Questions tagged [savings]

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

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9
votes
5answers
1k views

Should your rainy day / emergency fund be in the same account as general savings?

Should your rainy day / emergency fund be in the same account as general savings?
8
votes
2answers
335 views

How should I save money if the real interest rate (after inflation) is negative?

How should I save money if the real interest rate (after inflation) is negative?
337
votes
17answers
65k 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 ...
11
votes
4answers
691 views

What's the general principle behind choosing saving vs. paying off debt?

In "general" is it better to pay off one's debt (line of credit, etc.) or is it better to invest (retirement account / RRSP or the like)? I understand that the answer will depend on terms of debt and ...
12
votes
1answer
9k 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?
27
votes
5answers
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?
5
votes
1answer
204 views

Year end for ISAs, is it worth squeezing more in quickly?

I opened an ISA about a month back (only have £110 in it at the moment) Tax year ends on 5th April, I could afford to put £1000 in my ISA, I would be skint until the next payday at the end of April ...
11
votes
7answers
560 views

A loan or a self loan: Is there any reason I should ever take out a loan when I have that money in saving?

Is there any reason I should ever take out a loan when I have that money in saving? Example: I have 20k in a house fund, and I want to spend 8k to buy a car?
9
votes
4answers
916 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 ...
6
votes
1answer
204 views

What is the best option for recent employee setting up a pension (UK)?

I have been a sole trader for a while and recently been employed full time, as part of the deal I have been promised an employer contribution pension but it is up to me to decide what to do. What are ...
15
votes
8answers
3k views

At what age should I start or stop saving money?

I am around 24. I've never saved money. I don't know when I should start or stop saving money. Is there an age where I should stop saving money? Is there an age when I should start saving money?
12
votes
3answers
3k views

What percent of salary should go towards retirement vs. emergency savings?

What percent of salary should go towards retirement vs. emergency savings? Should some be set aside each and every pay for emergencies?
16
votes
3answers
2k views

Pensions, why bother?

Ok this question is going to show my age, but its something I've been thinking about for a while and can't quite figure it out Why bother with a pension? I don't understand, why should I put away £...
20
votes
4answers
43k views

What's the average nest egg (savings) for someone age 26? Website for comparison?

How much money should a 26 year old have saved up? Is there somewhere that I can compare against online?
93
votes
12answers
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?
6
votes
3answers
292 views

What is the risk to me of moving my money to a smaller bank?

In light of the events in the banking market over the last few years, there have been calls from some quarters for investors to move their money from the larger banks, so they are no longer "too big ...
23
votes
9answers
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?
11
votes
3answers
643 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?
26
votes
7answers
10k 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.
3
votes
2answers
633 views

What is covered by CDIC savings deposit insurance?

In the unlikely event that a financial institution fails in Canada, what is covered by the Canadian Deposit Insurance Corporation? What is the limit of coverage?
8
votes
4answers
389 views

How do you save money on clothes and shoes for your family?

I feel like I'm constantly buying clothes, shoes, boots, jackets, hats, etc. for my kids, because they grow so fast! I try to re-use via hand-me-downs, but are there other ways I could be saving ...
9
votes
6answers
994 views

What are good games to play to teach young children about saving money?

I've heard that giving allowance is one approach to develop an understanding of money management. What other ways are available to teach kids about the benefits of savings?
18
votes
3answers
4k views

I'm 23, living at home, and still can't afford my own property. What could I do?

Most of my friends have their own places, either rented or mortgage. Should I be concerned that I still live at home? I bring home around £1300 after tax, £400 of that goes on car finance+tax, £200 ...
16
votes
4answers
10k views

Will our hefty student loans affect our chances of getting a mortgage?

My husband and I live simply but we're content. I'm an avid budgeter and love finding ways to be frugal. My dilemma right now is that we've been able to keep our living expenses below what we make, ...
8
votes
1answer
181 views

How can I save money on home insurance?

What are some of the easy or not-so-easy ways to save money on home insurance?
8
votes
4answers
731 views

How can I save money on car insurance?

What are some of the easy or not-so-easy ways to save money on car insurance?
38
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 ...
23
votes
17answers
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.

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