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Most Americans can’t afford a $1,000 emergency. A majority, or 64%, of Americans don’t have enough cash on hand to handle a $1,000 emergency expense, according to a survey by the National Foundation for Credit Counseling, or NFCC. Only 36% said they would tap their rainy day funds for an emergency. The rest of the 2,700 people Continue reading No Money for an Emergency – Study Finds Most Families Have No Cash for a Rainy Day Save More Money Banks and financial websites are offering more innovative tools, incentives and higher rates these days to help you pump up your savings. Programs like Bank of America’s Keep the Change even kick in some money to help you out in the beginning. Others like SmartyPig.com are dishing out cash-back rewards on their co-branded prepaid Continue reading Tools, Incentives and Higher Rates to Help You Save While there are steep odds to overcome, living with only one family income, when you are used to living on two incomes, can be done with thorough planning and a willingness to make choices. It is critical to have a sincere and honest conversation with your spouse about why you’re making the choice to live on Continue reading Going to One Income – Impact on Saving, Debt, Retirement, Spending, Lifestyle, Money, Budget, Expenses As concerns about deflation grow, where should you go with your investment dollars? Deflation is a sustained period of falling prices. Some analysts recommend that investors buy bonds, which can do better during deflation. The problem with bonds right now is that the interest rates are extremely low. There’s so little downside to rates, and if rates climb Continue reading If Deflation Comes Where Should Your Investment Dollars Go? Gold, Bonds, Cash, Stocks? To have a decent chance at earning returns that are high enough to generate sufficient income initially plus keep pace with inflation, most people will have to invest in a portfolio that contains at least some stocks and bonds. And when you invest in stocks and bonds – as opposed, say, to CDs – you Continue reading How to Make Your Money Last When You Retire It’s always a good to idea to make the most of tax-advantaged savings accounts and investments in your retirement planning. They’re a smart way to leverage your savings effort. But now is an especially important time to make sure you’re not overlooking any opportunities to save and invest in a tax-efficient way. Why? Well, taxes could soon Continue reading Pay less tax when planning for retirement Parents scared of losing their child’s college savings fund in equity markets may soon be receiving a helping hand. In response to several state 529 plans losing anywhere from 20 percent to 50 percent over the past two years, the U.S. House recently passed the Deposit Restricted Qualified Tuition Programs Act, allowing all state 529 college Continue reading U.S. House Responds to Market Volatility: Allows College 529 Savings Plans to Include CDs The United States savings rate as a percentage of GDP is a big concern when evaluating current and future prosperity. In the 1970s and 1980s savings were in the 5 – 7% range. In the decades since, personal savings have declined to the 1 – 3% range. Some believe that our low savings rate is one Continue reading Our Low Savings Rate: A Big Economic Concern Consumer debt fell again in May, showing that Americans remain jittery over their finances and the durability of the economic recovery. The Federal Reserve said Thursday that borrowing dropped by $9.1 billion in May. It also said borrowing declined by $14.9 billion in April, revising an initial estimate that showed a gain of $995 million for Continue reading Debt by Households Drops: Consumer Borrowing Declines Most investors know (or should know) the tried-and-true methods to build wealth. Shift money automatically from your paycheck to a savings plan; take advantage of your employer’s matching contributions to 401(k) plans; eliminate (virtually) all consumer debt; track and trim household expenses; reduce investment fees; and, of course, save more than you’re saving now. But Continue reading Net Worth: Four Ways to Build Wealth |
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