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Investing regularly can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won’t pay for all your shares at market highs. This strategy – known as dollar cost averaging – also reduces “emotion” from investing, helping investors avoid selling weak performers just prior to an [...] Read more » It isn’t easy to save money, even for people making upward of $250,000. There’s no shortage of high-income earners who have relatively little net worth. It’s not that they don’t save; many max out their 401(k) plans religiously. But socking away $15,500, or $20,500 if they’re eligible for catch-up contributions, annually isn’t going to provide for [...] Read more » Forget the quaint notion that you should have your checking account, credit card and savings account all at the same bank. Instead, look to cherry-pick the best of these accounts – with the goal of sidestepping fees, piling up credit-card rewards, earning extra interest and building a great credit score. Sound like a lot of work? [...] Read more » Credit unions still only command 6% of the U.S. market, according to the National Credit Union Administration, a government regulator. The small size doesn’t mean they should be overlooked as an option, however. Not only do credit unions tend to offer better interest rates and fewer fees, but their conservative nature (when it comes to the [...] Read more » Establish a banking relationship. The Consumer Federation of America conducted a survey of check-cashing outlets and found that the average transaction charge for a $1,002 Social Security check in 2006 was $24.45. Their customers pay on average $19.66 every week to cash a $478.41 handwritten paper check. These charges add up on an annualized basis. When you [...] Read more » You won’t need to tie up a lot of cash in a low-fee savings account if you can get a no-fee credit card and set it aside for emergency use. If you can get a no-fee credit card it reduces the amount of easy-access savings you need to tie up in a low interest rate [...] Read more » An automatic and regular savings program is more successful than a savings strategy that focuses on a long-term goal. A 2008 Rice University/Old Dominion study showed that people who focus on a long-term goal save less than people who save month-to-month or paycheck to paycheck. Says Paul Dholakia, associate professor at Rice’s Jones Graduate School [...] Read more » One of the big benefits of having a regular savings program is that you are “dollar-cost averaging”. What this means is that the average dollar cost for your stocks is lower because you buy more shares when the price is lower and fewer shares when the price is higher. You benefit from dollar-cost [...] Read more » To eliminate banking fees start by signing up for alerts from your bank. Many banks will send you an email or cellphone text alert when your balance falls below a specific threshold. Another option is to sign up for a “transfer service” that will automatically tap a savings account or a line of credit or [...] Read more » Make saving easier by automating it. It saves you time and it makes it less stressful. Automatic saving will also help to ensure that you will be a successful saver. Talk to your bank about automatically transferring funds from your checking account to specific savings programs that you have in effect. Savings programs may include [...] Read more » If you think you deserve a higher rate of return on the cash you lend then consider an alternative to the Certificate of Deposit your local bank offers. MoneyAisle.com allows you to auction your cash to the highest bidder. The good news is that all of the bidders are FDIC-insured banks. All of the [...] Read more » Information Visit Billshrink.com and type in your current balance, the features you want (such as online bill paying or ATM access), and other information, and the site presents you with savings accounts and CDs that will leave give you the most return for your money. BillShrink can send you alerts when a better rate [...] Read more » You may have too much money sitting in a low-interest checking account. Watch your account balance to make sure you don’t have too much money tied up in a low-interest checking account. Checking accounts are notorious for paying a low rate of interest. Remember why you have a checking account: convenience. Once the funds start to [...] Read more » Make saving a lifestyle choice and not simply something you do to meet a specific objective, such as college or retirement. You should try to have a savings program that allocates 10% of your after-tax income. This isn’t aligned with a purpose other than having saving be a part of your lifestyle – [...] Read more » |
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