...
0
votes
1answer
130 views

Invest in both PPF and VPF

Is one allowed to invest in both VPF (Voluntary Provident Fund) and PPF (Public Provident Fund) in the same financial year and is there a limit on the same?
4
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5answers
2k views

For Every $100 Saved and Properly Invested, You Make X Per Month

I remember hearing a figure somewhere that went something like this. . . "For every $100 bill you save and properly invest, you make X cents per month for the rest of your life. The trick is, ...
3
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1answer
83 views

Report interest to HMRC - less than personal savings allowance

[UK] Do I need to report to HMRC if I earn less than £1,000 (personal savings allowance (PSA) basic rate taxpayer) in interest? I also have CGT of less than £12,000.
3
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1answer
279 views

How can I make my 100K in savings safe and possibly a bit more profitable?

Situation sketch: I'm nearly 30 years old, single, still living with my parents in Belgium and disabled (autism in case it's relevant). I have a job where I earn about 1750 EUR after taxes monthly. I ...

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