8 Rules for Saving, Borrowing and Spendi…

1. Prioritize saving for retirement In an ideal world, you’d start saving with your first paycheck and keep going until you’re ready to retire. ...2. Save for a rainy day ...3. Save for college ...4. Borrow smart for college ...5. Use credit cards as a convenience ...6. Finance your home smartly ...7. Buy used vehicles and drive them for years ...8. Insure against catastrophic expenses ...

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FAQs about 8 Rules for Saving, Borrowing and Spendi… Coupon?

How do I save money & protect my money?

The following guidelines for saving, borrowing, spending and protecting your money are culled from nearly three decades of writing about personal finance. 1. Prioritize saving for retirement In an ideal world, you’d start saving with your first paycheck and keep going until you’re ready to retire. ...

How much money should a parent borrow for a child's education?

If you’re a parent borrowing for a child’s education, aim for payments that are no more than 10% of your after-tax income and that still allow you to save for retirement. If your payments are higher than 10% of your after-tax income, investigate income-driven repayment plans that could bring down your costs. 5. Use credit cards as a convenience ...

What is the best personal finance advice?

The best personal finance advice is tailored to your individual situation. That said, a few rules of thumb can cut through the confusion that often surrounds money decisions and help you build a solid financial foundation. ...

How long should a self-employed borrower have a bank account?

David Stirling, a financial adviser at Mint Mortgages and Protection, says: "For a self-employed borrower we would advise trying to get a couple of strong years' accounts, preferably with little variation. ...

How much money do you need to save for college?

A starter emergency fund of $500 can be your first goal, and then you can build it up. While you’re saving, try to create other sources of emergency cash, such as a Roth IRA (you can pull out your contributions at any time without taxes or penalties), space on your credit cards or an unused home equity line of credit. 3. Save for college Got kids? ...