Saving Articles
Led Zeppelin: Reunion Tour
What on Earth does Led Zeppelin have to do with saving money? Well, nothing directly. But this is why you save your money! So that you can go across the world to hear the greatest rock band of all-time play. You forgo your daily latte and in return you're rewarded by going to the first date of t.... Keep Reading
Bank Fees
The fees banks charge for their services can contribute a significant amount to their bottom line. Subsequent sections in this part on banking discuss fees for a variety of services that banks provide. Fees are particularly attractive to banks because they aren't rate sensitive--most do not fluctu.... Keep Reading
How Banks Make Money
On the surface, it would appear that there is no way a bank could lose money. Your friendly banker gladly pays you a small (very small) percent interest on your savings, then turns around and lends those deposits out at several times the interest rate in the form of loans. It's the banking equival.... Keep Reading
How to Love Inflation
One asset class loves inflation: real property, which means precious metals and real estate. In times of economic instability, which define high inflation, investors seek out value in gold and real estate. inflation doesn't make real estate easier to buy but it does tend to push up prices. During.... Keep Reading
Inflation and Interest Rates
The primary weapon used in the fight on inflation is the core interest rates controlled by the Federal Reserve Board. A special committee of the Fed, as it's known, meets eight times a year to analyze economic data and act on interest rates. The Fed's actions have the effect of making it cheaper o.... Keep Reading
Is Inflation Dangerous?
Is all inflation bad? If you ask an economist that question, you'll get a typical economist answer: it depends. If you define inflation as a general rise in the price of goods and services, there is often a corresponding rise in wages. The children of baby boomers who are graduating from college .... Keep Reading
Calculating the End Balance
You can use the APY for more than just deciding which deposit products to pick--it can help you figure out what your ending balance will be at the end of a year's investment. Here's the formula, it's really simple: Balance*(1+APY)=Ending Balance. If you plug in some numbers, like 10k as your begin.... Keep Reading
All in the Timing
Starting a savings regimen early is about on par with flossing your teeth--you know you should do it but come on, if I don't am I really in that bad of shape? Look at savings plans like this--they're a proven way to built wealth and employs the power of compound interest for you. Steve (age 30) in.... Keep Reading
Consumer Spending
Wren interest rates are low, people are more likely to buy on credit, which increases consumer spending. Consumer spending accounts for about two-thirds of our economy, so when people feel good about spending, the economy chugs along. Businesses expand and hire more people. Wages rise as employer.... Keep Reading
The Joys of Inflation
Inflation is the effect of rising prices on your purchasing power. When calculating how much money you will need in the future, you absolutely need to plan for fiscal inflation. Otherwise, it will take huge chunks out of your spending plans. The annual inflation rate since 1992 has been about 2.5.... Keep Reading
Financial Planning Acronyms
CFP: Certified Financial Planner; this is the top professional designation for financial planners. The Certified Planning Board of Standards sets the standards for this designation. CFPs have knowledge of investments, estate and retirement planning, and insurance and taxes. Candidates must comple.... Keep Reading
Spending can be saving
Sometimes spending can be saving. My friend's family had a maid growing up and I always considered it a wasteful expense. Who can't clean up after themselves? Their family was decidedly middle-class and it seemed to me that if you're capable of doing something yourself, then you should be doing i.... Keep Reading
Building Your Savings
Set up a separate account for your savings. If those funds mix around with your day-to-day funds, it's almost inevitable that you'll end up using some (or all) of the savings, and you might not ever repay it. There's also a mental piece: seeing your savings grow each month and hitting financial go.... Keep Reading
Time Is Money
The saying time is money is such a cliché that you probably think nothing of it anymore. It's true though: there's a reason it's so ubiquitous. The time value of money is based on the concept that the dollar you earn today is more valuable than the dollar you WOULD earn later because you could inv.... Keep Reading
Paying Yourself First
One of things that I did not learn until late in life was to pay myself first. When you get a paycheck take the amount you've budgeted for savings and "pay" yourself. Treat this installment into your savings just like you would any other bill. Putting money into savings is more difficult in princ.... Keep Reading
The Rule of 72
The Rule of 72 (as it's called in some circles, including mine) essentially tells you how long it will take any current savings or investment to double. For example if you have $100 earning 8%, 72/8 = 9. So it will take nine years for that $100 to grow into $200. Conversely, you can also use th.... Keep Reading
Self-Education on Money
Since we don't always learn the basics of personal finance from our parents sometimes we need to acquire those skills on our own later in life. According to the Jumpstart Coalition for Personal Financial Literacy, the average high school graduate lacks even f.... Keep Reading
Recalculating Your Net Worth
It's a good idea to recalculate your net worth at least annually. It usually takes only a few minutes once you've created your first evaluation. Believe it or not, doing it every month, while it might seem excessive, will be of great benefit. If you're married, talk to your spouse about what you'.... Keep Reading
Setting Long-Term Goals
Long-term goals are really not much more than a series of short-term goals. Breaking your long-term goals into short-term goals (typically a year or less) makes it easier to stay focused on the future as well as giving you a sense of accomplishment as these goals are met. Remember to make your goa.... Keep Reading
The Importance of Financial Goals
Many people go through life without any sort of plan for their financial future. The road to financial freedom can potentially lead to a complete dead end or, better yet, your destination. Specific financial goals and written plans for the achievement of these goals will help you focus your effort.... Keep Reading
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