Questions tagged [savings]

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

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3answers
152 views

Should I use my non-tax advantaged investment account to pay off debt?

Hello Personal Finance! So about 8 years ago, I got into a bad car accident which was not my fault, and which I sued the driver because they tried to drive away afterwards. I got a large settlement ...
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1answer
860 views

How much should be our expense and savings ratio? [closed]

What is the right ratio of expense to savings ? is 80-20 alright ? Although we follow high standard living, here in Bharat(India) we can save upto 50%.
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2answers
278 views

What is the best way to increase the earned money staying in US for an NRI?

Im living in US from last 1 year due to work assignment and will be here for another 3-4 years. What is the best way to earn interest on earned money? Shall I send all earned money to India account ...
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1answer
161 views

Annuities of a non-annual time span

I am having trouble answering this question with any confidence and have no way to check my answer. I was hoping for a walk-through? I plan to save $100 at the START of each month for the next two ...
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1answer
5k views

Saving Money in Fixed Deposit Account VS in Saving Account (with various interest rates)

Which might be a better choice? Starting Money : 10K (1) Fixed Deposit Account with the following interest rates 1 month : 0.5% 2 month : 0.6% 3 month : 0.7% ... 10 month : 1....
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1answer
47 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 ...
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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 ...
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0answers
63 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 ...
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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. ...
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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....
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1answer
145 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 ...
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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 ...
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1answer
125 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?
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0answers
31 views

Difference Between Opting In and Out of Courtesy Overdrafts

Let's say you had $50 as a balance in your savings account. You go out and buy something that costs $250. So, your balance is now 50 - 250 = - 200 dollars. What is the difference between Opting In ...
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0answers
113 views

Best way to invest ~10k euros in Europe [duplicate]

newbie here. I'd like to know what are the best ways to invest ~10k euros here in Europe. I don't have any debt and I am able to save 1k euros every month moving forward. I can't buy property yet, ...
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1answer
181 views

Best way to start investing, for a young person just starting their career in Europe? [duplicate]

I'm in my 20's and just starting my career as a data scientist. I live between the United Kingdom and the rest of Europe. I have read the answers to this question but it seems to be very US-centered. ...
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1answer
80 views

How do interest calculations differ between loans and savings? [closed]

At the bank or financial institute how are the interest calculation is different from loans and savings? Are they calculated the same way?
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0answers
90 views

I am being offered whole life insurance with a savings account. Should I take it?

I am being offered a savings account with a Whole life Insurance policy. I believe it is 100,000 policy for $30 a month. However, half of this goes to a savings account with a 4% "compound interest."...
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0answers
213 views

Early retirement options

I plan to retire early (around age 45). Living in Europe. My question relates to what order I should be saving / investing in now and what order to use that money when I get to my early retirement age....
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1answer
134 views

What investment is best? [closed]

I recently started a savings account that gets me .015% and a CD of .025%. I want to increase my investments as fast as I can. I don't want to go into stocks; I would prefer bonds and notes. What ...
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1answer
753 views

Interest Rate vs. Annual Percentage Yield (APY) [duplicate]

I'm curious as to what the difference between the Interest Rate and Annual Percentage Yield is. For example: This Bank I was looking at offers 0.45% interest rate on savings account balances over $...
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1answer
105 views

Looking for advice on my first investment [duplicate]

I am 32 years old and single, looking for some advice on what I can do with about $10k for my first investment. I currently just have it sitting in the bank and would prefer to use some type of ...
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5answers
1k 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 ...
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1answer
3k views

Want to buy a car but have not enough money [closed]

I'm still at a very early stage of my professional career and my salary is still very low. I work in the IT field. I have a dream of buying my own car. The current price of my desired car is 200 times ...
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2answers
275 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 ...
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3answers
356 views

How much money does one need to afford to stop working for the rest of life? [closed]

Let's suppose you are in your 20s and want to fully devote your life to something you are highly passionate about, but there's a problem: you are unsure whether that activity will bring you any ...
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4answers
2k views

Is compounding interest on investments a myth?

I continually see examples encouraging young people to start investing for retirement with graphic examples using compounding interest to show that starting early pays off big. I've always bought into ...
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1answer
286 views

From ACH direct debit to Prepaid card?

I am searching for solution how to be direct debited (ACH) to personal or business bank account where those funds would arrive (deposit) to prepaid card? The solution must meet all three of the ...
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2answers
604 views

Is this incremental Saving Formula Correct?

I'm planning to save some money. I earn in Pakistani Rupees. At the time of posting 1Usd = Rs 123.12. I came up with an idea to save a certain amount each month and add additional 10% of the saved ...
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1answer
180 views

Just getting started and not sure where to go from here

TLDR; at bottom Hello and thank you ahead of time for any response. I'm 18 and trying to figure out where to go next. I already have an emergency fund (of sorts), no debt, and a few different ...
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3answers
418 views

Do I need to invest to become millionaire?

Refering to this question: Can saving investing 15% of your incoming start 25 likely make you a millionaire In France the highest rate I can find is about 2%, with special conditions, while the post ...

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