Banking Advice | BankingAdvice.com » saving money

How to Save an Extra $50 Each and Every Week

walter — Thu, 17 May 2012 15:10:55 +0000

One of the most important pieces of financial advice you’ll ever receive is the importance of getting into the habit of saving money. This holds true regardless of your financial position, and whether you’re trying to save a lot or a little each week. If there’s any downside to being on a regular savings program, it’s that sometimes we get so used to saving a certain amount each month we aren’t necessarily saving as much as we could be. In fact, regardless of the financial situation you find yourself in, it’s quite likely that you’ll be able to save an...

Banking Advice – 5 Ways to Save Money on Gasoline

walter — Tue, 01 May 2012 17:54:10 +0000

One of the best ways to improve your financial situation is by saving money on things that are always going to be a part of your budget. While it’s helpful to eliminate unnecessary items from your budget, there are certain items that you’re always going to have to buy. For many individuals and families, gasoline is one of those things. Thankfully, there are ways to cut the amount you spend on gasoline each week without having to significantly change your lifestyle. You’d save a lot of money by getting rid of your car, of course, but that’s not going to...

How to Save Money for an Expensive Purchase

walter — Thu, 05 Apr 2012 15:28:51 +0000

In thinking about personal finance, it’s clear that much of the discussion usually relates to how your spending and saving decisions affect the future. Many times the “future” tends to deal with long-term goals such as retirement, becoming debt-free or saving for a child’s college education. But financial planning can also apply to things that would strike most people as being a little bit more “fun.” For example, you can use general personal finance principles to help you save for an expensive purchase. What the item is doesn’t matter nearly as much as how you go about saving for it. ...

Saving Money: Save 10% of Your Salary and Watch Your Savings Grow

walter — Tue, 14 Feb 2012 16:12:33 +0000

One long-established piece of personal financial advice is that you should save 10% of your salary or wages each and every time you get paid. The idea is that by “paying yourself first” you won’t have to scramble to find money at the end of each month to deposit for savings. Instead, you’ll fund your savings before any other spending decisions or choices are made. The earlier you can begin implementing this rule, the better. If you’re not already doing so, make every effort to begin with your very next paycheck. Even relatively short term consistent savings can add up....

Paying Yourself First – The Key to Saving Money

walter — Fri, 16 Dec 2011 15:48:22 +0000

There are many different ways to build your savings and secure your financial future. Reducing your highest interest debt before paying down other debt, setting and sticking to a budget and reducing unnecessary costs are all important pieces of meeting your financial goals. One concept that isn’t quite as well known, but which is very effective (as well as being very easy) is the idea of “paying yourself first.” The basic idea is to characterize your savings or investment plan as a “bill” that needs to be paid just like any other. Below is banking advice you can use to...

Why You Should Consider an Internet Bank Account

walter — Tue, 22 Nov 2011 15:33:48 +0000

Recent controversies over new bank and debit card fees have many people wondering whether it’s time to move their accounts to a new bank. Many consumers have also begun to consider the possibility of joining a local credit union to conduct their banking business. Another option, and one which isn’t getting quite the same amount of press coverage, is to use an Internet only bank. Internet only banks are different from your local banks in that most do not have any physical locations whatsoever. Deposits are handled either through electronic transfer, or by sending deposits in via the mail. Withdrawals...

Can You Afford to Save for Your Child’s College Education?

walter — Wed, 16 Nov 2011 15:11:23 +0000

If you have children, you probably want them to go to college one day so that they can get a good education and prepare for the profession of their choice. But college isn’t cheap, so unless you’re independently wealthy you can’t count on having the money sitting around to send them to college when the time comes. What’s a good parent to do? Ask a financial advisor if you can afford to save to college, and he will probably tell you that you can’t afford not to. But if you’re scraping just to get by, it’s not necessarily that cut...

5 Budgeting Tools You Can’t Live Without

walter — Tue, 08 Nov 2011 15:01:36 +0000

Let’s face it – budgeting can be a real chore. But if you want total control over your finances, it’s an absolute must. Without a budget, it’s next to impossible to keep track of where your money is going, find ways to cut back, save up for future needs or even make sure you’ll have enough money to pay your bills each month. You don’t have to be a financial guru or even good at math to budget successfully. There are plenty of tools available online and off that will help you create a budget tailored to your income, expenses...

How to Switch Your Bank and Checking Account

walter — Wed, 26 Oct 2011 14:13:15 +0000

Setting up your first checking account is a simple process. You simply fill out a form, deposit some money and wait for your checks and debit card to arrive. But you’ll most likely switch banks at some point in your life, and that’s where things can get complicated. When you switch checking accounts, it’s important to take the right steps to ensure that the transition is smooth. A mistake could leave you with overdraft charges, missed direct deposits and a number of other unnecessary headaches. Here’s some information and advice to guide you through switching bank accounts with as little drama...

5 Simple Budgeting Tips

walter — Tue, 25 Oct 2011 14:14:18 +0000

Coming up with a budget can be a challenge for just about any household. Preparing a budget requires you to make assumptions about your future income and future expenses, and to get those numbers into some type of balance. As an added challenge, it’s usually necessary to include some extra room into your budget for unexpected expenses. Since you’ll certainly encounter unexpected expenses at some point, it’s important to incorporate a financial buffer to account for those types of expenses. Traditional financial advice can get you most of the way there, but you might need to use some additional...