Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [savings]

a generic tag related to accumulating cash or bank deposit savings.

737 questions
353
votes
18 answers

Best way to start investing, for a young person just starting their career?

I am young, just started my career, and looking to begin investing so I can make my money work for me. I'm still living like I did in college (occasional purchase on myself, but most of it goes into savings) and I would like to take the extra money…
Eric
  • 4,913
  • 4
  • 21
  • 21
167
votes
24 answers

Why do people save so much?

When I am old and retired (70 years +), I don't plan to spend a lot of money. I'll be living in my own house that is already paid off at that point, so no rent or mortgage payments. Since I don't need to get to work every day, I wouldn't need (or…
cearl
  • 1,355
  • 2
  • 9
  • 4
134
votes
13 answers

I'm 23 and was given $50k. What should I do?

Recently I was given 50k from my grandmother in her will. I am 23 years old and have no idea what to do with it. I make $33k a year. I have zero savings. I owe $35k in student loans over 6 years 0% APR I owe $5k in medical and credit cards. I have…
John Wall
  • 1,289
  • 2
  • 9
  • 4
95
votes
15 answers

Spouse wants to pay all debt in a month but I don’t. Is this a good idea?

Between both of our student loans and car loan, we are in the hole about $48,000. My spouse is adamant about paying off all debt in the next month or two since we currently have about $55,000 in the bank. The issue is that I don’t see why we need to…
jo13
  • 1,053
  • 1
  • 7
  • 6
95
votes
14 answers

Can saving/investing 15% of your income starting age 25, likely make you a millionaire?

I came across this article. It states, The plan calls for young people to put 15 percent of their salary into a savings account — whether it be an IRA, 401(k) or taxable account — starting at 25 years old, he wrote for Business Insider. By…
user4884
94
votes
12 answers

Where can I park my rainy-day / emergency fund? Savings accounts don't generate much interest

Savings accounts don't seem to generate much interest. What other options do I have for my emergency fund?
S. Chang
  • 1,145
  • 1
  • 8
  • 7
74
votes
11 answers

Won the lottery - how do I keep the money?

Sadly only a hypothetical question, but here it goes: If you suddenly gained a large sum of money (several million $/€/whatever) by winning the lottery, some inheritance or anything else, how could one preserve the money so you would stay rich as…
And
  • 866
  • 1
  • 6
  • 9
67
votes
3 answers

Saving for retirement: How much is enough?

How to save I'm in my late twenties and am trying to get started off on the right foot saving for retirement. I have learned that retirement savings should usually be placed in retirement accounts in the following order: Roth 401(k) - Just enough…
Stainsor
  • 3,407
  • 2
  • 25
  • 35
63
votes
11 answers

I'm 18 and have 6 grand. What should I do with it?

I'm 18 and about to go to college. Luckily, I don't have to worry about student loans or most other living expenses. I've been working and have over $6,000 (will probably be about $7,000 by the end of summer) in my bank account. I don't want to…
Emily Harms
  • 541
  • 1
  • 4
  • 4
61
votes
6 answers

Good allowance savings plan?

I am about to begin receiving a weekly allowance from my dad. As I am not great at controlling my "buy buy buy now" impulses, could you guys help me put together a savings plan for my allowance, given that I want to save a lot, but not all, of my…
SushiCraft 99
  • 735
  • 1
  • 7
  • 16
54
votes
8 answers

How much money should I save in order to generate $1000/month for the rest of my life?

How much money do I need to make in order to generate 1k/month for the rest of my life? Is that even possible? If yes, in what way? Edit: I am 30 years old.
samouray
  • 657
  • 1
  • 6
  • 9
49
votes
7 answers

I'm saving money too fast. What should I do?

[Apologies if this sounds (and is) like a first world problem] I get a very generous salary and I am not a spender. I am able to save $2000-$2500 every month. I've invested part of my money in some stocks but I have the feeling that I saving faster…
Rajesh K
  • 499
  • 1
  • 4
  • 3
48
votes
10 answers

Is paying off your mortage a #1 personal finance priority?

Everyone always says and aims to "pay off my mortgage" But in the current climate of low interest rates is this really worth it? Should that money be put to use earning a higher yield? OR Does the prospect off another 2008 style financial situation…
user37273
  • 489
  • 1
  • 4
  • 3
46
votes
5 answers

When to stop saving and start investing?

Since I started my first job after graduating a few years back, I always saved a certain percentage of my salary each month on an extra savings account my bank offers. At that time, and until recently, that seemed to make sense. Now I have, in my…
Suimon
  • 421
  • 1
  • 4
  • 6
45
votes
7 answers

Ethics and investment

I am a young man who has recently reached a point of financial stability. I'm starting to think about long-term plans which may one day buy a home, or provide for myself in old age. This raises the question of savings and investments, which causes…
AJFaraday
  • 589
  • 4
  • 7
1
2 3
…
49 50