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Posts Tagged ‘help for the financially shy’

What to Do With Your Extra $550…

Monday, March 2nd, 2015

save-moneyThe average U.S. household can expect to spend $550 less at the gasoline pump in 2015 thanks to both falling gasoline prices and more fuel-efficient vehicles, according to the U.S. Energy Information Administration.

Question: What would be the smartest thing to do with those savings?

Possible Answers: MarketWatch offers four ideas:
1) Use the savings to pay down debt. 2) Put the $550 into your retirement fund. 3) Put the money into your Emergency Fund. 4) Catch up on routine maintenance.

If you’ve got debt — particularly high-interest credit card debt — paying it down is likely the most important thing to use that money for, explains Kathleen Campbell, the founder of Campbell Financial Partners in Fort Myers, Fla. “You won’t get any greater return than to not pay high interest rates on debt” explains Campbell.

Putting just $550 in your retirement fund could yield you $8,000 or more over the course of 30 years. Brimhall of Ameriprise uses the following example: If the $550 was put into a 401(k) and got a full dollar-for-dollar employer match, it would mean $1,100 being invested. Assuming average returns of 7% year, in 10 years that money would be worth $2,164, and in 30 years the value would be $8,375. Even without the employer match that is still nearly $4,200 in 30 years. And even if you assume a more modest return of, say, 4%, that investment (the $550 with a 100% employer match on it) would still yield you more than $3,500 over 30 years.

Experts recommend that Americans have six to 12 months or more of living expenses in savings that they can tap into in case of emergency, but most don’t: More than one in four Americans have no emergency savings, according to, and roughly two-thirds have less than six months’ income. What’s more, nearly half (47%) of Americans experienced unforeseen expenses in the previous 12 months, according to a 2014 survey by American Express.

Sometimes we avoid routine maintenance on things like our cars or homes (or even ourselves) because we feel we don’t have the cash for it. But these kinds of expenses can “blossom into costly repairs if not taken care of,” Campbell says. This year, use that gas savings for things like car oil changes and tune-ups, regular doctor’s checkups and visits, filter replacements in furnaces and other appliances, and more.


How Much $$$ Should I Put Away?

Monday, February 23rd, 2015

squirrel One of the first steps in getting a handle on your finances is learning how to save money.

This is, of course, easier said than done.

Humans should take note of squirrels — who know how (and presumably why) to save some of their nuts for Winter.

Check out this short, easy to read article from the MintLife Blog:
What Gets Paid First? The Best Way to Prioritize Your Savings Plan

And this article from

For keeping track of your savings progress, there are some free (non-commercial) online tools like the FINRA Savings Calculator.

Freedom is low overhead.