Best Tips To Protect Your Savings From Inflation | The Startup Magazine

November 7, 2022 ~ knjohn ~ Leave a comment

The economic situation at the moment is fluctuating all the time and the threat of inflation is an ever-present issue. Of course, inflation isn’t necessarily a bad thing. When prices go up, businesses often need more workers, and that means higher wages. Government benefits may also attract cost-of-living increases. But a lower rate of inflation leads to a lower interest rate, and that means if your money is in a savings account, it’s much more difficult to earn a high yield.

It’s impossible for you to control inflation, however, there’s no need to allow it erode the money you’ve saved. If you’re sensible about where your money is put and watch your expenses, you should find that you manage to have inflation protection and minimize any damage caused by inflation.

If you have savings, you’re probably worrying about how you can best protect your money from rising prices, so below are a few top tips that will help you keep your savings safe. Before we get into the tips, if you want to save money on your next shopping, make sure to check Latest Deals. Their website offers hundreds of new deals daily with the most influential retailers in the world. You will be able to save money and take home a bargain.

A surprisingly hard part of retirement: Spending what you worked so hard to save | CNN

October 5, 2022October 4, 2022 ~ knjohn ~ Leave a comment

You’ve been working and saving for decades for just this moment: retirement.

Even though you may be ready to stop working full-time, now comes the hard part: Actually letting yourself use your savings, since you no longer will be bringing in that paycheck, which until now has covered your monthly expenses.

Making the psychological shift from saver to spender – not to mention nest egg manager – is no small feat for most people.

“Now you have this lump sum and have to draw it down. For some it’s almost physically painful,” said David John, a senior strategic policy advisor at the AARP Public Policy Institute.

Some Thoughts on “Cutting Back” on Frugality | The Simple Dollar

June 10, 2015 ~ knjohn ~ Leave a comment

It’s a pretty typical story.

Person reaches a financial breaking point. Person begins to use frugality to cut back strongly on their expenses. Person pays down their debts and begins saving for the future. Person begins to feel a whole lot better about their financial state.

At that point, many people reach a crossroads. They begin to ask whether or not it makes sense to keep being so frugal. Once you have a healthy amount of savings or investments, is there really a reason to continue being so frugal?

Whenever I hear that question, it serves as a recognition to me that there are two ways to look at frugality.

Some people look at frugality as a tool. Frugality is something you choose to do to extract more money by doing things differently than you would normally do them. If you begin to feel like things are in a financially good place, it’s tempting to put that tool down and not “work” as much.

Half of Americans are Saving Next to Nothing | Money Cnn

March 30, 2015 ~ knjohn ~ Leave a comment

When it comes to saving, we aren’t doing enough of it.

Roughly half of Americans are saving 5% or less of their incomes, including 18% that are not saving anything, according to a survey from Bankrate. Only about a quarter of people are saving more than 10% of their earnings.

So how much should you be saving? Bankrate recommends 15%.

“Between emergency savings and the ever-increasing burden of retirement savings that is on the individual, the goal should be 15% of your income,” said Greg McBride, the personal finance website’s chief financial analyst.

Currently, one in seven people are saving more than 15%, the report showed.

5 Reasons Why You Will Retire Broke and Unhappy | genxfinance.com

April 9, 2012 ~ lmehit ~ Leave a comment

In a perfect world you will have enough money set aside so that come retirement day you have absolutely nothing to worry about. You’re free to carry out your plans without the added stress of wondering whether or not you’ll have enough money to pay the bills. Unfortunately, most people don’t have this luxury. Instead, they come to the realization that they can’t afford to retire and end up spending the later years in their life unhappy because they have to either keep working or simply don’t have enough money to do any of the things they had hoped. Here are five reasons most people will retire broke and unhappy.