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Thinking about savings and debt
Chris Farrell Jan 4, 2012
I've got a bunch of student loans, all at relatively low rates (3.5 percent and lower). I have just under $35,000 at this point. I've been auto-transferring money into my savings accounts -- for "emergency funds" as well as future goals such as a down payment, wedding, etc. I have around $48,000 total in savings (between those funds). That money is sitting in savings at less than 1 percent. Mathematically, it makes more sense to pay down the debt. But I'm not comfortable with decreasing my savings that much. How to I choose? Stephanie, Medford, MA
Good news on U.S. savings bonds
Chris Farrell Jan 4, 2012
Treasury says it will keep the current $20,000 annual maximum on savings bonds purchases.
A New Year's resolution: Eliminate debt
Chris Farrell Jan 3, 2012
My husband and I have made pretty bad and spontaneous financial decisions that have brought us a lot of debt. Our plan for 2012 is to get out of debt and start saving more, since we depleted our savings in the past 2 years. I would like to know how to start getting rid of this debt in the smartest way and how to save significantly at the same time. Carla, Boston, MA
What are you? A stock? A bond? Something else?
Chris Farrell Jan 3, 2012
The uncertainty is unavoidable, but you can come to a more reasoned savings decision by starting from a different place than market history and investing insight. Forget about investing and asset allocation. Think about your job and your career instead. Are you a stock or a bond?
A sad personal finance end to 2011
Chris Farrell Dec 27, 2011
The U.S. Treasury unveiled today its online 76-year timeline for U.S. savings bonds. It's a fun look at an historic program. U.S. savings bonds rank among the great brand names in American finance.
A retirement savings catch-up
Chris Farrell Dec 27, 2011
I am a 58-year-old female, currently employed. I've got approx $100,000 saved in a 401(k) plan. I've had to take out a student loan to cover the cost of one year toward my MBA, which I have completed. Because of the student loan, I've decreased the 401(k) contribution -- normally 25 percent of my pay -- to 6 percent. I'll have the student loan paid off by April 2012. Since I am worried sick that I won't have enough when I retire, do you have suggestions about how to catch up? Danica, Houston, TX
Advice for conservative investors
Chris Farrell Dec 23, 2011
We have saved some money for a house deposit in 2-3 years. We have a 3.99% mortgage on our current place. Should we invest our down payment for our next house or should we pay off our current mortgage? We are both conservative investors. Tom, Boston, MA
Life insurance and savings
Chris Farrell Dec 19, 2011
I went to a financial advisor in hopes someone else could do more with my money. He suggested that I take full advantage of my employer's 401(k) when I am eligible (next year), but since I have been a good saver and expect an increase in income, I should consider using life insurance as a vehicle for tax-free retirement savings. I have mixed feelings about this. Christina, Atlanta, GA
When to get aggressive with the mortgage paydown
Chris Farrell Dec 15, 2011
My question is, if your mortgage rate is higher than what you could expect from investing, wouldn't it make more sense to pay on the mortgage? This is almost the same as the concept of paying off the credit card with the highest rate first. What are your thoughts on this? John, Rapid City, SD
Good reads
Chris Farrell Dec 12, 2011
Here are some recent stories on a variety of personal finance subjects.
