dandspach asked:


After a recent merger, my company is renaming my 401k plan to a Retirement Savings Plan. It seems a little odd. What kinds of legal issues, protections, ect. do I need to consider?

Shane

Kara asked:


I wanted to clarify my last question. In NY, a relative wishes to set up an “ITF” or In Trust For/Totten Trust savings account with me as a beneficiary. My concern is that a potential creditor of mine could levy or seize/attack that account even though I’d have no access to the money until after my relative died. Are my concerns justified?

Aaliyah

Kitty107 asked:


i am having to file because of i repossed mobile home that my ex let go back. I have live paycheck to paycheck but have been able to set back about $2000 in savings for protection. Will they take that money?
I am certainly not trying to steal this money or hide it. I am a single mom and have saved this money through income tax returns and general savings. I have every intention of reporting this but need to know if they will take all of this from me and then me be back to $0 savings.

Damien

bits asked:


We are looking for a saving account which has pretty good rates. and we would also like one where we can attach it too a checking out for overdraft protection. any information would be appriciated!! thanks.

Kali

Gary Transmeier asked:


It does not take long watching tv, listening to the radio, or reading the newspaper to hear of a way to save energy. Why not? The soaring cost of energy has our attention. With all the media information on how to save energy, how do you decide what to do? Here is a strategy on how to approach saving energy to maximize your savings.

There are many ideas and suggestions to save energy. The website Home Energy Place lists well over 100 ways to save energy in your home. Why are these only suggestions? All of our lives are different and our homes vary widely in construction and age. You must make your own decisions on what to do. Energy saving actions that are best suited to fit your own lifestyle and home. Here is a strategy you can use to help organize a personalized plan to save energy.

First, tackle energy saving actions that cost nothing. Changes in the way you live can save energy with no initial financial cost. Turn off lights when not needed. Turn down thermostat in the winter and turn up in the winter. Close window shades during the day in the summer and at night in the winter. Rinse clothes in cold water. These are just a few ways to save energy without any initial financial cost. The drawback is that you must adjust your lifestyle. Try a few ideas at a time, allow for the change to become habit. If any idea seems to extreme, then try something else. Be aware of how your daily activities affect energy use.

Second, find low cost energy saving actions. These actions will generally quickly return the investment from energy savings. Seal cracks and replace weather stripping around windows and doors. Replace old thermostat with one that has setback features. These are some of the many actions that have small initial costs. Set an amount you are willing to spend for this strategy, for example $100. Do any applicable energy saving action that costs less than $100.

Third, select Energy Star qualified appliances when replacing them. Appliances meeting specific energy use criteria may qualify as Energy Star. Dishwashers, clothes dryers, room air conditioners, refrigerators are a few of the appliances that can be Energy Star qualified. Usually these appliances are more expensive, but the savings in energy will quickly compensate the extra cost. Some appliances may exceed the Energy Star performance criteria or may not be in an Energy Star category. Always compare the energy consumption for all models of the appliance you are planning to purchase.

Last, invest in high cost actions. While high in cost they have the greatest yield in energy savings. Replacing windows, major insulation renovation and replacing heating and cooling system are examples of high cost energy saving actions. Due to the high cost, they take a longer time to recover the cost from energy savings. If you follow this strategy, by the time you invest in the high cost actions, you will already be saving from the lower and no cost actions.

Whether you are on a budget or just want to use your money wisely the above strategy results in the greatest savings with the minimal cost. Any energy savings will eventually payback the initial expense, but when? While savings may not be significant at first, this strategy has immediate payback and savings will grow over time. Make you energy saving plan now.



Alexander

Richard Greenwood asked:


The recent spate of rate rises made by Australia’s central bank the RBA may be bad news for home owners facing increased mortgage repayments but they offer great opportunities for those with money to save. The federal rate rises has led most of the banks to up there rates meaning returns as high as 7% or over are now possible.

With the rapid rise in online banking has brought increased competition to the savings account market over the past few years. Competition has really picked up in the market and some banks have offered to pay savings interest rates several points above the official RBA cash rate.

If you’re planning to open a high interest savings account, here are some things you should watch for in the product brochures.

Savings Interest Rate: Note that the savings interest rate for high interest savings account is a variable rate, subject to change depending on RBA rate announcements. It is possible that the high savings interest rate offered in the brochure may apply only during a limited introductory period. After the specified period, the savings interest rate will revert to the normal rate. Check both the introductory rate or bonus rate and the normal savings interest rate so you don’t get any surprises.

Minimum deposits or balance required: Some high interest savings accounts are designed to induce you to save regularly but discourage withdrawals in order to build up the money in the account. To this end, you may have to make a minimum deposit every month (say, $50) but there is also a ceiling (say, $500). For other institutions, they may require that a minimum balance be kept in a linked transaction account (or regular savings account) for your high interest savings account to earn the offered high savings interest rate. Some banks require as much as $5000 as minimum balance in your transaction account before your high interest savings account starts to earn. Failure to keep the required minimum balance in the linked account will reduce the earnings potential in the high interest savings account.

Limits on withdrawals: One other condition that may be imposed is a restriction on withdrawals. Most of the competitive accounts don’t have any restrictions or penalties on withdrawals. However there are some institutions with penalties such as no interest payable during the months in which a withdrawal is made. Make sure you understand the conditions before you apply.

Fund Transfer Interval: If the online high interest savings account and its linked transaction account are maintained in the same bank, you will have no problem with fund transfers, as these will be done immediately. However, if you have different banks for each one, you will have to plan ahead. It may take as little as 2 days before your online high interest savings account gets credited for the transfer.

If you only make a low number of transactions and want to earn a higher rate on your saving account then having an attached transaction account which attracts monthly fees may not be the best option for you. You could consider opening an internet savings account. There are a number of these on offer.

You may have to spend time reading through all the fine print and doing the sums to compare features among different high interest savings accounts. The effort will help you find the products that gives you high savings interest rate plus the conditions that fits your needs best.



David

BS and thats no BS asked:


Anyone do this? I really want to start saving again but I don’t want this money to be used for over draft protection or be tempted online to rob it and put it in my checking so I spend it.

Alice

Martin Lukac asked:


Saving money is at the heart of all of your financial goals. Want to get out of debt? Want to save for retirement? Want to just make ends meet each month?

You are going to have to learn to save money. It can be hard to learn, but is actually quite easy once you get the hang of it. Here are a few tips for getting started.

First, you have to start organizing your finances. This will help you in seeing your true financial situation. How will you be able to get out of debt if you don’t know how much debt you have? How can you save if you don’t know what you are spending? Gather all of your financial documents and calculate what your monthly bills are. Take the time to create a budget. Be honest and include everything — otherwise your budget won’t work.

In order to truly budget, you are going to have to know what you spend each month. This helps you see where all the money is slipping out. You can use a computer and personal financial software or a small notebook. The key is to write down every penny you spend. This sounds time consuming, but can be a lot easier if you simply get receipts for every purchase. Then write them down every couple of days. Anything you don’t get a receipt for you will need to write down immediately.

Now the savings begin. You look at what you are spending and see where you can cut things. You may need to be extreme and cut out everything but the necessities. Satellite TV and cable can go. You can reduce your cell phone plan and use it for emergencies only. You can look for ways to reduce your utilities and grocery bills. If you are buying coffee each morning, stop buying it and make it at home instead.

If you have your paycheck direct deposited into your account, have your employer split it and deposit a portion into your savings. This can be $10 or $200. It doesn’t matter. The idea is to start saving money. When it is automatically put in your savings and you never see it, it becomes quite easy to forget about it. If you get a raise, have the amount of the raise put in your savings each month. When you never see the money, you learn to live without it. It is the easiest way to save.

If you want to protect your budget from disruptions, you need to start a savings account that will handle your annual expenses. These are the things that don’t come due on a monthly basis. You need to save for Christmas, holiday spending, birthdays, annual insurance premiums, property taxes and other annual events. By saving this amount, you won’t stretch your budget beyond its limits later.

With the same idea in mind, you should start contributing something towards an emergency fund. You never know when something will break down. When it does, it usually puts you in a financial pickle. You can avoid the stress to yourself and your finances by having an emergency fund. Most financial advisors recommend that you have at least three months of expenses in the fund. Don’t let this discourage you. Put anything you can in there. Even if it isn’t a full month’s worth, it will help out in an emergency.

This is ironic. One of the best ways to save money is to get out of debt. And that is why you start saving money in the first place. So I guess you could say that by getting out of debt you can save even more money. Think of how much you are paying in interest. That amount could be going into your savings and earning you interest. Instead of paying a lender, the bank could be paying you. It is important to get your debt paid off first, then work on your savings.

Don’t focus on trying to save a certain percentage of your income unless that goal drives you to save. The key in the beginning is to save as much as possible. Have goals that you are working towards. Budget wisely and make saving a habit. It will pay off in the long run.



Brian

Martin Lukac asked:


Most people, even those without debt, have a hard time saving money.

The plain truth is that most people will spend all of their money every month. They grow to become used to this spending level. It is very, very difficult not to do this.

Financial advisors say it over and over again — you have to pay yourself first. It is the truth. Those of you with 401(k)s don’t miss that money being automatically taken out of your paycheck. You never see it, so you don’t miss it. That is the idea of paying yourself first. If possible, have your employer deposit a portion of your paycheck each month into your savings account. Or perhaps your bank will automatically withdraw that amount from your checking to your savings each month. You never see the money and you don’t have to make any effort to save. It is perfect.

If you pay yourself first, you won’t have a chance to spend the money. When you sit down to write bills out, don’t pay the mortgage first. Pay your savings and then pay your bills. See, most people pay their mortgage, cars and other loans first. Then they pay the electric and water. Then they pay what they can on their credit cards. Whatever is left over is spent on living, gas and food.

Then there is nothing left to save. If you wait to pay your savings last, you probably won’t pay it. You must pay yourself first. Write a check to your savings first, then pay the bills.

We lose a lot of money in just pennies each month. One of the best ways that my husband and I save money is to never spend our change. In fact, every night we dump out our wallets. Anything less than a ten goes in the money jar. It is surprising how in just a month, that money really accumulates. We’ve used the money like a small emergency fund. We grocery shop on it when money is tight or we treat ourselves to a nice evening out. It is an easy way to save.

Another version of this is to put the change you get back from any drive-in in an envelope in your glove box. Do this whether the change is one dollar or ten dollars. When you clean out your vehicle, you will be surprised at how much has accumulated. In fact, it could buy you a tank of gas every once in a while.

When you spend, you can save money as well. Purchase items that grow in value. Extra money lying around? Invest it in the stock market. Invest it in paying off your mortgage early. Use it in ways that make you money. Pay off your debts and invest the rest.

When you save money, the key is to really save it. If you buy something on sale, what happens to the money you saved? You probably spent it on something else. Nothing really went into savings. From now on, when you save $15 on groceries, put that $15 in your savings account. When you don’t buy a new sweater because you know you need to save, put the cost of that sweater into your savings.

Saving money isn’t that hard. It is simply a habit that has to be learned. Experts say it takes two weeks to make an action a habit. So start today, in two weeks it will be easy.



Andrew

Joseph Kenny asked:


Commitment, along with patience, is very essential if you want to save money in a profitable manner. It is essential to save while you can, to avoid panicking in a sudden emergency. Money saved is a security that only adds to your level of confidence and quality of life. There are some basic money saving steps that you could follow, from the beginning, to avoid financial problems in the future.

Set financial goals:

It is important to get a clear idea of your current financial situation, in order to set goals for the future. You should keep reviewing your goals and be flexible. Implement change in the savings pattern whenever required, to successfully meet your pre-set goals.

Savings account:

A number of people do not consider a savings account, as they feel it is not worth it. They feel that the account does not earn an interest and grow. However, a savings account is a good start to the saving habit. Make sure that you put away some of your monthly income into the savings account, regularly. When the amount in your account grows sufficiently, you can either use the money to invest in profitable funds or set it aside for any emergency.

Save the coins:

Whenever you receive coins after making a purchase, do not spend the amount. Instead, put them into a ‘piggy’ bank. Once the home bank is full, you can exchange the coins for bills at the bank and maintain the amount in an emergency backpack. It is good to keep a certain amount of money at home, to meet sudden, unforeseen expenses.

Do not rely on tax returns and bonuses for ‘catching up’

A number of people charge to their credit cards unnecessarily, in anticipation that they can pay the credit card bills with the help of profit distribution or the bonus that they are expecting. They depend on this extra source of income to get themselves out of financial issues. But there is a possibility that the expected bonus may not come your way. This would make it very difficult to pay bills and taxes that are due immediately. You should use your credit cards for purchases only when you are sure that you will be able to pay back the amount, within the time frame specified. Consider the use of cash instead of credit cards.

Save the raise:

If you receive a good raise annually, you should consider signing up for an automatic deposit into your savings account and save wisely. The raise will prove very handy in an emergency.

Save money from rebates:

You sometimes receive checks via the mail that are rebates on the purchases recently made. Since you have already paid for the article, you could save the money in your special account. These extra amounts saved could be invested to earn good returns.

It is very essential to save a percentage of your income for the future. If you have a strong determination and you take small, but disciplined steps over a period of time, saving money will come naturally to you.



Ryan