Savings Archives

The low overhead of online-only banks allows them to offer customers higher-than-normal yields on checking accounts, savings accounts, money market accounts and certificates of deposit (CDs). That’s the primary reason why people choose to move some or all of their banking online. These high yields, however, require sacrifices in some areas. Here are some of the downsides to online-only banking: Read more»

In today’s increasingly electronic society, consumers have many options for paying bills including setting up automatic payments. These payments can come from banking accounts, debit cards or credit cards. Paying recurring bills automatically offers a lot in terms of convenience, but there are some pitfalls you need to be aware of beforehand. Here are some of the pros and cons of automatic bill payment: Read more»

Now that Microsoft (Stock Quote: MSFT) has announced a phase-out of Microsoft Money, its financial software, Quicken (Stock Quote: INTU) is left as the premier program for keeping finances organized on your computer. Read more»

Whether you've got some extra vacation time but you don't have the budget to travel, or you're experiencing furloughs at work, time off can turn into money in your pocket.Leverage your skill sets to dial up the cash flow on your down time with these four low-risk moneymaking strategies.1. Monetize a Passion Read more»

If you haven’t already switched your paycheck over to direct deposit, you should. With direct deposit, your employer (or the government for tax refunds and benefit checks) deposits your paycheck directly into your bank account(s) thus bypassing the middleman—you. If you haven’t already set up this arrangement, it’s probably because you don’t think you need it. But there are numerous benefits to choosing direct deposit that you may be overlooking including: Read more»

Americans looking to figure out just where they stand financially don’t necessarily need to hire a pricey financial planner -- not when there are a slew of no-cost financial planning software models that give you the financial equivalent of a health check-up and a prescription for what to do next. Read more»

Trends for this edition of the “Deal of the Week” include better rates from bigger banks; a shorter shelf life for some bank CD and high yield savings rates; and a good money market deal from a familiar name.CD Rates Read more»

You’re probably tired of hearing that you should max out your 401(k), but here at the Daily Deduction, we feel compelled to say it again. A 401(k) is a great way to save for retirement, so if your employer offers one, you should make the most of it. Contributions to a traditional 401(k) aren’t included in your income, which means that you won’t be taxed on them until you retire. As a result, you might end up in a lower tax bracket this year than the one you’re used to. Read more»

It seems no one knows just when the word “staycation” entered the vocabulary, but it’s popping up more and more as Americans pinch pennies.The idea is to stay home on your vacation, saving the money you’d otherwise spend on airfare, gasoline, hotels, restaurant meals and all the other costs that can total thousands of dollars for a typical two or three-week family trip. Read more»