Buying things when they’re on sale is a great way to save money, but you can save even more if you take the money you saved and stick it right into your savings account. If you save $20 by purchasing an item on sale, you might think to yourself “now I have $20 to spend on other stuff.” Eric Nisall suggests you put that $20 in your savings account instead and pretend that you bought the item at full price. Sure, it would be nice to have that extra $20 for spending, but it’s probably better off somewhere you can’t touch it, gaining interest. As Nisall explains, this is a great method for tricking yourself into saving more money: So, if I went to the grocery store, or any shopping really, I took the ‘total savings’ from the bottom of the receipt and transferred it. I transferred all of my overtime payments as well. Since I only budgeted for gross spending and regular paychecks, I didn’t notice any difference in my everyday account. Anytime … [Read more...] about Boost Your Savings Account by Adding the Money You Save on Every Deal
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How a Savings Account Can Boost Your Confidence to Negotiate
Saving money often feels like a sacrifice you have to make to benefit your future self. It’s true, saving now means more security when you need it later, but there are some present benefits to saving. For one, it offers some freedom and confidence when it comes to your career. If you hate your job, having an emergency fund means having power. You don’t rely on that job for survival quite as much—you have a cushion and a safety net to fall back on, giving you some freedom to look for a better job. Along the same lines, saving money, in general, can give you the confidence to ask for more. Money site Free to Pursue explains: Decreasing our feeling of scarcity by accumulating personal savings, or what I like to call liquid courage...When we know our basic needs are covered and that we have the means to address a shortfall in whatever we’re trying to address, “need” magically gets reclassified as “want” and “want” can magically … [Read more...] about How a Savings Account Can Boost Your Confidence to Negotiate
Why Your Savings Account’s Interest Rate Isn’t That Big of a Deal
Savings rates are notoriously low at banks these days, but some of them will offer a “high interest” rate of a whopping one percent. As someone with a high interest savings account, I can tell you: it’s not that big of a deal. Here’s why. Sometimes switching banks is a good idea, especially if you’re getting gouged with fees and terrible customer service. It can also be a pain, though, so you probably don’t want to switch just because a bank has a 1% interest rate. For one, that interest rate is usually only valid for customers who have a certain amount saved in the account. Plus, as Refinery29 points out, you shouldn’t have that much saved in the account to begin with: You can earn interest and still lose money. Here’s why: Inflation averages 3% a year, so even at the best online banks that pay 1% interest, you’re still losing 2% each year. In order to minimize your loss, you want to keep no more than your emergency fund and … [Read more...] about Why Your Savings Account’s Interest Rate Isn’t That Big of a Deal
How to Open a 529 College Savings Plan for Your Kid
As you’ve probably heard by now, college is expensive. So if you want your kid to attend a university or vocational school, the sooner you can start saving for it, the better. That’s what 529 plans are for. How a 529 Plan Works 529 plans, named after the IRS code they fall under, are designed to save for tuition and other education expenses at U.S. colleges, universities, and vocational or technical schools (and some eligible schools overseas, too). Like other types of investment accounts, you save some money in the plan and watch it grow. Unlike other types of investment accounts, these plans are state-sponsored, which means your options depend on the state in which you open the plan. (Confused? Don’t worry, we’ll get to this in a bit.) You also have to be 18 years of age or older to invest in the plan. Why not just save for college in a boring old savings account? For one, interest rates in those accounts usually suck, and your money really won’t grow … [Read more...] about How to Open a 529 College Savings Plan for Your Kid
PCMag Daily Tech Deals: The Best Tech & Gadget Deals
Welcome to PCMag UK’s Tech Deals homepage, a daily round up of all the best gadgets and tech deals to be found, and at the best prices. If you are looking to save money on the electronics and gadgets you love, this is the page for you. Visit us everyday for all the latest updates, but make sure you are quick, as these deals won't be around for long. Want PCMag UK Deals in your social feeds? Like us on Facebook and on Twitter for the most up-to-date bargains. Google Home for £99 Save when you shop at BT Shop, as they are offering great savings on Google Home speaker. It is currently the cheapest deal for this speaker. Google Home smart speaker at BT Shop - was £129.00, now £99.00 Amazon Fire TV with Echo Dot for £55 It's a good time to shop at Amazon, as in preparation for Amazon Prime Day a number of popular devices are on sale. For most of the deals you have to be a Prime member to enjoy the discounts, but luckily, everyone can save £35 off Fire TV … [Read more...] about PCMag Daily Tech Deals: The Best Tech & Gadget Deals