Questions tagged [savings]

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

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18
votes
3answers
572 views

Are peer-to-peer loans viable options for savings/investing?

Now that peer-to-peer sites like Lending Club and Prosper have matured are they viable options to add to my savings/investment portfolio or should I only use them with extra cash?
18
votes
2answers
3k views

What is the best way to invest short term without losing principal?

My wife and I were planning to buy a house this year, but the plan fell through, so right now we are sitting on the money that we saved towards down payment and renovations (prior to now money was in ...
17
votes
3answers
756 views

How can I survive the economic crisis I see will hit Argentina soon?

I'm from Argentina, where the shit is about to hit the fan just like 2001. We are going to have a crisis similar to Greece in recent times (or us 17 years ago): all debt related. I'm not an economic ...
16
votes
8answers
4k views

Mortgage or not?

I am 57, spouse 53. I lost my 30+ year business in 2009, declared personal bankruptcy and now have only $4K in retirement accounts. The positive news is that I am employed; my income is 110K, hers is ...
16
votes
3answers
1k views

Invest or save first?

I am in my mid 20s, I have a (quite) good job and I am able to put aside, each month, about $800. I just started this savings process and currently I have just $800 but at the end of the year I'll ...
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, ...
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 £...
16
votes
2answers
28k views

How do I calculate monthly compound interest in Google Sheets?

I have a financial spreadsheet with a column of all my deposits into my savings account. The leftmost column lists the dates of the deposits. Now, let's say my savings balance is $100.00 and my ...
16
votes
1answer
1k views

Saving for brother's children

My brother is not working and waiting on social security disability approval. He has two small children 6 and 10, what is the best way for me to set up savings for their education so that it doesn'...
15
votes
6answers
2k views

Is it okay to be married, 30 years old and have no retirement?

I am a 31 year old attorney with a 10 month old baby. I make $130K a year. My husband is also an attorney, and makes approx. $60K a year. WE both do not have any retirement savings or college ...
15
votes
7answers
2k 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?
15
votes
6answers
6k views

Put money in savings or pay towards mortgage?

Should we take our excess cash at the end of the month and put it in savings or put it towards our mortgage payment? We've been in our home 3 years and we already have some emergency money saved up. ...
14
votes
6answers
3k views

Should I max or min my affordability on a new home?

Situation: Around 1,000 month disposable between 2 of us. Current mortage outstanding balance is 95k on a 120k property, saving almost entirety of disposable income. Now the situation has arisen ...
14
votes
5answers
3k views

What's the benefit of opening a Certificate of Deposit (CD) Account?

My credit union is holding a special offer for a 2.25% APY Certificate Account right now, and I was considering opening one at $500. I ran it against an online calculator, and I was surprised at how ...
14
votes
8answers
942 views

Put idle savings to use while keeping them liquid

Since I graduated from college, I've collected ~$15K USD of savings. Currently this is sitting idle in a low interest checking account. I'd like to put it to better use, but I also need to make sure ...
14
votes
6answers
5k views

What should a 21 year old do with £60,000 ($91,356 USD) inheritance?

I'm turning 21 years old soon and have an inheritance coming into my control to the value of approximately £60,000. I'm full-time employed, as a Software Developer in a Financial Services company. I ...
14
votes
6answers
9k views

Should I have separate savings accounts for various savings goals?

I have read through some personal budgeting articles and saving tips. Most articles and books mention saving money for emergency funds, large purchases, etc. Should emergency funds and saving funds (...
14
votes
6answers
882 views

I have just short of € 15,000 in a savings account with 0.03 % interest – do I have better options?

I am 21 years old, am in college and have a savings account with nearly € 15,000. As I understand it, inflation devalues money at about 2 % a year while the interest rate of my savings account is only ...
13
votes
5answers
4k views

Incremental payoff vs lump sum

I have $12 000 in student loan debt at 6.5% interest. Currently my payments are in the ballpark of $150 per month. I have an automatic transfer to a high interest savings account with Tangerine set ...
13
votes
4answers
7k views

Is there a standard check format in the USA?

In the USA, do checks(also known as cheques in some parts of the world) have the same format across all banks and financial institutions? Adding on, is there a standard format followed across the ...
13
votes
1answer
2k views

Should I begin investing in a 403(b)

To start off, I'm very naive when it comes to these issues. I know virtually nothing about retirement funds. I'm 24 years old, and currently in my second year of a gap between undergrad and PhD ...
13
votes
7answers
613 views

How does one factor how much saving time is worth?

I recently was reading this comic from xkcd, and it got me thinking. How does one determine how much one's spare time is worth? It seems to me that in particular, a person on salary has a fixed income,...
12
votes
7answers
722 views

Are my monthly commited expenses out of whack?

Okay, my wife and I struggle with our finances and we are trying to get them in order. My net pay is approx $1300 every two weeks (my wife does not work) That is after health insurance premiums ...
12
votes
4answers
6k views

Should I pay off my credit card with savings? [duplicate]

Right now I have about 3k left in credit card debt which I've been steadily paying off. I could probably have it paid off completely in about 6 months to a year. However, I already have over 4k in ...
12
votes
5answers
3k views

Where does most of a salary go?

I'm not working and earning a salary yet, as I'm still in college, but I was wondering: where does most of a salary go? As a software engineer, I might earn around $70,000 a year. I find it hard to ...
12
votes
4answers
2k views

I'm not broke, but I'm feeling stuck on a fixed income

I'm living on a fixed disability income, with little hope of ever being able to work again. I cannot receive any income of any kind while on disability (or I have to pay it back anyway, and risk ...
12
votes
3answers
4k views

First time home hunters. Pay debt or save for down payment

tl;dr We want to buy a house. We've done all the pro's and con's of home ownership. We have 1/2 a down payment and some highish loan payments Would it be wiser to pay down the loans and go with ...
12
votes
3answers
2k views

Least unsafe investment vehicle that meets or exceeds inflation?

Let's say I have an account with $30,000 set aside for long-term unemployment, medical emergency, etc. This account will most likely (and hopefully) remain unused for at least 5-10 years. I could ...
12
votes
2answers
1k views

Where should I store some cash that I need to be somewhat liquid?

I've got under $10,000 that I want to put somewhere more awesome than my no interest checking account. So far American Express Personal Savings at 1.15% APY is sounding nice. I can transfer out of it ...
12
votes
1answer
4k views

Does it make sense to “save” for college by paying off my mortgage?

Assumptions (using round numbers): Two children start college in 12 and 15 years. Currently saving $400/month in a college savings fund earning ~2%. (Some in a taxable account, some in a Coverdell.) $...
12
votes
3answers
749 views

$700 guaranteed to not be touched for 15 years+, should I put it anywhere other than a savings account?

My daughter's piggy-bank was recently broken, and so we took the opportunity to count up the money saved, and put it away. We have an on-going account that we put money into every paycheck through an ...
12
votes
1answer
8k 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?
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?
12
votes
1answer
1k views

Should I pay off my mortgage, begin retirement savings, or build my emergency fund?

My Goal I am trying to calculate how best to apply my income to my various goals. For the sake of simplicity, I'm interested in the balance between three specific goals: Paying down my mortgage ...
12
votes
1answer
1k views

Buy a parking spot and rent it out, or invest savings in an interest-bearing account?

I've saved some money and now I'm thinking about two things to do with it: Buy a parking spot (~20.000) and rent it (~90 month) Put in a account that give me about (3% year) but I can't decide ...
12
votes
2answers
4k views

A good investment vehicle for saving for a mortgage down payment?

I've calculated that I will be able to save approximately enough for a 20-25% down payment on a home (at my back-end-ratio affordability level) in the next 2-3 years. I'm maxing out contributions to ...
11
votes
6answers
737 views

Is my company 401k okay or should I be using an IRA?

My company does not have a matching 401k. Instead it is a profit sharing 401k. How should I approach this? Should I consider investing primarily in an IRA instead? How much should I be ...
11
votes
4answers
666 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 ...
11
votes
7answers
552 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?
11
votes
4answers
4k views

Any compelling reason to contribute to a 401k if my employer doesn't match?

My employer does not match 401k contributions at all. Currently, I do not make any contributions to a 401k or an IRA due to a need for liquidity. Aside from the obvious gains incurring no tax ...
11
votes
5answers
21k views

Comparison between US and Canada's taxes and possibility of savings?

Given two jobs earning equivalent amounts where one is in the US and another in Canada, where would I take home more money after taxes?
11
votes
3answers
592 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?
11
votes
6answers
6k views

Should I continue to invest in an S&P 500 index fund?

I am saving to buy a house in 5-8 years. This year I invested $40,000 in a prominent ETF which tracks with the S&P 500. So far, I've lost $3,250, that is the stocks are now worth $36,750. I save $...
11
votes
3answers
333 views

What does quantitative easing 2 mean for my bank account?

My wife and I have been saving aggressively for the last year now and all of our savings are in the form of cash in the bank. About half of the money is in US dollars and half is in Canadian dollars. ...
10
votes
5answers
3k views

What type of investment is best suited for a 1-year investment on a down payment?

I'm looking to buy a house, but lacking in the capital to make an adequate down payment on said house. My lease expires in a year from now, so I am looking to build up my capital through investment ...
10
votes
5answers
11k views

Should I pay off HELOC or save?

I've heard the principle of "Pay yourself first", implying that saving some money each month should be a priority. However, I've also heard that being debt free is important, and it would be good not ...
10
votes
4answers
858 views

Saving for a non-necessity

How can I responsibly save for a non-necessity purchase? I'd like to buy a PlayStation 4. As you may know, I can't eat or live in said PS4. Buying something that is more than a week's worth of pay ...
10
votes
4answers
569 views

How do you go about calculating how much you need after retirement?

I am posting this question after reading this article on WSJ, where it says: Just 42% of working-age Americans have even tried to calculate what they will need in retirement, according to the ...
10
votes
4answers
692 views

Should I switch to this high rate checking account for my emergency fund?

Okay, so I bank at a local credit union, AllegacyFCU. (Here is their rates sheet.) Currently I have through this bank: Daily Access Savings account with 0.2% interest Totally Free Checking (no ...
10
votes
2answers
1k views

How to represent mortgage overpayments in household budget

I keep a household budget spreadsheet, one tab of which represents our savings. Some of our savings is in traditional savings vehicles (ISAs etc.), but some of it has been used to overpay the ...