FYInance

Posts Tagged ‘Savings’

This is a video that explains what a US savings bond is. US savings bonds are simple financial savings instruments that can be purchased at a bank, which earn interest over a designated amount of time. People think that investing in a US savings bond is safer than investing in stocks or other types of bonds, especially in uncertain times. This is why a lot of people invest in savings bonds.

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I am thinking about cashing in my bond to buy investment property. Does anyone know what the tax rate would be? For example, how much would taxes be on a $10,000 US Savings Bond?

We talked about investing in gold a little before and how valuable gold is so I think it would be fun to ask some of our audience what they would do if they had a gold bar. Of course, not everyone is interested in investing in gold or anything at all so the answers we get are interesting. We share the answers with you below.

If you have a gold bar today (a real gold bar) what would you do?

“If I had a bar of real gold I would first sell it because the price of gold is historically very high. With the money I receive from selling of the gold, I would put it into a savings account with the highest interest rate I can find, and leave it there, adding to the account, until I have enough to buy a nice piece of property.”

Interesting, this reader wants to invest in a property and would prefer to sell the gold. We already touched on the fact that you need to have emergency money before you think about long term investing. Gold is more of a long term investment than a short term so if you need emergency money or need to buy a home, gold investing may not be for you at the moment.

Do you want to share with us what you want to do with a gold bar?

When things are more expensive, it is important to know ways to save money. Below are some ways that our readers have shared with us.

Ways to save money in this economy

1. Drive less
2. Bike the kids to school instead of driving them
3. Use plastic bags a second time or use a backpack to get $.05 discount from grocery store
4. Dry your clothes outside on a clothesline instead of using the dryer
5. Try to make extra money in your spare time
6. Eat out less
7. Drink water instead of milk or juice

You can leave comments if you have other ways to share on how to save money in this economy and high gas prices.

Recession, recession, recession… are you scared?

Today, we had a discussion about what the current economy is affection us, the banks, our finances, jobs, and everything else. The recession discussion tends to scare people and bring about many concerns and worries.

Don’t lose sight of your financial goals

But, no matter what the economy is doing, no matter how bad the economy is, we cannot let it get to us. We need to still work towards our financial goals. We need to follow our financial plan even though it may be harder than we originally anticipated.

Fortunately, at the end of the gloomy discussion, we managed to have a slightly more upbeat discussion about what if we had a lot of money on hand right now. So, again, we ask our readers what they would do if they had $50,000 in the bank account right now and one of them said:

The $50k question is back again!

So, what would you do if you had the $50,000 in the bank now?

“I would pay off my bills, this whole recession thing really scares me! Put some in savings to make sure I have emergency money. Spend some on my son who would never forgive me if I didn’t. And then I would take my best friend, who is also struggling financially, and we would go to a resort/spa for a weekend. We’ve both had some rough years lately. Both have gone through divorce, struggling somewhat financially, and we could really use the relaxation or get-away. Money is no fun if you can’t share it.”

Thank you for sharing your thought. It is nice to see that even in tough times, family and friends come first and of course you need to pamper yourself when you can. Don’t let the recession talk get the better of you. Have fun if you can while working towards your financial goals!