According to Ann Carrns for the New York Times Money, Summer is a great time to review your savings goals and adjust as needed. She offers advice from a variety of market professionals as well as best practices to help you successfully reach those goals, even if you’ve fallen behind or failed to start. One simple tip is to print all account statements and highlight frivolous expenses. She also discusses paycheck withholdings, instructions on how to view an online credit card statement, and ways to save more money during the summer on purchases. Read more, Why It’s Smart to Revisit New Year’s Savings Goals Now
Tag: savings
Bigger, Cheaper?
As two of the US largest grocery store chains prepare to merge in the name of big business and promised savings to customers, Benjamin Lorr for the LA Times ponders whether this historic model is actually sustainable. With a quick review of grocery market history, Lorr highlights the logistical issues of a constant growth scenario. He questions company’s practices in the name of savings and feels that bigger does not always mean better for shoppers.
Op-Ed: The grocery chain wars prove that the modern supermarket model isn’t sustainable
A List To Save Money
Looking for ways to save money? Want to better organize your thoughts before heading to the grocery store, find useful coupons, and create an easy meal plan? Then this site is for you! In a society where we so readily waste food, it’s nice to know these organizational tools are there to help us save, be more healthful, and conserve our resources.
Economists Study Current Wealth
In a new study this month, economists from the Federal Reserve Bank of St. Louis examined whether Americans are now wealthier or poorer than previous generations were at their age.
What they found may surprise you. People born before 1960 are in a better financial position than their predecessors while those born after 1980 are in a much worse situation. This generation is facing an array of money drains, such as student debt, auto loans, and credit card balances making it almost impossible for them to gain wealth quickly enough to match previous generations.
Eighties Babies Are Officially the Brokest Generation, Federal Reserve Study Concludes
The New Pension Plan
With such a variety of retirement plans, many current workers will not have an actual pension. Ann Carrns, for the New York Times suggests a variety of ways to make your savings work for you in her article, No Pension? You Can ‘Pensionize’ Your Savings.
Her top recommendations include working longer, delaying Social Security payments, and, creating a budget for the amounts that you are required to withdraw from your retirement accounts.
Early Retirement?
Do you dream of retiring at 55? Ever thought about what it would take to actually make this a reality? For many it means cutting all extraneous costs such as meals out or travel, but there are other ways to help take a few years off your career. Maya Kachroo Levine for Forbes highlights these strategies to begin in your twenties:
–Don’t start spending more because you’re making more
–Start saving more, and maxing out multiple retirement accounts
–Look for side work that you can sustain in the long term
–Focus on owning your home outright
–Find a sacrifice that you’re willing to make that most people deem, “necessary”
–Set up passive income streams.
For more, read her complete article, 6 Steps You Can Take In Your 20s To Help You Retire Before 60.
How To Become Rich
Here in Austin especially, there are plenty of wealthy people who don’t wear the latest fashions or drive the best cars, an indication that they may already know the ten “secrets,” Jocelyn Black Hodes offers in her article for MarketWatch.com, 10 things rich people know that you don’t.
Save A Penny, Watch It Grow
Did you know that saving $667.95 in a year is as easy as putting your spare change into a jar each night? With this simple formula and free printable provided by Smart School House, you could be on your way to a great weekend trip or some extra Christmas cheer. It also makes a good savings activity for children. Try it and let us know how it goes for you!
Tips For Personal Finances When the Fed Hikes Rates
With the recent rise of the benchmark federal funds rate, Karla Bowsher for Money Talks News suggests three simple steps individuals can take to reduce the impact on their finances.
- Look for a better credit card rate.
- Lock in a mortgage rate.
- Compare rates on savings (plans and funds).
This is the third hike in recent months following an eight year period where the rates were held in a range of zero to 0.25. For more information on how to best utilize these tips, read the full article here, The Fed Hikes Rates Again: 3 Steps You Should Take Now.
Save Money
Ever read an article with tips for saving money and thought how easy it could be to reign in your budget? This couple saved over $50,000 in 2014 by downsizing, eating at home more often, canceling unused subscriptions and going car free. Although the last one is feasible only if you live in an area with public transportation, the rest are simple and applicable to all.
8 strategies for saving money from a couple that banked $50,000 last year
“We stopped a nasty habit we had of reading about great tips and then failing to implement them,” Matt writes. “Avoid our mistakes. … Literally, do something today from this list and start saving money.”