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Saving

Searching for a CD as the Rates Plummet

by Sasha

Ah, hindsight. Although I’m glad I got a 5.65 percent CD when I did, of course I wish I’d invested more and for a longer term than 6 months. But it’s not too late to still lock in a CD at an okay rate. Or so I’d hoped. Recently, it seems the pickings are slim. Emigrant […]

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How to Save a Million Dollars at Any Age: 35 Years Old

by Luke Landes

Kiplinger’s Personal Finance Magazine has some suggestions for saving a million dollars regardless of your age. The only catch is that it’s going to take several decades to get to that point. The passing time has a detrimental effect, however. Inflation will eat away at your purchasing power so $1,000,000 thirty years from now will […]

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How to Save a Million Dollars at Any Age: 25 Years Old

by Luke Landes

Kiplinger’s Personal Finance Magazine’s February issue has suggestions for saving a million dollars, whether you’re 25, 35, 45 or 55 years old. The authors assume that you’ve already been saving money every year, but provide a strategy to add $1 million to your net worth over time. At Age 25 * Contribute enough to your […]

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The New Emergency Fund: Five Components of an Emergency Plan

by Luke Landes

In an world of overly simplified platitudes and one-size-fits-all “advice,” there is little repeated more in personal finance than the importance of the emergency fund. Typical popular financial advice prescribes a high-yield savings account in which one can store three to six months’ worth of expenses. Suze Orman suggests aiming for eight months’ expenses in […]

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Put Your Savings in Hyperdrive: 6 Ways to Accelerate Your Interest

by Luke Landes

Over the last week or so, I’ve written a little about small changes you can make to your savings habits to speed up your interest earnings. This is a task that is getting more difficult with the economy possible heading for a recession and with the Fed lowering interest rates. With lower yields even in […]

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Put Your Savings in Hyperdrive, Part 6: Make Your Raise Invisible

by Luke Landes

This is the last installment of the series in which I offer a few suggestions for picking up the pace of your savings. For those not familiar with the concept of “hyperdrive,” the word refers to traveling faster than the speed of light, common in science fiction. This is the speed I would like my […]

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Put Your Savings in Hyperdrive, Part 5: Hide Your Savings From Yourself

by Luke Landes

Over the past week, I’ve been sharing some ideas for taking your savings to the next level. Try to take advantage of high-yield savings accounts while you sill can. With the economy in bad condition, it’s likely the Federal Reserve is going to lower the target interest rate, which will mean lower interest rates for […]

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Put Your Savings in Hyperdrive, Part 4: The Expensive Coffee-Related Drink Factor

by Luke Landes

I’m on a quest to determine a number of financial moves that will accelerate savings beyond the typical snail’s pace. I’ve written so far about opening a high-yield account, keeping your change creatively, and automatic your savings. These are all basic concepts that can be applied in interesting ways with a little bit of attention. […]

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Put Your Savings in Hyperdrive, Part 3: Automate Your Savings

by Luke Landes

If you’ve ever run from one point to another, you’re probably aware that there is a limit to your speed. With “analog” equipment like the bones, muscles, joints and tendons in your legs and feet, there are physical limitations that prevent you from going too fast. Don’t worry. Thanks to recent inventions, it’s quite easy […]

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Put Your Savings in Hyperdrive, Part 2: Keep Your Change

by Luke Landes

Whether you’re trying to establish an emergency fund or putting money away to take your dream vacation, you can reach your goal faster by putting your savings in hyperdrive. Unfortunately, scientists have not yet perfected time travel. When they do, saving for retirement might only entail traveling back to the 18th century to deposit $1,000 […]

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