Banking Advice | BankingAdvice.com » saving advice

How to Compare Money Market Accounts

walter — Tue, 23 Aug 2011 14:12:19 +0000

Setting up a savings account is an important step in securing your financial future. It allows your money to earn interest, yet allows you easy access to it in the event of an emergency. But most basic savings accounts offer low interest rates compared to those of CDs and other accounts that provide limited access to your money. One way you can keep your money available while earning higher interest is by putting it into a money market account. Money market accounts let you withdraw your money when you need it, yet pay higher interest than your average savings account....

Advice on Managing Your Money in Uncertain Times

walter — Tue, 07 Jun 2011 14:07:05 +0000

Managing your money can be tricky in the best of times. But when the economy is on shaky ground, it’s even tougher. Inflation could keep your money from going as far as it did before. A reduction in income could leave you scrambling to make ends meet. And any unforeseen expenses could leave your finances in a shambles. Panicking will get you nowhere in uncertain economic times. So it’s a good idea to do a careful analysis of your finances and make adjustments as needed. Here is some advice that will help you make it through fluctuations in the economy...

How Much Should I Save for Emergencies?

walter — Mon, 18 Apr 2011 15:38:41 +0000

Any financial expert will tell you that you need an emergency fund. But how much money should be in that fund? Well, that depends on who you ask. Suggested figures range from a thousand to tens of thousands of dollars. That’s a pretty large spread! As with any financial advice, one size does not fit all when it comes to how much to put into an emergency fund. The right number for you might be completely different from the right number for your brother, your friend, or even your coworker. Here is some advice and tips to help you decide...

Wringing the Most from Your Savings in a Rising Interest Rate Environment

walter — Tue, 29 Mar 2011 14:30:59 +0000

Low interest rates are good news if you are looking to borrow money. But they’re not so good for savings and investment accounts. When it comes to those, the only good news is that once interest rates get so low, there’s nowhere for them to go but up. Once interest rates start to rise, those who have money in savings are often eager to take advantage of the higher rates. That’s certainly understandable, but it’s important not to be too hasty. If you are, you could end up regretting it when rates go even higher. Here’s advice on how to...

Jump Start Your Savings in 2011

walter — Tue, 14 Dec 2010 16:13:54 +0000

When the year is about to end, parties often come to mind. There are important issues, though, that are worth considering beyond the festivities. The end of the year is a great time to go through your finances and find just what you need to do and work on for the coming year. When you do, you'll be better prepared for the upcoming year. You can save money and pay off debt, even if you make the same amount you made last year. There are usually ways to cut spending, save more money or pay down debt. Sometimes, that requires...

Where Should You Keep Your Savings?

admin — Tue, 07 Sep 2010 14:03:49 +0000

Making your savings work for you is a cornerstone of your overall financial plan. When making the decision to save money, it is also good to have specific goals in mind. However, an important part of saving is almost always overlooked is where to keep the money so that it works for you. There are many different types of accounts that you can use to gain interest on your savings account and make your money work for you. These days it is difficult to achieve even a 1% return on the money you keep in a bank. But the...

Jump Start Your Savings

admin — Mon, 09 Aug 2010 14:15:52 +0000

Getting motivated to start saving can take some effort, especially if you have never set up a savings plan before. In order to start saving it helps to have a specific goal in mind. You also need to have a good overview of your finances and your expenses. It can be difficult in the beginning to create a savings account, but once you start it will be easy to continue. Some of these suggestions take just a few minutes, others might take an hour or two, some of them require a bit of regular effort, but they’re all incredibly...

Saving Secrets of the Wealthy

admin — Tue, 13 Jul 2010 14:02:34 +0000

Many believe that people who have recently come into money (termed “nouveau riche”) are easily recognizable from “old money,” or people that have been wealthy for generations. Here is some advice about money saving strategies of the wealthy. What makes these nouveau riche stand out is the level to which they spend and show off all their newly acquired items - from flashy sports cars to outlandish homes. In comparison, many very wealthy families are far more inconspicuous. For many of these families, the focus is on purchasing quality that lasts a long time - not on the newest trendy car...

Using A CD Ladder for Your Emergency Money

admin — Thu, 24 Jun 2010 15:49:03 +0000

In today’s very low interest rate environment no one should be satisfied with receiving .25% (or less) on their savings. For emergency funds and other forms of savings a CD Ladder may be the best way to both get a higher interest rate, as well as maintain the flexibility to use this money if needed. CD Laddering simply means buying a number of CDs with different maturity dates. By purchasing shorter and longer term CDs, you spread out the interest rate risk. You don’t earn as much as you would by locking in for the long-term, but you are able to...

Money Saving Ideas For The Summer

admin — Mon, 14 Jun 2010 15:15:53 +0000

Summer is almost here and it is a great time for the entire family to have fun. If you are worried about budget constraints putting a damper on your summer fun, worry no more. There are many activities and places you can frequent as a family without breaking your banking account. Here is some advice and ideas for your summer fun. If you have an active family, you can enjoy family bike rides or family hikes. You can visit the local park to ride bikes together on an approved bike path. Parks also provide a great atmosphere for picnicking. After...