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Questions tagged [savings]

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

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2answers
20 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
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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
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1answer
95 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
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1answer
248 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
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1answer
140 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
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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
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1answer
213 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
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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
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2answers
155 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
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5answers
994 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
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3answers
449 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
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0answers
135 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
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4answers
452 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
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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
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1answer
97 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
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2answers
244 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
292 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
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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
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2answers
226 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
52 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
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1answer
296 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
240 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
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1answer
36 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
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2answers
128 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
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2answers
155 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
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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
106 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
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1answer
233 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
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1answer
173 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 ...
9
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6answers
6k views

Should I move out from my current apartment before the contract ends to save more money?

I'm renting a room at $800 per month. I've lived here 2 months and I have a contract of 12 months. So, I have 10 more months before the contract ends. I have deposited $1300 as a security deposit. ...
2
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4answers
232 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 ...
1
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1answer
103 views

What to invest if my savings will be used in another currency later, compare to which my countries currency devaluates?

My situation as follow: I'm planning to go abroad to study a semester during my undergrad, and then do my PhD also in abroad. My future plans are also living in abroad. The currency in these ...
2
votes
2answers
134 views

Do simplified savings percentages change for single income families?

When it comes to saving money, the (simplified) advice I typically see for income is 20% savings / 50% necessities / 30% discretionary. Do these recommended percentages change for a family where ...
2
votes
2answers
274 views

How much do I need to save per month in an interest-bearing account to reach a certain account balance in a certain number of years?

How do I calculate what my monthly contribution should be to an interest bearing account, knowing how much I'll need to have in the account in a given number of years? For Example, I need $8,203.03 ...
2
votes
5answers
383 views

Frequently Moving Money Between Checking and Savings

I'm currently carrying a balance in my checking account, much of which I feel is going to waste, since its not being "invested". The overall total balance in my checking account isn't growing much if ...
0
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1answer
62 views

Do I have to pay taxes on external savings?

I am thinking on moving to Canada to work, save for retirement, and move back to Portugal due to the lower cost of living to live my retirement. I will contribute to the Canada Pension Plan and also ...
45
votes
5answers
11k views

When to stop saving and start investing?

Since I started my first job after graduating a few years back, I always saved a certain percentage of my salary each month on an extra savings account my bank offers. At that time, and until recently,...
0
votes
1answer
117 views

Paying off credit card from savings or keep and contine with current credit balance [duplicate]

I'm having two credit cards with only 10% of worth credit limit available (Nearly full). I can pay off both cards with my savings and my savings would be zero or nearly zero. I'm wondering whats the ...
2
votes
6answers
445 views

How to stop promotions from filling new “necessary” expenses

I am 25 now (damn I feel old haha!) and I have gotten 2 promotions in my career so far. When I was younger I though that every promotion will be more spending money. Now that I have started living, ...
1
vote
2answers
135 views

Formula for retirement withdrawal amount same as principal decreases

I created a retirement calculator The idea is if you save enough you can so when you withdraw say 4% you don't eat too much into your savings. But based on my calculation 4% of 500000 is $20k but ...
0
votes
1answer
111 views

What are some options to store money abroad in a safe and preferably cheap way?

Assume the situation in which you live in a country that shows tell tale signs that its moving to a hyperinflation. People's money will become useless. You have the option to move some of it in other ...
0
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3answers
180 views

Does it make sense to save money in times of high inflation?

This is a chart with the inflation rate in my country over the years: It was the highest in 1993, at 256.1%. I was wondering if it would have made sense to save money in the years of high inflation ...
72
votes
11answers
17k views

Won the lottery - how do I keep the money?

Sadly only a hypothetical question, but here it goes: If you suddenly gained a large sum of money (several million $/€/whatever) by winning the lottery, some inheritance or anything else, how could ...
25
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4answers
20k views

Have I saved too much for retirement so far?

I currently have a roth ira as well as a 401k from fidelity. I have around 350k in my 401k and another 10k in my Roth IRA. I just turned 40 recently. Am I saving too much for retirement and should I ...
1
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2answers
322 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
292 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 ...
2
votes
2answers
420 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
662 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 ...