Questions tagged [savings]

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

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345 votes
18 answers
68k 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 ...
  • 4,808
164 votes
24 answers
58k 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 ...
  • 1,325
132 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% ...
  • 1,269
95 votes
15 answers
35k views

Spouse wants to pay all debt in a month but I don’t. Is this a good idea?

Between both of our student loans and car loan, we are in the hole about $48,000. My spouse is adamant about paying off all debt in the next month or two since we currently have about $55,000 in the ...
  • 1,053
94 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
93 votes
12 answers
11k 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?
  • 1,135
73 votes
11 answers
19k 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 ...
  • 856
66 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 ...
  • 3,387
62 votes
11 answers
35k views

I'm 18 and have 6 grand. What should I do with it?

I'm 18 and about to go to college. Luckily, I don't have to worry about student loans or most other living expenses. I've been working and have over $6,000 (will probably be about $7,000 by the end of ...
61 votes
6 answers
8k views

Good allowance savings plan?

I am about to begin receiving a weekly allowance from my dad. As I am not great at controlling my "buy buy buy now" impulses, could you guys help me put together a savings plan for my allowance, given ...
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.
  • 657
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 ...
  • 489
48 votes
10 answers
13k views

Is paying off your mortage a #1 personal finance priority?

Everyone always says and aims to "pay off my mortgage" But in the current climate of low interest rates is this really worth it? Should that money be put to use earning a higher yield? OR Does the ...
  • 489
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 ...
  • 589
45 votes
5 answers
12k 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,...
  • 411
44 votes
11 answers
17k views

What can I do with a property that won't sell following divorce?

My wife and I bought a property just over 2 years ago for €114,000. We put down a 10% deposit (€11,400) and so took out a mortgage of €102,600. We took the mortgage on a short term (15 years) to ...
  • 3,605
39 votes
4 answers
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 ...
  • 313
39 votes
5 answers
9k views

Should I dump my savings into my student debt?

I've got about $5000 saved up in my savings account. At the same time, I've got about $8500 left to pay off on my student loan, with all the interest that includes (6%/year, compounded monthly). ...
  • 4,348
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 ...
  • 4,314
39 votes
9 answers
21k 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'...
  • 493
39 votes
1 answer
4k views

Where can I put savings for my kid that I literally cannot withdraw from?

I currently have a second savings account where I'm saving money for my child's future - most likely it will be used for their college and/or wedding. I've heard horror stories of parents stealing ...
  • 899
38 votes
13 answers
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 ...
  • 1,636
34 votes
13 answers
14k 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 ...
  • 449
34 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 ...
34 votes
3 answers
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" ...
  • 555
32 votes
13 answers
4k views

I'm only spending roughly half of what I earn; should I spend more?

around 6 months ago I started this job. Around 3 months ago while reading this very website I downloaded a budgeting software and started writing down everything I earned and spent, and I noticed I'm ...
  • 329
32 votes
12 answers
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, ...
  • 423
31 votes
4 answers
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 ...
  • 421
29 votes
5 answers
78k views

Why is there a limit of 6 ACH transfers out of savings accounts (per month)?

I recently discovered this limit the hard way, after being charged a fee for each transfer over the limit. With online banking becoming so prevalent, this is a huge inconvenience as it prevents people ...
  • 1,453
28 votes
6 answers
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 ...
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?
27 votes
8 answers
6k 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 ...
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 ...
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 ...
  • 373
26 votes
7 answers
11k views

Why do people use mortgages, when they could just pay for the house in full?

I would like your recommendation on whether you should buy a house with a mortgage, which you would pay as you go, or should you buy it in full.
user avatar
26 votes
8 answers
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 ...
26 votes
10 answers
11k views

18 years old and unsure how many bank accounts to create and what types

this is my first question so I apologize if I don't provide enough information or my description seems vague. I'm 18 and live in the Midwest of the US. My parents helped me set up a bank account last ...
  • 363
26 votes
8 answers
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 ...
26 votes
5 answers
2k views

Where should my money go next: savings, investments, retirement, or my mortgage?

I am a little unsure where to put my money at this point in my life. I have followed all the basic advice on what to do with your money and now I am at a point where I just don't know what to do next....
  • 912
25 votes
4 answers
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 ...
  • 1,363
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 ...
24 votes
7 answers
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 ...
  • 725
24 votes
4 answers
7k views

How much of my income should I put towards paying off student loans vs saving for a house?

New grad here. I finally got all the wonderful mail from the student loan companies informing me I need to start making loan payments. I never realized how much the interest on these things could come ...
23 votes
9 answers
10k views

I'm unemployed. Should I pay off my credit cards to avoid monthly payments?

I'm unemployed and on a tight budget with 6 months of savings. Should I pay off my credit cards to avoid monthly payments even if it reduces half of my savings? Is there a risk of the bank reducing my ...
23 votes
17 answers
4k views

I spend too much money. How can I get on the path to a frugal lifestyle?

How do I live a frugal lifestyle? I'd like to live on less but it doesn't seem easy. How can I get started? I want to get out of debt and not have to work until I'm dead.
user avatar
23 votes
9 answers
2k views

What are the best strategies to give pocket money or an allowance to children?

What are the best strategies to give pocket money or allowance to a child especially if you would like to teach them something through this, e.g. saving?
  • 2,438
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 ...
  • 1,347
21 votes
6 answers
13k views

How safe is a checking account?

I'm 19, and I've been working since high-school. I still live with my parents. All of my money is in a checking account and I often use my Visa card for my purchases. My question is, how safe am I ...
21 votes
8 answers
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 ...
  • 360
21 votes
8 answers
7k views

How to motivate young people to save money [closed]

How do I motivate young people (millennials) who just started earning to save and also the importance of savings? Should I focus on retirement? Wealth creation? Financial independence? Something else?
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