Tag Archives: saving

More people saving

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More people savingThe number of people saving regularly or occasionally increased in June, compared with May`s figures, according to the latest Nationwide Savings Index release.

77% people were saving either regularly or occasionally, according to the latest figures, while 23% reported saving nothing at all – down from 26% in May.

The figures may reflect an easing of the economic pressure faced by many people – or they may indicate a determination to save as a `safety net` against debt problems in the future.

A debt expert for Think Money said: “Saving is an important of financial planning, helping people prepare for unexpected costs that could otherwise lead them into debt.

“However, if a saver already has existing debts, they may find that the money would be better put towards overpaying those debts, since the interest on debt can grow faster than savings interest. Anyone who is unsure should speak with a professional debt adviser.”

Saving Money on Auto Insurance Premiums

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Insurance is one of those necessary evils for which we all need to bite the bullet and pay. There are ways, however, to save some money on those expensive premiums. Some may seem like common sense, but many people fail to take advantage of them.

Here are basic money-saving tips:

1. Avoid paying your premium monthly
Most insurance companies will charge you interest if you pay out the premium over the year rather than all at once or at least semi-annually. You can save some money if you can afford to pay it all at one time.

2. Decrease your coverage limits
Although I would never advise people to decrease their liability coverage, (unless your only alternative is to drop your insurance entirely), if you are having trouble meeting your premium payments, take a look at decreasing your coverage for such things as collision and comprehensive, especially if you are driving an older vehicle. If it is older than 6 or 7 years, you may want to consider eliminating collision and comprehensive coverage for it completely. Continue reading →

Americans less stressed about debt

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According to research by Associated Press-GfK, debt-related stress amongst Americans is 12% lower this year than in 2008, The Associated Press reports.

So far, the economic downturn in America has led to the loss of 6.5 million jobs, pushing the unemployment rate up to 9.5% in June – a 26-year high.

Today, however – despite rising unemployment – it seems Americans are thinking more positively, saving more and paying down their debts.

The research suggests that in 2008, 33% of people questioned said they were at least `somewhat concerned` that they wouldn`t be able to clear their debts. That figure has dropped to 27% this year.

A debt expert for Think Money said: “The situation in America seems to be improving slightly, and this could indicate what the future may hold for the UK, since what happens in the U.S. often happens in the UK sooner or later.

“It`s not just a question of psychology – the UK is closely linked to America financially, and when their economy starts to improve, there`s more hope for our own.”

Plenty of savings, no investing strategy

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The Aquinos live by a simple rule: “If we can’t pay for something, we don’t buy it,” says Liz, 34. In the eight years she and Tony, 36, a systems engineer, have been married, the couple have socked away more than $400,000.

Their goal is a comfortable retirement for themselves and college for little ones A.J., 3, and Annabelle, 1, while still allowing Liz, a former school-teacher, to stay home with the kids.

But although they have the saving side of the equation in order, their investment plan is in disarray. It’s not that the couple got off to a slow start. They just never decided on a game plan.

Instead, the Aquinos read stories about hot funds and grabbed them up. As a result, they are now sitting on a hodgepodge of more than five dozen once-popular funds, many of which own the same stocks. Continue reading →