While it’s always a good idea to save money, especially for “big-ticket” goals like retirement, college and emergency expenses, there are some times in life when you might not want to save as much as others. Is it ever okay not to save money?
Posts Tagged ‘savings’
3 Times in Life When It’s Okay NOT to Save Money
November 29, 20116 Weird Ways to Boost Your Emergency Fund
September 27, 2011If your emergency savings fund is looking a little sad these days – or worse, is non-existent – it’s time to get creative. After you’ve made as many cuts to regular bills and expenses as you can to free up cash for your savings, the next step is to increase the income side of the equation? Don’t have time for a second job? Don’t worry – there are plenty of unusual ways to earn cash without taking on another job.
3 Ways to Catch Up on Your Retirement Savings
August 5, 2011It’s best to start saving for retirement as soon as you start working. Even if you’re only part-time, you should put away what you can from each paycheck. Every little bit helps and will add up over time. If you weren’t able to start saving early like this, however, it’s not too late to get back on track and begin saving now. You may need to make some adjustments in your lifestyle today to accommodate for tomorrow, but there’s still time.
I Should Be Saving How Much?!
June 21, 2011How much of your income should you be saving? A common rule of thumb answer used to be that 10 percent of income should go into savings. But 10 percent doesn’t really cut it anymore. Certified Financial Planner John D. Buerger explains what the new rule of thumb is and how to hit that target.
Should You Manage Your Money Like the Government?
May 4, 2011If you want to save money for specific goals, you might want to consider managing your money more like the government. One of the principles of government money management is the idea of “dedicated funds.” Certain government money has to be spent only on certain activities – health care, education, etc. – and these government programs are funded by specific types of taxes. How might this apply to you? You can take a cue from the government – and start taking better control of your finances – by setting up multiple savings accounts, each with a specific purpose. Find out more.
Money Lessons from Bankrupt Pro Athletes
April 29, 2011America loves sports and professional athletes are some of our biggest cultural heroes – earning millions of dollars and the adoration of millions of fans. However, despite their massive salaries, many pro athletes are vulnerable to going bankrupt. What are some of the lessons to be learned and mistakes to avoid?
Personal Finance for Beginners
April 18, 2011When you take that first leap toward financial independence, it can be rather overwhelming. People start throwing abbreviations at you like FICO and IRA, and you may often be left scratching your head. Don’t worry! With these five easy steps, you’ll be well on your way to financial success.
US Series I Savings Bonds: A Bad Idea for Your Tax Refund?
March 29, 2011If you’re fortunate enough to receive a tax refund this year, you may be interested in stashing that money somewhere safe where it can grow. A US Series I Savings bond is considered by many to be a conservative investment for several reasons. Find out what perks the IRS is offering to put your tax refund into savings bonds, what the benefits of these investments are and if they’re right for you and your money.
Savings Accounts: Online vs. Offline
March 11, 2011Everyone is in pursuit of the highest interest rate savings account. Traditionally, opening a savings account requires a trip to your local bank. Modern times call for modern measures and now online savings accounts allow you to open and manage your savings account completely on the Internet. Before you run off to open your online savings account, first learn the pros and cons of each type of account.
Building a Financial Foundation to Help Weather Life’s Storms
January 18, 2011You’ve probably seen recent headlines like, “More Snow Storms Expected to Hit Parts of the U.S.” Life can be unusual and unpredictable, just like our weather! An emergency fund, such as a savings account, can be a financial foundation that may help to “support” you during the “storms” of life. These may include unexpected job layoffs or medical costs. Certified Financial Planner, Heidi Davis, explains the importance of an emergency fund and how it may save you one day.
5 Tips to Get Your Financial Life Ready for the New Year (Part 2)
December 14, 2010In part one of this article, we looked at some key “to do” items to get your financial house in order in time for the new year. In addition to monitoring your credit, debts and savings, there are also some smart moves you can make to save on 2010 taxes and improve your long-term cash flow by re-thinking your home loan.
