Saving and investing isn’t hard, but to make it easy you need to treat it like a bill. When your paycheck comes in each month, you pay your bills, right? So treat investing like a bill. If you want to max out your Roth IRA, divide the maximum contribution by 12 and send that amount
Continue reading Pay Yourself First with Easy Dollar-Cost Averaging
There are plenty of rich people who constantly worry about money. But, in general, if you save diligently you are going to eventually find yourself at a point where financial worries are relatively rare – you’ll find that you are in a state of financially happiness.
The feeling of being financially happy isn’t just for the wealthy. If
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Here are some steps you can take to protect your cash flow during tough times. It may be a job loss, or large and unexpected medical bills. Whatever the cause, it threatens your income stream or raises your expenses. You’ll need to take drastic measures to restore your cash flow as much as possible.
Eliminate Nonessential Spending
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There are loans to pay for a house, a car, or college tuition, but there are aren’t many ways to fund your retirement without saving. That’s why we believe that saving for retirement should generally be the top priority for Americans under 65. But even before that, we suggest setting aside three to six months of expenses
Continue reading Establish your Savings Priorities – Your Savings Hierarchy
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
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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
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You don’t have to use the same bank for your checking account, credit card and savings account. Instead, shop around and find the best place for each account. Your goals should be to reduce fees, earn more interest, earn rewards and improve your credit score.
Maximizing your Yield on Savings and Checking Accounts
Begin by getting a no-fee, no-interest checking
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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
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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.
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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
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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
Continue reading Automatic Saving for Your Savings Program
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
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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
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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
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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
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Best Savings Rates
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
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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
Continue reading Your Checking Account is for Convenience – Make Sure Your Money is Working Hard For You