Postagens

How to Save Money for Your Big Financial Goals

Imagem
This article offers practical advice on how—and where—to save for three big goals: financial emergencies, college, and retirement. But the strategies it outlines can apply to many other goals, such as saving for a new car, a down payment on a home, the vacation of a lifetime, or launching your own business.  Before you get started, it’s worth taking a look at any outstanding debts you have. It makes little sense to pay 17% interest on credit card debt, for example, while earning 2%, if that, on your savings at the bank. So consider tackling the two in tandem, putting some money toward savings and some toward your credit balances. The sooner you can pay off that high-interest debt, the sooner you’ll have even more money to put into your savings. KEY TAKEAWAYS Employer-sponsored retirement plans like 401(k)s make saving for retirement easy and automatic, and some employers will match your contributions. State-run 529 college savings plans let you withdraw money tax free as long as you us
Postar um comentário
Leia mais

Your money and coronavirus: 10 steps to help you save and protect your finances

Imagem
Worried about what the fallout of the coronavirus crisis could mean for your money? Here are 10 steps you could take right now to help shore up your finances. - save money Source: Jacob Lund (Shutterstock) 1. Ask yourself if you could be doing better with your home loan If you’re trying to cut back on some expenses, one possibility is to look closely at your home loan and how much you’re being charged. Interest rates are at historically low levels, so now could be a good time to compare and find a better deal. Analysis of Canstar’s database of over 4,000 products, shows that there is a 2.95 percentage point difference in the lowest advertised standard variable interest rate and the highest.  For an owner-occupier borrower paying back principal and interest on a $400,000 loan at 80% LVR over 25 years, refinancing to that lowest rate of 2.19% (comparison rate 2.19%) could: save them up to $638 per month in repayments reduce the total amount of interest paid over the life of the loan by m
Postar um comentário
Leia mais

10 Proven Ways To Aggressively Save Money

Imagem
Let’s be honest, at times, saving money can be a slow process. And, when you are only able to save a few dollars here and there, reaching your financial goals can feel like an eternity. But, if you’ve had enough of the traditional, boring process of saving, you’re in the right place. In this article, I am going to cover  10 proven ways to aggressively save money. So, if you’re ready to get serious about building up your savings, and grab your financial life by the horns, keep reading. 1. Save Before You Spend This tip seems almost too easy, but if you want to save money , then do it before you spend a single dime. Seriously! If you want to save $1,000 per month, then move $1,000 into savings every time you get your paycheck, and adjust your lifestyle to live off of what remains. Learning to save first and spend second completely changed the way I handle money, and almost instantly doubled the amount of money I save each month. You see, for most of my life, I would just save whatever mo
Postar um comentário
Leia mais