Questions tagged [savings]

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

Filter by
Sorted by
Tagged with
10
votes
7answers
1k views

What should I do with my $10K windfall, given these options?

Let's say you get a $10k windfall. How do you determine what is the best thing to spend it on? We need a new roof. Our mortgage is moderately underwater but not in bad shape and we are content where ...
10
votes
6answers
406 views

Entering the stock market in a poor economy

I'm sitting on a reasonable pile of cash, earning negligible interest in a bank savings account. After determining that I can live without this money for 5-10 years, I decided it would be best put ...
10
votes
4answers
3k views

I'm moving to another country. Where should I keep my money?

I've been working in the US for a number of years, and am shortly to return to Australia. My cash is in an online bank based in the US. Would you recommend I move it to an Australian bank, or leave ...
10
votes
4answers
1k views

I'm 20 and starting to build up for my mortgage downpayment, where should I put my money for optimal growth?

I have no credit, no loans, and am a contractor for $40/hr at a company and I expect to work here for quite a while (job security should be above average). Every week, I allocate $300 to my Mortgage ...
10
votes
2answers
904 views

How do I get into the over-the-counter derivatives gravy train

Some philosopher, or banker once said: "If you can't fight them, join them". After reading Matt Taibbi's last two pieces on Rolling Stone on how banks have obtained certain rights to sell hot air ...
9
votes
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. ...
9
votes
3answers
16k views

Are savings counted as part of expenses in a personal budget?

When I budget for me, I usually count savings part of the expenses. Is it the correct way to do it? Because of this, when I look at my budget at the end of the month, it feels like my expenses are a ...
9
votes
8answers
2k views

Is ING Direct Orange Savings a decent online savings account?

I'm looking for a good savings account that's 100% online and provides a good interest rate. I saw ING Direct (http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount) and it this ...
9
votes
5answers
995 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?
9
votes
4answers
3k views

Is there a general rule for how much of my non-retirement savings should be spent on down payment?

I know I should X months of cash for emergencies (I've seen X range from 6 to 24, depending on who's giving the advice). But in addition to that, is there any generally accepted rule for how much of ...
9
votes
4answers
2k views

Is paying your bills and loans one day before it's due a good practice?

I am a full time working professional. I have the habit of paying my bills and loans a day before it's due. That way I've got more cash on hand. However, I've also read that it is better to pay off ...
9
votes
3answers
820 views

Should we invest some of our savings to protect against inflation?

My wife and I are in our early 30s. Our gross combined income is about $125,000/year, and our rent is ~$2,500/month (we live in San Francisco). We have no debt, and we have about $85k saved up in a ...
9
votes
6answers
948 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?
9
votes
4answers
510 views

How to make it harder to access my money

I want to start being more sensible with my money, this is especially hard around payday when I receive a month's-worth of pay at once. It's all too easy to go for a couple beers after work only to ...
9
votes
2answers
1k views

Should my husband & I be saving money?

My husband and I are looking to buy a new house with a mortgage of about 400K-500K and a downpayment of 200K-300K (max value of home:700k). (We currently own a home that we purchased for 300K, and ...
9
votes
2answers
855 views

Savings advice for a 16 year old with £20,000 - convicing my parents that investing this into a property is a bad idea

My younger brother runs a small yet lucrative business in his free time. He has accumulated around £20k in a very short time. My mother wants him to put this money into buying a property, i.e: a ...
9
votes
4answers
887 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 ...
9
votes
2answers
3k views

Why would you take a loan secured by your savings account?

I see at least a few credit unions offering these savings-secured loans. I can kinda see the advantage to taking a loan against a CD with penalties for breaking, but share and savings accounts have me ...
9
votes
3answers
2k views

How can a person protect his savings against a country default?

I'm a middle-class citizen, currently living in a EU country (Greece in my case). How can I protect my little savings (that I currently have in a Greek bank) against a country default, like the one ...
9
votes
4answers
5k views

When is the right time to buy a car and/or a house?

I am a 24 years old young IT professional. Since I don't have addictions to anything including drinking, I mostly save a lot (around 50% of my income after tax like $15-$25k a year). Currently I drive ...
9
votes
3answers
739 views

Saving for a down payment on a new house, a few years out. Where do we put our money next?

We currently have two rewards checking accounts. We are nearing the maximums permitted on each account, after which we receive .5% and .25% APY. It's within our means to perhaps open another one, ...
9
votes
1answer
212 views

Should my wife stay un-benefited during pregnancy?

We just found out my wife is pregnant. She's in the process of switching her employment status to what they call per diem, meaning she's not technically a full time employee, although she can (and ...
8
votes
5answers
1k views

How can I save money when I don't have any left over at the end of the month?

I'm 21 years old, living in a big city (like New York) an expensive crowded city, I am a programmer and I'm not living with my parents and I rent a home here with a friend and ... . I calculated ...
8
votes
5answers
2k views

Roth IRA = Emergency Fund. Any Safe Investments?

I've been building my emergency fund through automatic deposits into a Roth IRA at TDAmeritrade. This has been working well, since the money is out of sight, out of mind, and I can easily withdraw it ...
8
votes
6answers
1k views

My investment account is increasingly and significantly underperforming vs. the S&P 500. What should I do?

I have an investment account, opened in my name by my father years ago that I just discovered 4 months ago. It has actually been doing decently well in the last 4 months since I discovered it. I ...
8
votes
6answers
1k views

When should I start saving/investing for my retirement?

I just started out with my first job and I was curious, what is a good time when I should start with my long term saving plans? Update: Thanks for the advice and I was expecting that answer. So my ...
8
votes
4answers
634 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?
8
votes
5answers
4k views

Pay off car debt, or start (value) investing?

I am looking for a method to calculate - or estimate - whether it would be better to pay off car debt or start value investing in stocks. My history: We are soon to get about 1900 USD/month in ...
8
votes
6answers
527 views

Should I prioritize paying down my higher interest debt over building an emergency fund, or vice-versa?

I have a debt of $15,000 at a yearly interest rate of 9%, which can be paid within 5 years. Would it be better for me to: Build first the emergency fund (e.g. liquidity for 6 months' expenses ...
8
votes
4answers
950 views

How to get started with savings, paying off debt, and retirement?

I am getting married soon and I am in grad school (I get paid a stipend and have a tuition scholarship). I have no retirement plans available to me. My fiancee will be starting her job soon and will ...
8
votes
7answers
839 views

In a very tough credit/financial situation

So here is my situation. I have a car that is very dangerous to drive at this point. Like I am seriously worried that either I or the car won't make it through the upcoming winter months. Now, I would ...
8
votes
4answers
349 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 ...
8
votes
2answers
3k views

What are your thoughts on Dave Ramsey's “Drive Free, Retire Rich” idea?

Aside from the horribly optimistic interest rate projections in the "Drive Free, Retire Rich" video, is this a plausible way to deal with auto expenses over one's lifetime? The basic plan is: get ...
8
votes
6answers
1k views

Are investment companies safe for investing a large sum of money?

I'm a computer programmer who got in early it a successful internet company. My business is entering a transition period and I'm not sure if I'll be making the same income for much longer. I'd say I ...
8
votes
4answers
719 views

Where to park money while saving for a car

I am in the process of saving money for a different car. I already have $5000.00 saved and am planning to save at least $5000.00 per year until I buy the car. So obviously some of this money will be ...
8
votes
2answers
679 views

What to do with $2115 disposable income per month?

I want to start investing money, as low risk as possible, but with a percentage growth of at least 4% over 10 - 15 years. I won't need this money until then so can handle locking it away or risking a ...
8
votes
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 ...
8
votes
2answers
360 views

Why would I get an Orange CD when it has the same rate as a savings account?

So I was looking at ING direct's CD rates, and noticed that unless I get a 5-year CD, the interest rate is the same or worse than my Orange Savings account. Why would I choose to have an account that'...
8
votes
3answers
447 views

Extra cash - go towards mortgage, or stock?

I have cash I can either put towards my mortgage, or invest in the stock market. I live in the US, and have no other debts. My mortgage interest rate is fixed at 3.5%. No penalties on pre-payment. In ...
8
votes
3answers
3k views

CD interest rate US vs abroad, is there a catch?

I was in Ukraine and ran into a few banks that offer anywhere from 5% to 10% interest rate on investment per annum. For example, Erste Bank is willing to pay 5,75% on 12 months deposit. I have few ...
8
votes
2answers
742 views

Should we park our money in our escrow account?

We want to figure out the best place to park our money in the next 1-5 years to save for a bigger place. Our escrow account that is linked to our mortgage is a checking account that has a 1% interest ...
8
votes
2answers
398 views

If I could, should I buy a car with cash instead of credit?

The most common (and realistically feasible) method of buying a car is to buy it with a loan/credit card, then pay it off in bits every time interval. However, say that I could buy a car in full when ...
8
votes
1answer
773 views

How to save and partition money for a University student

I'm about to start my first "professional" internship/job, but I will be getting paid. I will be making around $1100 every 2 weeks and saving around $8800 during the whole summer. This is more money ...
8
votes
1answer
162 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
2answers
1k views

Should I make extra payments to my under water mortgage or increase my savings?

Currently I have a mortgage that I am underwater on by about $10K - $15k, and I am looking to move to a different state in the next year for several unrelated reasons (not buying a new home). I have ...
7
votes
5answers
2k views

Is this a reasonable financial plan? - Spend all of your money every few years? [closed]

Ok, the title is intentionally a bit facetious. But a bit about my current situation. I live in Europe (a high cost of living country) and save around 10,000 Euros per year. I have been doing this ...
7
votes
4answers
450 views

How can I spend less?

I was raised in a lower class family, and we never really had money for anything we wanted. Now, years later, I have a job and I feel like I can't stop spending. I see myself buying useless things and ...
7
votes
6answers
701 views

How can I possibly retire comfortably?

I'm 35. I have $50k in an IRA. Using an online IRA calculator, I find that I'll have less than $900k at retirement, assuming I work until I'm 67, and I continue to make the full contribution to the ...
7
votes
2answers
974 views

How to find out if I have a savings account already?

I grew up in an awkward position. I never was told much about finances or anything having to do with them. When my stepfather died, my mother said something about savings accounts for my step brother ...
7
votes
4answers
1k views

What are the advantages of using credit card to pay most of expenses?

If I will pay most of my expenses via credit card, then is it correct to assume the following points? 1) My saving account interest rate will increase by somewhat (interest is calculated upon ...