Saving money to buy a house might seem impossible, especially on an average salary, since you could be looking at years of regular deposits into your account before getting enough for a down payment. Then it’s a lifetime of making monthly mortgage payments. But if you’re smart about it, you can significantly reduce the hassle… Continue reading How To Save Money Fast For A House
Knowing the difference between gross income and net income is essential for business owners to determine their financial state. Gross income refers to the total amount earned minus the cost of goods sold (COGS). On the other hand, net income refers to the total earned after subtracting all deductions or expenses. For example, say you… Continue reading What’s The Difference Between Gross Income And Net Income?
Having a contingency high yield emergency fund is the best of both worlds. You have the assurance of knowing what to do with saved money while earning through a high interest account rate when you have excess income. The key is to ensure that any account you choose to use offers you quick access to… Continue reading The Importance Of A High Yield Emergency Fund
Building up your savings is a great way to work towards financial independence. Yet choosing what to do with saved money can be a difficult decision. Do you open a high yield emergency fund to earn interest or invest your cash in the stock markets? Do you repay your student loan? Today we’ll look at… Continue reading What To Do With Saved Money
The only thing better than saving money is saving it quickly. But how do you do it? It can sometimes feel difficult to make swift progress on your savings, with competing financial needs and other priorities. But rest assured it can be done. Check out the following tips and you’ll soon be on your way… Continue reading The Best Way To Save Money Fast
It’s never too early to practice financial discipline. Stashing some money aside in your savings is a smart move that encourages financial independence, eliminates stress around money, and avoids debt. Also, saving money allows you to have an easier time reaching certain financial milestones, such as buying a car or house. Having extra cash also… Continue reading The Average Amount Of Money Saved By Age
Recent studies show that the typical American has an average of $41,700 in their bank accounts. Now, whether you perceive that amount as high or low will depend on several factors, such as your income level and tax bracket. Low-income earners might scoff at the thought of having that much money lying idle in their… Continue reading The Average Bank Account Balance By Age
Depending on which source you think is most accurate, between 50 and 75 percent of Americans are currently living paycheck to paycheck. Maybe you also fall into this category. But while a strong desire to change the status quo makes a perfect start, you’ll need a lot more to get some savings socked away. Saving… Continue reading How Much Should Go Into Savings?
Saving is anything but easy. While many Americans are aware that saving is a critical step toward achieving financial freedom, walking the walk is quite a challenge. Especially in today’s world, which is dominated by the culture of convenience. The truth is that for many people, after paying their rent or mortgage, auto loan, and… Continue reading How Much To Put Into Savings Each Month?
Life is full of uncertainties. Your car may suddenly die tomorrow and rack up a huge repair bill. You may finally decide to trade your loyal old phone for the latest iPhone. Many Americans have made peace with life’s eventualities and save money to cover them. Short-term monetary goals include having a few months’ worth… Continue reading Short Term Monetary Goals