Published August 05, 2018 Markets Motley Fool Facebook Twitter Comments Print So you want to save more money? Who doesn't? Most Americans are saving far too little, and not having savings makes you vulnerable to going into debt for emergency expenses or ending up with too little money to support you during retirement. Setting aside the recommended 20% of your income to accomplish financial goals can seem like an insurmountable task, but the good news is that you can work up to saving more. And you can try a few simple tricks to boost your savings account pain-free. Continue Reading Below 1. Institute a 24-hour rule Have you ever made a purchase you regretted? Most of us have. And that's a big problem because you've spent money on something that makes you unhappy instead of putting that cash to better use. To curb impulse buys that don't add value to your life, set a rule that you'll wait 24 hours before making any purchases over a set spending limit … [Read more...] about 5 Simple Tricks for Saving More Money
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12 small lifestyle habits you can adopt to save more money
If you’re constantly wondering where your money is going, consider how much your daily habits are costing you. Do you drop $10 to $15 on fast-casual lunches every day? Are you quick to buy something you don’t actually need? Do you make purchases to keep up with the same level of luxury your friends enjoy? These seemingly small habits, and many more, could be keeping you from saving hundreds, even thousands, of dollars a year. We turned to the Quora threads, “What habit has saved you the largest amount of money?” and “What are some lifestyle changes that save money?” to round up the best — and easiest — ways people save money every day. Quora user Jaap Weel writes: 'Remember that saving 5% on a $10,000 item is not at all like saving 5% on a $10 item. But in order to process decision problems at different scales, the brain tends to normalize things so the two cases appear similar. 'Ever since I studied behavioural economics, I started … [Read more...] about 12 small lifestyle habits you can adopt to save more money
You can finally earn money from your savings, but where you put it can make a big difference
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Katheleen Conti Globe Staff July 11, 2018 For a long time, it hardly seemed worth putting money in the bank. With the country mired in a deep recession a decade ago, the Federal Reserve slashed interest rates to near zero in an attempt to “stimulate” the economy. In recent years — amid jobs growth, healthy corporate earnings, and surging stock markets — the Fed has incrementally raised rates for borrowing. Consumer savings rates, however, have remained stubbornly low.That’s starting to change. Risk-averse people who have the means to sock away some cash are now able to earn a decent — if not exactly generous — guaranteed return from bank savings, money market, and CD accounts. Some banks and credit unions are aggressively competing for their business with a flurry of promotional rates that can be as confusing as they are … [Read more...] about You can finally earn money from your savings, but where you put it can make a big difference
12 Great Apps To Save More Money and Jump-Start Your Financial Freedom in 2018
New Year, new you? How about New Year, new ways to save your money? Every start of the year gives us another chance to implement better money-saving habits or to improve upon the ones we’ve already adopted. It’s no surprise that the top resolutions for Americans often include financial-oriented goals. At the start of 2017, digital marketing company, iQuanti, compiled a list of the most popular resolutions based on Google search terms the year prior. Rounding out the top five was the resolve to “spend less and save more.” In a recent PNC Financial survey of employed U.S. adults, when asked which financial-related resolutions they are most likely to make in 2018, 40% stated save more money each month, 31% said reduce spending each month, and 27% wanted to save more for retirement. But as quickly as we make them, many of us are also more likely to break financial resolutions due to circumstances or plain lack of discipline. Each year, money-related resolutions make … [Read more...] about 12 Great Apps To Save More Money and Jump-Start Your Financial Freedom in 2018
How to grow your savings and reach your short term goals faster
Dive in sooner rather than later to beat inflation Savings account interest rates at big banks have been hovering around 0.09 percent (that's right 1/10th of 1 percent). Inflation — when the purchasing power of your money falls as prices for goods and services rise — is usually around 2 to 3 percent per year. That means that the value of your money is still decreasing over time. “Over longer periods of time, inflation is going to eat away at your buying power, so at the very least, you need to invest in a way that preserves that buying power,” says McBride. That doesn't mean you're out of options. “[Even if you're] very conservative [you] can still get more growth than a savings account and should be able to beat inflation,” says Eric Anderson, first vice president and financial advisor at RBC Wealth Management. If you’ve got a shorter time horizon… When it comes to “safer” investments, it’s best to choose something … [Read more...] about How to grow your savings and reach your short term goals faster