Posts Tagged ‘emergency fund’

73% of Americans Have Financial Regrets

Posted on June 06, 2017 by Laura Lam

Nearly 3-in-4 U.S. adults have financial regrets, according to a new Bankrate.com report. The most common is not saving for retirement early enough, followed by not saving enough for emergency expenses and taking on too much credit card debt. Taking on too much student loan debt is fourth, however, it tops the list among older millennials (27-36 year-olds). Fifth overall is not saving enough for your children’s education and sixth is buying more house than you could afford. Baby Boomers are the most likely to regret not saving for retirement earlier; remorse over this issue grows steadily from age 18-62. It’s…

Most Americans Have Financial Regrets

Posted on May 19, 2016 by Laura Lam

It’s hard to get through life without at least one major financial regret. That’s the conclusion from a new Bankrate nationwide survey that finds only 17% of Americans say they have no money decisions they’d want to take back.  When Bankrate asked people to pick their biggest regret from a list of possibilities, “not saving for retirement early enough” was the most popular choice, with 18% of Americans saying that’s their top reason for face-palming over finances. Those in or near retirement are much more likely to bemoan a late start on retirement-saving than younger Americans. More than a quarter…

Budgeting Tips for Marital Bliss

Posted on September 03, 2015 by Saldutti

September is the third most popular month for weddings.  Are you among the numerous couples who will celebrate your nuptials this time of year?  Congratulations!  Now that you’re back from that honeymoon (and hopefully enjoyed a moderate splurge on some remote island), it’s time to get serious about your finances. The Daily Worth offers this advice, gleaned from several experts, on the five steps you’ll want to follow to keep the financial part of your marriage blissful — whether you’re merging finances or not. Decide What to Merge – and What Not to Merge – To have a joint account or not to have a joint account?…

6 Expenses Everyone Should Plan For

Posted on July 27, 2015 by Saldutti

Prioritizing an emergency fund (savings for 3 to 6 months of expenses) is paramount to being an independent adult. You heard it here first: Saving for a lovely vacation or coveted new toy should absolutely come second to saving for the unexpected.  Here are the 6 expenses — both big and small — that every person should budget for, courtesy of the Daily Worth. Being Unemployed – Nobody has job security. Nobody. People get fired, companies go under, clients can change their minds, and contracts can be broken.  But if you suddenly lost your job tomorrow, would you be okay for a few…

29% of Americans Have No Savings

Posted on June 23, 2015 by Saldutti

Almost 3 in 10 Americans say they have no emergency savings, according to a survey just released by Bankrate.com.  That’s the highest number since Bankrate began tracking savings 5 years ago, and the culprit is a lag in income growth, which has failed to increase even as stocks and home prices have recovered. “The missing link in the economic recovery over the last few years has been the lack of growth in household income,” said Bankrate chief financial analyst Greg McBride. “That makes it very difficult for people to ramp up their savings.” Every time the car dies, an appliance…

How Big is This Year's Average Tax Refund?

Posted on March 13, 2015 by Saldutti

In the first 30 days of the tax season, the government processed over 48 million individual income tax returns. Forty million Americans, or 83% of those who have filed their income tax returns so far, got a refund from the IRS, and 93% of those refunds were done via direct deposit, which is the fastest way to get your tax refund. The IRS has refunded just under $125 billion to those who have filed already, for an average refund of $3,120 so far this tax season. Although most tax breaks for the 2014 tax year apply only to actions taken…

Save $1,000 by the End of the Year

Posted on September 22, 2014 by Saldutti

Saving is about discipline – and the best way to save is to start small and be consistent. You’ll be surprised how quickly you can save $1,000 by the end of the year by reducing or eliminating some expenses for three months and stashing that money away. These 10 savings steps from CNBC will hardly inhibit your current lifestyle and, if practiced, will provide you with some extra money as you head into 2015. Save your loose change – Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a…

Pop Quiz: 5 Agonizing Financial Decisions

Posted on September 08, 2014 by Saldutti

Financial decisions are often no-brainers. Do you really have to think about whether it’s smarter to buy the pricey car of your dreams or opt for a cheaper model and put the leftover money in savings? But sometimes you’re faced with two less-than-ideal options, and choosing the wrong one could mean digging yourself into a deeper hole. In the August issue of O, The Oprah Magazine, financial expert and TV host Suze Orman lists the tricky situations that follow. See if you can figure out the better of two not-so-great alternatives. The Choice: Withdraw money from a Roth IRA or…