Getting Started With Savings
I recommend maintaining three distinct types of savings accounts: an emergency fund (with 3-6 months’ worth of essential living expenses), a big-ticket item replacement fund (where you save for your next vehicle or to pay for a new furnace), and a periodic bills and expenses fund (where you save each month for bills and expenses that you’ll have to pay sometime in the year, such as an annual life insurance premium or Christmas gifts). You could open 3 separate accounts. Or, I use Capital One 360, where one account can be set up with numerous sub-accounts.
Weekly roundup of recommended personal finance articles from around the web. How to figure out your “money script” — and change the way you handle your finances (Money Ning). We all have conversations about money going on in our minds. Change the conversation and you could change your experience with money. The difference between busy and […]
Weekly roundup of recommended personal finance articles from around the web. The world’s best inflation hedge (Young Money). No brokerage account required. How you can take a digital detox this summer (Becoming Minimalist). This could be a summer to remember. Let’s not waste it scrolling mindlessly on social media. What to say when a recruiter […]
For far too many people, money is a source of stress or frustration. Consider these findings from a recent Federal Reserve survey: About 46% of U.S. adults said they would be unable to cover a $400 emergency expense without selling something or borrowing the money. About 31% of non-retired adults reported having no pension or […]
Weekly roundup of recommended personal finance articles from around the web. Here’s how much money you would have lost if you bought crypto during Matt Damon’s “fortune favors the brave” commercial (MarketWatch). Beware celebs pitching investment ideas. See also, Coinbase loses half its value in a week as crypto slumps (USA TODAY). How to teach […]
A recent survey from TD Ameritrade highlighted some key differences between “super savers” and everyone else. The survey defined a “super saver” as someone who sets aside 20% or more of his or her income to save or invest. A peak into their financial lives offers good lessons for anyone who aspires to save more. […]
Waiting can be tough. We seem to be hardwired to resist it. And our culture does us no favors here. Whatever we’re interested in buying, there are ways — and we’re strongly encouraged — to have it now. Paying for it? That can wait until later. But there are great rewards for those who learn […]
Weekly roundup of recommended personal finance articles from around the web. A rude awakening is coming for millions of new investors (Money). It seemed like it was so easy to make money in the stock market, until it wasn’t. About a third of people admit they’ve committed some form of financial infidelity (Acorns). And that’s […]
Weekly roundup of recommended personal finance articles from around the web. Metaverse real estate sales top $500 million, and are projected to double this year (CNBC). This may sound like a scene from the distant future, but it’s happening now. Don’t expect rising interest rates to boost your savings account (Wall Street Journal). Why loans […]
Weekly roundup of recommended personal finance articles from around the web. Americans say they need to earn $128,000 to feel financially okay (Bloomberg). How much you make matters, to be sure. But how well you manage what you make can make a big difference. It’s why some people who make a lot feel like they […]
If you’re really paying attention, life can be a very odd experience. Especially when it comes to money. For example, in troubled economic times, front-page newspaper stories regularly quote economists expressing concern that the personal savings rate is going up. I still vividly remember reading one such story during a recession. I had to blink […]
