Saving Money

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Seven Rules for Saving Money

Every penny that you waste is a penny that you could have invested or spent on something more worthwhile. By contrast, as many entertainers and athletes have discovered, there's no amount of money that is too much to spend if you act impulsively. Although everyone's situation is ...

What Happens to a Savings Account if a Bank Collapses?

Federal regulators have the power to close down insolvent financial institutions. Money held in savings and checking accounts at failed banks are subject to insurance coverage that is provided by the Federal Deposit Insurance Corp. However, FDIC protection only extends to ...

What Constitutes a Jumbo CD?

Certificates of deposit, or CDs, provide a fairly low-risk way to earn a return on your money. You deposit money at a bank for a certain period — a year, for example — and at the end of that period, you get your money back, plus interest. "Jumbo" CDs are ...

What Happens if You Have an FHA Loan & You Refinance?

As with traditional mortgages, you can refinance a Federal Housing Administration loan to lower your monthly payments, get a lower interest rate or reduce the term of your loan. However, you must meet requirements for an FHA refinance. Generally, you must be refinancing the loan ...

What Is a Cash Allowance When Buying a New Car?

It’s the Great American pastime: shopping for cars, comparing prices, checking out new designs as they roll off manufacturer’s assembly lines and reading about future innovations. You can also add “getting a deal” to the list. Consumers are conditioned to ...

Does Making a Large Loan Payment Decrease the Finance Charges?

Consumers use loans to finance many items. Homes, cars and even a higher education are often paid for through the use of a loan product. Although this extension of credit can be convenient for the borrower, it often comes with finance charges. It's prudent to understand if ...

Benefits of a Savings Account

Savings accounts serve different purposes than checking accounts. A checking account makes paying monthly bills convenient, but a savings account provides a special place to keep your surplus. Unlike real estate and stocks, a savings account isn't likely to earn large profits. ...

Death & Joint Savings Accounts

Opening a joint savings account creates risks. When a joint savings account holder dies, the disposition of his share of the account's funds depends on the terms of the account agreement, and in some cases, the deceased account holder's last will and testament. In a few cases, ...

The Difference Between Disposable & Discretionary Income

How much money people really "make" is open to interpretation, because the amount of money paid out for those people's labor (or for the use of their capital, in the case of investment income) is not necessarily the same amount that winds up in their pockets as ...

The Difference Between a Savings Bond & Certificate of Deposit

U.S. savings bonds and bank certificates of deposit, or CDs, are low-risk, long-term vehicles for investing your savings for college, a house or your retirement. Their low risk means you have no chance of losing your principal in anything short of a national economic ...

How to Save Money on a Concrete Driveway

The art and science of concrete surfacing is millions of years old, according to Auburn University historians. The naturally occurring, spontaneous combustion of limestone and oil shale formed the first organic concrete compound in what is now Israel. These days, the only ...

Can a Co-Owner of a US Savings Bond Give the Bond to Another Co-Owner?

A co-owner of a U.S. savings bond can transfer her co-ownership stake in the bond to a different co-owner under certain circumstances. Deciding factors include the two current owners' personal situation, type of savings bond and which current co-owner would be classified as the ...

How Is Compound Interest Calculated on Savings?

Interest compounding refers to the increased rate of return when the interest earned on an account gets added to it more often than once per year. When the interest is added, that interest starts earning additional interest. The more often interest compounds, the greater the ...

What Is the Basic Motivation for Saving?

Saving money is rooted in the psychological need and desire to be financially stable. The security that accompanies saving is one of the basic motivational principles of saving money for the things one wants and needs. Various reasons for saving money motivate individuals to ...

How to Give Money to Children for College

You can put money in a traditional bank account and let it sit until a child is ready for college or you can use one of the approved savings plans that allow you to give money for college and take advantage of tax benefits. The Internal Revenue Service allows certain tax ...

How to Make Sure a Divorce Doesn't Disrupt an Educational Savings Account

When you begin saving for your child's college education, divorce is probably the last thing on your mind. You're looking forward to a happy future and to giving your child a solid start in life. If your marriage ends before this occurs, you may have to take action during the ...

How to Start Saving Money When You're Over 50 Years Old

The approach of retirement sometimes sneaks up on you. For a variety of reasons, some people may not begin saving seriously for retirement until they hit age 50. If you have neglected or ignored saving for your future, you can still employ strategies to help you get started and ...

How Much Money Do Need to Save Per Week From 18 to Be a Millionaire?

Many young people count becoming a millionaire as one of their lifetime financial goals. To reach this goal through saving money, several factors need to be considered, including the amount you save, your rate of return and state and federal tax rates. Changing any of these ...

How to Convert an IRA to a Fixed Annuity

An individual retirement account builds money to be used in retirement, after your regular income ends. Both traditional and Roth IRAs earn interest, but neither pays out automatically. The account holder has to withdraw money. An annuity, however, can make regular payments ...

Use of 529 Plan Proceeds

Qualified tuition plans, also called 529 plans, allow you to save money in a tax-sheltered account, which means you won't pay taxes as it grows. Unlike Coverdell education savings accounts, 529 plans don't have an age limit, so you can use the money for educational expenses no ...

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