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Saving Money

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Average Household Savings & Income By Age & Education Savings and debt have long been a hot topic in the United States. In recent years, the subject has gained much focus by consumers and industry analysts. Just good (or bad) are people’s savings and debt levels in America?  Recently much interest had to do with the fact that Income has stayed relatively flat for middle income Americans, while high income Americans have seen increases…

Young adults in America are currently saving more money than before based on recent information provided by financial institutions like America Saves. However, almost half of young adults that range from the ages of 18 to 35 are not saving money. This urgent issue must be addressed since the earliest that a person starts to save money, the better quality of life he or she will have later in life. It’s never too late to…

The Federal Reserve recently downgraded the outlook for the U.S. economy. At the same time as making the announcement of the downgrade, Ben Bernanke also announced that they will be taking quantitative easing measures, beginning what has been called Operation Twist. The $400 billion program is supposed to help stimulate the economy, but there is disagreement over whether this will work. Some think that it is foolhardy, and will only encourage inflation, while others think…

There are many ways to save money, from buying a smaller house, to refinancing your car loan or mortgage loan, to cutting out the cable subscription. But those items are big, and they may not be practical in your life. Indeed, you might be looking for smaller, simpler ways to save money. Whether you want the money for more “fun” things, or whether you are looking to find the money to pay down debt, or…

One of the biggest challenges that many of us increasingly face is that of having a variable income. It is possible to budget your money on a variable income, but you do need to be better prepared for a rainy day. It’s easy to feel good about the way things are going when you have a good month with high income, but you can’t go crazy and spend to your income. What you need is…

One of the questions we sometimes have to ask ourselves is this: Is it sometimes worth it to pay a little more? The issue of the Netflix price increase has me thinking about when it might be worth your while to pay a little extra. For instance, if the Netflix price increase will allow the company to expand its streamed offerings, then I think that the higher price is well worth it. There are other…

Because food is a necessity for life, you will always be required to purchase it. This can be discouraging as food prices rise, and as you try to keep your costs down. If you have an already tight budget, rising food prices can present an especial challenge. Here are 3 tips for saving money on food: 1. Grow Your Own One of the easiest ways to save money on food is to grow your own.…

One of the biggest challenges that many people have is setting money aside in some sort of savings account. Getting motivated to save your money can be difficult — especially if you think that you don’t have enough income to set some of it aside. As you consider your financial situation, it is a good idea to make saving money a priority. Ideas for Starting a Savings Habit If you are having trouble developing a…

One of the realities of life is that college costs more and more. The rise of student loans to pay for college has made college “affordable” for more people, and has facilitated an education bubble that allows the cost of tuition to keep rising. While you may need some student loans to help supplement an education, it can help to start saving money for college to reduce how much you end up borrowing. If you…

One of the products that has been pushed recently is the IRA CD. Many banks and credit unions have begun offering products labeled “IRA CD.” In some cases, an IRA CD can be a good deal. But it is important to remember that an IRA CD works like any other CD, and you should also realize that you can hold any CD in an IRA — it doesn’t have to be something specifically marketed as…

One of the questions you need to ask yourself before you purchase something on sale, or take advantage of a “great bargain” is this: Am I really saving money? In so many instances, we think that we are saving money when what we are actually doing is spending it. If you really want to save money and build wealth, you have to get real about your spending and saving habits. Saving Money vs. Spending Less…

An emergency fund is a lump sum of money that should pay for three to twelve months worth of living expenses. The idea behind the emergency fund is that you have easily accessible money in case of an unexpected situation that keeps you from working and earning money; or for expenses that come up you hadn’t planned for. Most people understand the value of having an emergency fund – but it’s not easy to create…

You know that an emergency fund is a necessity if you want to achieve financial security and freedom. However, it can be rather depressing to see the rate which you earn interest on a savings account. Traditional savings accounts can be especially depressing. But that is the price you pay for the liquidity and access that you get with a savings account, right? [ad#Content 300×250] You can get slightly higher CD rates — and the…

[ad#Content 300×250]This Christmas season, roughly $715 will be spent by consumers for gifts, reports Gallup. This is lower than 2009’s $740 per person, and 2008’s $801 per person. The recession is still breathing in our economy and we can see it here. This poll, by Gallup, reports our fears are true: consumer confidence as well as discretionary income are low. The muted nature of this year’s decline is reflected in consumers’ own evaluations of their spending…

We hear a lot about how money can’t buy happiness. However, in some cases it really can. Recently, a study pointed out that $75,000 was the salary for happiness. Many might argue that they are perfectly happy with less than $75,000 a year. And that is probably true. However, the report does point something interesting out: Money can contribute to happiness. [ad#Content 300×250] It would be nice to think that money can’t really buy happiness,…

Our heater kicked on for the first time this morning, reminding me that winter is on the way. (Hopefully we’ll get a few weeks of autumn first.) That means it’s time to start getting the house ready for colder weather. This is important if you want a warmer house — without extra high utility bills. You probably already know all about programmable thermostats. Here are some more simple tips for winterizing your home in a…

Now is a great time to start planning for the holidays. Indeed, now is a good time to work up a holiday budget — and look for ways to put a little extra money in your pocket. The good news is that there are some ways that you can get a little extra money together so that, by the time the holiday season is full swing, you can have a decent bit stashed away. It’s…

The recession has many of us looking for ways to pinch pennies. We glory in small savings, and look for ways to shave a little more off the bill. Of course, small savings can add up to big savings down the road. But, in some cases, penny pinching does not actually result in big picture savings. Instead, we might find that we are being penny wise and pound foolish, introducing inefficient elements into our finances.…