Questions tagged [savings]

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

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3
votes
4answers
895 views

United Kingdom: Where to save money for a property deposit

I'm currently 22, and I would like to buy a property at some point in 5-10 years, once I can afford the down payment (deposit). I live and work in London England, so for this example, assume my ...
3
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5answers
204 views

School or retirement?

Currently, I'm working full time while studying to get my degree. I'm making monthly payments on my other debt, and looking to be completely debt free - with the exception of my student loans - ...
3
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3answers
556 views

How to balance debts and enjoying life?

TL;DR: I am currently struggling hard to balance paying debts and "enjoying life". My situation is: I am 25, and I live in France. I have a double-degree from a top French Engineering school ("...
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3answers
1k views

What investment options should I consider for my emergency fund?

I have an emergency fund with 3 months of income saved up. It is currently in a money market earning less than 1%. This money is saved in case I lose my job or need to make a major repair on my home. ...
3
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1answer
1k views

Is saving money in physical foreign currency a bad idea?

I have problems saving money due to spending habits. My idea is to buy foreign currency online and keep the money stashed away until I need it either for an emergency or for another investment. The ...
3
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3answers
3k views

31 years old, single, zero debt, engineer making 80k/year, saving 1k/month. How do you get ahead?

I have currently 10k in savings acc, rent an apartment for 1k/month, I don't have a 401(k) (I will start at the beginning of 2016). I'd love to buy a house or apartment next year and start a family in ...
3
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5answers
299 views

What things are important to consider when investing in one's company stock?

I have been invited to invest a portion of my monthly wages in stocks for the company I work for (they'll match 30% of my investment). I'm interested in putting away some money for my family as I have ...
3
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1answer
294 views

If I want to invest as a 19 year old, how should I go about it? [duplicate]

I'm a 19 year old student and I have a part-time job as a programmer. I make 20 euros an hour and I work about 10-15 hours a week, depending on school responsibilities. I earn 800 euros a month, ...
3
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2answers
490 views

Is it a good idea to put everything in the S&P500?

I've maxed out my IRA, have a three-month emergency fund, and have paid off all my debts. I have some remaining money to invest and don't have any short-term goals to spend it on. While my priorities ...
3
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2answers
398 views

Is there a limit on how many times I can transfer my Individual Savings Account (ISA) in a given year? [UK]

The United Kingdom Individual Savings Account (ISA) provides a tax-efficient saving mechanism. It is possible to transfer your ISA from one bank to another, but is there any limit on how many times ...
3
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2answers
193 views

Feasibility of buying first house at 23 when I may leave the country in a few years to work/travel (UK)

I am 22 years old and in my final year of study towards an Engineering degree, with a graduate job secured for next year with a starting salary of £25,000. I currently have ~£47,000 in savings, ...
3
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3answers
158 views

Local government or private pension?

This question relates to the UK LGPS. On the surface, this seems less flexible and potentially gives less return than a private pension. Yes, private pension pay-outs fluctuate depending on the ...
3
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2answers
250 views

Is an Income Mutual Fund a good alternative to a savings account?

From what I've seen Income Mutual Funds, particularly an Index Income Fund, are relatively safe with a return greater than any 'guaranteed' return investment option. Obviously the actual return is ...
3
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1answer
1k views

Sending money as gift to India from US

So, the story. A Indian citizen is working in US and is earning a lot of money. If he transfers 10K USD to parent's account in India as "Gift", then he can claim that amount to be tax exempted in US. ...
3
votes
1answer
600 views

Savings account with mango money for emergency fund

I have just started my career a couple of months back and plan to save money for emergency funds. I was browsing the internet for a good savings account and came across Mango Money savings (6% APY ...
3
votes
1answer
435 views

How to find a savings or money market account with a high interest rate / yield?

I have my emergency fund in an ING Direct savings account. The saving account does not really give a good return and I was wondering what are my options? I want to put the money in some sort of ...
3
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2answers
1k views

What are the monthy investment options I have that has good return value in India?

Like the title says, what are the investment options I have if I need to investment monthly from a part of my salary on regular basis. The parameters I am looking for are; Good percentage of interest,...
3
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3answers
312 views

Is unrealized gain part of asset?

I'm gathering my assets information (cash, RSP, margin, etc) in an excel to keep track of my saving progress over time. I'm struggling about which amount to put, for example, I invested 1000$ this ...
3
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3answers
787 views

Using multiple bank accounts

One thing I've always struggled with finance-wise is how to manage higher-level budget categories across a limited number of accounts. For instance, I currently maintain the following types of ...
3
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2answers
260 views

Should I include my hard assets as part of my net worth?

As part of doing my taxes every year I do a calculation as to what my current net worth (assets - debts) is so I know how to set my savings goals for the year. Currently I do not include hard assets ...
3
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3answers
378 views

Software to roll up funds distributed across multiple bank accounts

I previously asked how to use Gnucash category structure for funds distributed across multiple bank accounts and am now thinking gnucash just can't do what I need, or even if it can maybe others can ...
3
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3answers
238 views

Is it preferable to move emergency savings/retirement into offset mortgage?

I have some savings in an easy access stocks & shares ISA. I view this as long-term savings/emergency money. Is it preferable to leave the money in there or is it better to transfer that across ...
3
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2answers
607 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?
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2answers
185 views

Does returning small bank verification deposits count towards the limit of 6 monthly “convenient” withdrawals on a savings account?

Does returning small bank verification deposits count towards the limit of 6 monthly "convenient" withdrawals on a savings account? Example:
3
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2answers
248 views

Received an unexpected windfall and have no skills or knowledge of finance (UK)

Good Evening, I work and live independently with a lifestyle that isn't lavish but is perfectly comfortable for my needs. Recently, I was the beneficiary of a sum that is about 10 times the amount of ...
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2answers
957 views

interest compounded daily vs monthly

I want to compare two saving accounts with same APY, but one has interest "compounded daily and credited monthly" and the other has interest "compounded monthly and credited monthly". Which will yield ...
3
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3answers
518 views

Saving vs. Living Life

Saving is good. Everyone knows this. However, it is important to not get so caught up in cash hoarding that you forget to live life. Our savings goal is $1m in revenue/interest bearing assets, ...
3
votes
4answers
196 views

How common is it for banks to lower the high-yield introductory rate they use to entice people?

I was looking to put some money in a simple savings or money market account. But I found a caveat in each bank’s small print that made me hesitate. The bank’s marketing shows a high rate, say 1.5% to ...
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2answers
9k views

“Help To Buy ISA” - £200/month a hard limit?

I have recently moved back in with my parents with a view of saving £500-600 a month to put towards a deposit on a house. I am looking at getting a Help To Buy ISA through one of the UK banking ...
3
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3answers
313 views

Easiest way to diversify savings

Finance has always been a bit of a black art beyond current and savings accounts, so I'm hoping this makes sense. In light of the possibility of Britain leaving the EU (that isn't the actual reason, ...
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1answer
234 views

Should I put a small amount of savings in a high interest savings account?

The highest in Canada that I've found is 2.8% interest, compounded annually where the interest is calculated daily. I have $2000, and the initial amount and the interest earned is guaranteed by a ...
3
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2answers
152 views

Automate Savings by Percentage on varying paychecks?

My boyfriend's paycheck varies every week because the hours he works depend on the volume of business. While usually around 40 hours, sometimes it is quite a bit less or quite a bit more. The ...
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2answers
397 views

Is credit history more important than amount of savings when applying for a mortgage?

I am currently in Australia and fixing to buy a house here. What is given more value when I apply for a mortgage to buy a unit in an apartment: a sound credit history, or a lot of savings in the bank ?...
3
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1answer
210 views

Better rate for investment between CD or savings

I have been considering either renewing my CD (Certificate of Deposit) from my local Credit Union which is at 1.35% APR (1.3591 %) dividend rate (monthly compounded) for one year. I recently noticed ...
3
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3answers
489 views

The balance between Renting and Buying

My girlfriend and I are spit-balling the idea of buying a house. We've heard pros and cons for mortgages; you're putting your money into an investment vs you're paying far more than you anticipate due ...
3
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1answer
759 views

Journal entry for savings of multiple family members

I'm recording family-related transactions in a journal. My question is regarding a cash deposit (asset debit). For example, my family earned $300 at a garage sale. I deposit that entire amount into ...
3
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1answer
128 views

How to find the after-fee APY of a savings account?

A savings account (Mango) offers 6% APY but has a nonwaivable $3 monthly fee. This is my best shot determining what the account's after-fee APR is: If you have a $5,000 balance, this means that the ...
3
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4answers
361 views

Should I invest everything in emerging markets ETF when I'm young?

Lifecycle investing is growing in popularity in the industry, where people in their 20s and 30s are invested into high risk portfolios (equities) and people approaching retirement are transitioned ...
3
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1answer
145 views

Best way to do savings in India?

I have started to earn a year ago. All my funds are currently in banks. Is there any better way save money than leaving it in a bank account?
3
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2answers
202 views

Looking into investment bonds for the first time- what do I need to be aware of?

I have an ISA that has matured recently, and am now looking to reinvest that balance elsewhere. Given that most of the ways I usually save (current/ savings accounts, regular savers, ISAs, etc) aren't ...
3
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1answer
139 views

How does my higher rate tax on savings interest get paid. **UK, pre-2016**

I earn over £42k, the limit for higher rate tax. See here. This means I have to pay higher tax on my savings accounts. See Here. Higher or additional rate taxpayers You must pay extra tax on ...
3
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1answer
151 views

How exactly do I determine my savings rate?

Surely it's not nearly as simple as (amount saved)/(take-home pay), since if I make pre-tax contributions to a 401(k) or HSA I pay less in taxes, and money I save in not being taxes is, well, money ...
3
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1answer
487 views

Advice on replacing my savings account

I currently have a Vanguard account (Mutual Fund) with about $10,000 in it (more now). I have a savings account with about $7,000 which I consider my "rainy day" fund and I try to put money into my ...
3
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1answer
8k views

What are some FSA eligible expenses that can be used for baby care?

I signed up for a Flexible Spending Account (FSA), and am now trying to figure out what all is covered under it. I know some of the basic products like band aids and glasses are, but I'm really ...
3
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1answer
3k views

Can one designate a beneficiary for a savings account in Canada?

For most registered accounts, you can designate a beneficiary in the event of your demise. Is it possible to do the same for a regular bank or high-interest savings account without creating a will? An ...
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2answers
292 views

Saving money after paying income tax

UPDATE 1: I ask this question because I don't understand why there is a large market for tax free savings account, when your savings should already be tax free... ORIGINAL QUESTION: I am in the UK, ...
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2answers
214 views

HTB ISA/ Lifetime ISA - combining them to use for a house deposit

I opened a HTB ISA with Halifax (paying 3.5%), as soon as they became available in December 2015, and have been contributing the maximum amount since. I then opened a stocks & shares LISA (with ...
3
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1answer
106 views

Short Term Strategy For Maximising Savings AsAlternative To ISA

I have been saving for about 10 years, putting the maximum into a cash ISA every year I have been able. I currently have around £50,000 in there. In approximately 2 years I plan to buy a property, ...
3
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1answer
140 views

Managing an Account with Multiple Categories

Assume I setup and account that has multiple categories, say I have 1000 to invest, and I do something like this: 300 Kid 1 college 300 Kid 2 college 150 Emergency Fund 250 New House It is pretty ...
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4answers
848 views

How can a 'saver' maintain or increase wealth in low interest rate economy?

If low interest rates disadvantage 'savers' what are they supposed to do if they are not inclined to buy and spend? Where should you put your money (instead of it stagnating in low interest rate ...

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