savings – Page 2 – The News Desk

Guide to Bank Statements | Banking Advice

1Sep

By adminNo Comments

Money

Guide to Bank Statements | Banking Advice

A bank statement provides an overview of activity in your account over a certain period of time, usually one month. Among other things, going over your bank statement can help you spot fraudulent transactions, find accounting mistakes and monitor expenses.How to Read a Bank Statement Not every bank statement looks the same. Designs will differ, depending on the financial institution, and statements may be more or less comprehensive. Still, some statement components are common, such as the account number, your name and address, and your financial institution's name and address. Below are several items you'll typically see on a bank statement.Financial Institution's Name and AddressThe name and address of your financial institution should be listed at or near the top of the statement. The f...

How Much Money Should You Have in Savings?

20Jul

By adminNo Comments

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...

The Average Savings Account Balance | Banking Advice

19Jul

By adminNo Comments

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...

18Jul

By adminNo Comments

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...

How a couple turned to travel as a way to retire early

15Jul

By adminNo Comments

Money

How a couple turned to travel as a way to retire early

Santa Monica, California — Rob and Allie Marmion spend their days traveling the world."I think it's great just to be able to eat ramen in Japan and eat spaghetti in Italy," Allie Marmion told CBS News. It's like a nonstop vacation that began five years ago, after their kids left home and they realized they didn't save enough to retire comfortably in the U.S. "Rob probably is the one that came up with the crazy idea to sell everything," Allie said..."We sold not just our home, everything that was inside of it, our cars." They invested the money, and now at ages 49 and 50, the couple live off the earnings and some occasional remote work. "What you learn growing up is you retire when you're 65 and you sit around and play golf and, it's lik...

Checking vs. Savings Accounts: How Different Are They?

13Jul

By adminNo Comments

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

By adminNo Comments

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...

How to Save $1 Million by Retirement | Retirement

5Jul

By adminNo Comments

Money

How to Save $1 Million by Retirement | Retirement

How much will you need for retirement? For many people, the magic number seems to be $1 million.“I think a million dollars is a good goal to have in mind, but it depends on a person’s unique circumstances,” says Mindy Yu, director of investing for Betterment, a 401(k) retirement plan provider. Your specific retirement savings needs will depend on factors such lifestyle choices and the cost of living in your area.While saving $1 million for retirement may seem daunting, it can be a doable goal, especially if you follow these tips:Start Saving at an Early AgeWhen it comes to amassing a large nest egg, nothing may be more important than time in the market. By opening and funding a retirement account early, workers can maximize the power of compounding gains.“It can be a 16-year-old putting $...

Tips for Retiring on a Small Budget | Retirement

5Jul

By adminNo Comments

Money

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

By adminNo Comments

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...