Archive | Saving

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.

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Profitable Ideas: The Most Powerful Personal Finance Tool, Taking Frugality Too Far, and More

A weekly roundup of some of the more interesting and helpful personal finance articles I’ve read recently. I used an app to set up my first-ever budget and it changed the way I look at money (Business Insider). Nice first-person account of the benefits of using the most powerful personal finance tool available. Do you […]

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Saving Money is All About the ‘Why’

I know a man who started saving for his daughter’s wedding when she was just a little girl. Long before she ever met the man she would marry her father was setting money aside for her special day, even when money was tight. Over the years, he could have spent more on himself, buying a […]

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Profitable Ideas: A Simple Money Move to Make Now, When NOT to Save for Retirement, and More

A weekly roundup of some of the more interesting and helpful personal finance articles I’ve read recently. One simple financial move you can make in a month (Forbes). A little bit of this can make a big difference. When not to save for retirement (Reuters). I agree – there are two steps you should take […]

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Pay Yourself Second

Of all the things you can do with money, few are more boring than putting it into a savings account, right? Spending it?  Now, that’s fun.  Investing can be enjoyable, too.  But parking some money in an “interest-bearing” savings account where $1,000 may turn into $1,001 in a year’s time?  Who needs it? You do, […]

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Navigating The Mixed Messages Of Our Consumer Culture

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 previous recession.  I had to […]

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Earning More Interest Through CD Laddering

In this era of microscopic savings rates, one way to squeeze a little more interest out of your savings is what’s known as CD laddering. What is a CD? A CD is a certificate of deposit.  It’s a low risk savings vehicle offered by banks, credit unions, and brokerage houses.  You agree to keep the […]

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Nobody’s Fool

“Of what use is money in the hand of a fool, since he has no desire to get wisdom?” – Proverbs 17:16 No one wants to be thought of as a fool – not on April Fool’s Day, not at any time. The Bible uses that strong term only a handful of times in regard […]

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Why Two Savings Accounts Are Better Than One

Interested in dialing down your financial stress and making your finances run more smoothly?  Open and maintain two savings accounts. Savings Account Number One: An Emergency Fund During the early days of the recession, I worked with the market research firm Synovate to conduct a national survey (See “Tough Times Call for…”) asking people how […]

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