Personal Savings
Why aren’t we saving more money for retirement? According to a recent poll, nearly 35% of American workers have nothing saved for their golden years. The national savings rate is up, but why aren’t workers applying those savings to retirement plans? Here are some of the excuses we typically offer up to explain why we don’t save more for post-work life — and some rebuffs.
“I live paycheck to paycheck and can’t afford to put anything away.” While it’s a sympathetic excuse, plenty of us are living paycheck to paycheck precisely because we’re not managing our money right — Continue Reading »
Personal Savings
The Corporation For Enterprise Development (CFED) recently released the results from its 2012 Assets and Opportunity Scorecard survey, a comprehensive look at Americans’ financial security. Some of the more interesting findings:
· Nearly 45% of households do not have a basic personal safety net to meet present-day emergencies (job loss, medical crisis) or future needs (child’s college education, homeownership).
· The average amount of revolving debt, including credit cards and lines of credit, is more than $10,700 per borrower.
· More than half of the survey respondents had a TransUnion credit score at or below 700.
· More Continue Reading »
Personal Savings
The average holiday shopper will spend just shy of $750 this year on gifts, décor, greeting cards and more. And while many of you will comparative shop, search for sales, and travel less (or not at all), there are other ways to scale back your holiday expenses without losing any of the festivity or joy. Here are some ways to start a new holiday vibe that involves less stuff, and more memories.
Theme your gatherings. Instead of throwing a holiday bash that lasts all day and night, hold a themed gathering that will set expectations for your guests and Continue Reading »
Personal Finance, Personal Savings
Not so long ago, once the last tuition bill was paid parents got their house — and their budget — back to themselves. But today’s tight job market has put the empty-nest fantasy on hold for many: according to the Pew Research Center, nearly 30% of adults ages 25 to 34 live with their parents.
Most of these young adults eventually become employed, move out, and shift (mostly) off the parental payroll. When that time comes, you need a financial plan that’s not based on the kids living at home but is more focused on your needs. A few Continue Reading »
Personal Savings
Let’s face it – it’s hard to save money when bills are piling up and you feel like you’re living paycheck to paycheck. So, what are some ways you can save that are a bit more unconventional, but will get you some positive cash reserves?
Automatic bank deductions: One great thing about the digital age is that you can automate a lot of your personal finances – including your savings. It is a fairly standard feature for most banks to allow you to automatically transfer funds from one account to another. You can simply set-it-and-forget-it, which helps ease the Continue Reading »
Personal Savings
Getting young children to save is becoming more difficult at a time it’s becoming more important. Chances are today’s elementary school kids are going to have to fund not only their own retirement, but also a large portion of their personal health care, insurance benefits, and more. They won’t be able to do that if they don’t learn the value of savings at an early age.
However, is it fair to tell a 9-year-old to save just because it’s good for her? Incentives matter, and the current low interest rates on savings accounts make it difficult to convince anyone Continue Reading »
