Archive for the Savings Accounts & CDs Category

What to do with Extra Paychecks

Many people are paid every two weeks, so August may be one of the two months this year you will get an additional paycheck. If you are married and your spouse works outside of the home and paid the same way, then that may mean 2 extra paychecks this month.  However, if you don’t plan, this money will… Read More »

What Are the Best Savings Account Rates? Does it Matter?

Do you wonder what is the best rate of return that you can get on a savings account, does it really matter? Toward the end of this article I will give you some rates I found, but even though it does matter, it doesn’t matter as much as you think, so don’t sweat it too… Read More »

Kids Saving More Money

Do you think your children are learning from their parent’s financial woes and are practicing better personal finances, such as saving more money? The Wall Street Journal yesterday reported in “Watching Parents Fail Sparks New Rebellion: Saving Money.” I think this could indeed be true, I know we have been transparent with our kids about… Read More »

Options for the Unbanked

Several media sources report that 1 in 12 households or 10% of Americans today do not use bank checking accounts, but use cash for everything. Most people have had checking accounts at some point.  Some have had to close them because they never learned to manage them well. Others closed accounts after life’s circumstances put… Read More »

How Does Inflation Affect Savings?

People are aware of inflation, since it is talked about all the time on the news and they see gasoline prices increasing astronomically and erratically. You may have heard someone talk about loss of purchasing power, but what does that mean? As a quick review, when you invest or save money, and you pull it out… Read More »

Higher Bank Yields

Interest rates continue to plummet for borrowers, with mortgage rates dropping below 4% for 30 year fixed, and less than 3% for shorter term mortgages like 15 year plans. Conversely investors continue to see interest rates drop for their investments and savings accounts. For conservative investors and those wanting to put emergency savings in a… Read More »

Personal Savings Rate Decreases

Source: Wall Street Journal The U.S. personal savings rate has been decreasing this year. Looking back at 2011, it has been steadily decreasing from 5.2% in January to 4.30% in September, but it began to increase by the end of the year to 4.70%. Although March showed a slight increase to 3.80%, the overall savings rate is not good… Read More »

What to do with your Tax Refund

When we find out we are going to receive what might be thousands of dollars in tax refunds from the Federal or State Governments, we have two competing impulses:  wants versus needs. Those that are struggling may want to give this issue serious consideration, because any windfall like tax refunds or bonuses can really help us… Read More »

The Challenge of Low Interest Rates

Interest rates are extremely low, providing challenges for borrowers and investors alike. For potential buyers there may be the temptation to purchase things using debt, instead of saving money for things that are wanted. Renters of apartments are attracted to buy homes since interest rates are at historical lows in the ball park of 3%…. Read More »

Savings, CDs, Money Markets and Linked CDs

Many people ask me about savings accounts, money markets and CDs, and the latest version of CDs, market linked or index CDs: Q. Most financial experts say that we should accumulate 3 – 6 months of income or expenses in a safe savings account, for emergencies, such as job loss, uninsured damage to property or… Read More »