Katy Marquardt – Page 7

How Much Money Should You Have in Savings?

20Jul

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Money

How Much Money Should You Have in Savings?

Maintaining sufficient savings is crucial for financial security, providing a safety net for unexpected expenses and a pathway to achieving your financial goals. How much you need in savings depends on your financial situation, but an emergency fund that can cover three to six months of expenses is a good place to start. Read on to find out how to calculate how much you should have in savings and how much to save each month.What Influences SavingsFactors such as income, expenses, debt obligations and lifestyle can influence how much you have in savings. If you have a comfortable income, you might have more disposable income to save. But debt obligations or a spendy lifestyle could limit how much you can save.If you have a specific goal, such as buying a home or starting a business, you ma...

Guide to Zelle Payments | Banking Advice

20Jul

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Money

Guide to Zelle Payments | Banking Advice

The practice of transferring money instantly is ubiquitous in today's economy, with two-thirds of adults worldwide now making or receiving digital payments, according to the World Bank. Zelle is one of the most popular digital payment services, with hundreds of banks and credit unions in the U.S. offering it in their banking apps or through online banking. What Is Zelle?Zelle is a payments network that allows people to send instant money transfers from their bank account to another person's bank account.Launched in early 2017 by Early Warning with just 17 banking partners, today there are more than 1,800 financial institutions on the Zelle Network. In 2022, over 115 million enrolled users transferred $629 billion.How Does Zelle Work?Zelle lets users send money from their bank accounts to ...

The Average Savings Account Balance | Banking Advice

19Jul

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Money

The Average Savings Account Balance | Banking Advice

Are you curious how your savings stack up to other Americans? According to the Federal Reserve's Survey of Consumer Finances, the median savings account balance for all families was $5,300 in 2019, the last time the survey was conducted.Savings account balances can vary greatly depending on income, age, education and race. For example, people with higher incomes who may have more disposable income tend to have higher savings account balances. And older Americans who have had more time to save tend to have more savings than younger Americans just starting their careers.“Differences in savings account balances depend on circumstances such as age, the purpose of the funds, income level, cost of living, lifestyle, risk appetite and on other financial priorities,” says money coach and certifie...

Great Senior Discounts for 2023 | Retirement

18Jul

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Money

Great Senior Discounts for 2023 | Retirement

Taking advantage of senior citizen discounts may reduce your retirement costs and free up funds for other activities. Many places and services provide savings if you are 50 or older. Some offer discounts on certain days of the week to retirees, while others have an established lower price for older buyers.To be prepared, carry your identification, as you may be asked to show proof of age to receive a deal. The amount you save might depend on factors such as your age, location and lifestyle. Restaurant senior discounts. Retail senior discounts. Grocery store senior discounts. Hotel senior discounts. Car rental senior discounts. Airline senior discounts. Travel senior discounts. Cellphone senior discounts. Health senior discounts. Cruise senior discounts. Restaurant Senior Discoun...

18Jul

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Money

How to Retire on $500K | Retirement

Whether you can retire on $500,000 depends on myriad factors, including your budget, financial options and ability to be flexible.Taking time to map out a budget and consider costs can help you avoid financial shortcomings later. You might discover you have enough to retire, or you could realize that you’ll want to accumulate more savings by working longer or taking on an extra job. Your investment strategy could also impact your overall retirement balance during the coming decades.When considering how to retire on $500,000, use these guidelines: Know the average retirement savings. Research your Social Security income. Understand the 4% rule. Set up your retirement budget. Review your financial options. Stay open-minded and flexible to change. Know the Average Retirement SavingsThe...

Checking vs. Savings Accounts: How Different Are They?

13Jul

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Money

Checking vs. Savings Accounts: How Different Are They?

Checking accounts and savings accounts are two important types of bank accounts to help you manage your money. However, if you're new to the world of banking, you might not be familiar with how they work or complement each other.So if you're curious whether you're better off with a checking versus a savings account, read on to learn about their benefits and find out which one is best for you.What Is a Checking Account?A checking account is a type of deposit account that allows you to easily access your money for daily transactions, such as paying bills or making purchases.Checking accounts generally come with checks and a debit card you can use to pay for expenses. Account holders can use their debit card or write as many checks as they would like, tapping their account balance. There are...

Pros and Cons of Online Banking | Banking Advice

13Jul

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Money

Pros and Cons of Online Banking | Banking Advice

In its truest form, online banking means doing business with an online-only bank. This differs from conducting business with a traditional bank that offers online banking services. Find out more about how online banking works, the pros and cons of banking online and what you can do to keep your deposits safe.What Is Online Banking?Unlike a traditional bank, an online-only bank doesn’t operate brick-and-mortar branches where you can seek help from tellers and other bank personnel. Instead, a customer of an online-only bank takes care of banking tasks on a website or app accessed with a computer, smartphone or tablet. These tasks can include depositing checks, transferring money and paying bills. In addition, a customer can typically use a debit card to deposit or withdraw money at an ATM o...

Can You Collect Unemployment and Social Security? | Retirement

12Jul

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Money

Can You Collect Unemployment and Social Security? | Retirement

Amid the recent tech layoffs and other downsizing, older workers could face employment challenges. If you’ve recently lost your job and are nearing retirement age, you may be eligible to collect benefits. You could apply for unemployment and Social Security and receive both at the same time.Unemployment benefits are distributed to workers who have lost their financial support and meet certain requirements. If you are at least age 62 or have become disabled, you could also consider starting Social Security payments. While taking unemployment and Social Security benefits simultaneously may be possible, you’ll want to be aware of certain factors that could impact your income and taxes.If you lose your job and are nearing retirement or are disabled, consider: How to collect unemployment. Ho...

Tips for Retiring on a Small Budget | Retirement

5Jul

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Tips for Retiring on a Small Budget | Retirement

With stock market fluctuations and rising prices, you may be retiring with less income than planned. Covering day-to-day expenses can seem tough on a small budget, especially if you are receiving less than you did during your working years. Learning how to live cheaply in retirement is possible, however, and could help your savings last longer. Try these frugal living tips when managing a small budget during retirement: Pay attention to spending. Keep an emergency fund. Plan meals. Live in a low-cost area. Buy and sell secondhand. Travel on the cheap. Take preventive steps. 1. Pay Attention to SpendingTake a careful look at what you buy each month. “Divide your expenses between fixed and reducible so you can pivot, make changes or plan for upcoming costs,” says Chantel Bonneau, a S...

2Jul

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Money

ATM Withdrawal Limits | Banking Advice

Like most people, you probably have a checking account to manage your daily spending. And when you need cash, you rely on your local ATM.However, if you've ever had to withdraw a large amount of money, you may have been disappointed to find that your transaction wasn't authorized. Banks place limits on the amount of cash you can withdraw from an ATM each day, and that amount varies by institution and even account.How Much Can You Withdraw From an ATM Each Day? Cash withdrawal limits tend to be somewhere between $300 and $1,500 per day, says Ken Justice, head of ATMs at PNC Bank, although the exact amount varies by bank. "These limits are typically set for security reasons and to protect customer accounts," he says. For example, if someone gets ahold of your debit card information and atte...