Saving & Investing Archives - Super Saving Tips

Everything You Need to Know About 401(k) Contribution Limits for 2020

November 8, 2019 November 7, 2019

When it comes to preparing for retirement, it’s very important to stay right up to speed with all the rules, regulations, and changes made by the IRS from year to year. With the next year looming just two months away, the IRS has made some 401(k) contribution limit changes for 2020 but still has left both Roth and traditional IRA contribution limits for 2020 flat.

The IRS has changed 401(k) contribution limits for 2020 and here's what you need to know about them to maximize your retirement savings.

The IRA limits are again unchanged from 2019’s $6,000, or $7,000 combined if you’re age 50 or older. This is the second straight year at those caps. The caps are the maximum amounts you can kick into those retirement accounts, whether you use just one type or in any combination. Before 2019, the IRA contribution limits stayed the same for six years in a row. So just in case you needed a refresher, today I thought I’d go over some of the things that you really need to know when you are saving in these accounts for your retirement!

Saving & Investing

What’s Worse Than Not Saving Money: “Dissaving”

September 10, 2019 September 13, 2019

There may not be any other word in the English language that says such an obvious thing as the word “dissaving”. We all know what each part of that word means. “Dis-” means “not”, as in disrespect, meaning not to have respect for something like saving money. “Saving” is the thing we all want to do with our money whenever we buy something and try to put away the difference after we do it. Funny thing is when you combine those two parts together, it becomes a complete disaster! If you’re in “dissaving” mode, then you need a life saver.

Dissaving is when you're spending more than you're taking in. That can put you in a financial hole that leads to disaster if you're not careful.

The Definition of This “Dis”

Dissaving is an actual real word. I swear I’m not making it up! You can Google it if you have any doubt, but trust me, it’s real.

Money Mindset, Saving & Investing

Three Mistakes I Made on the Road to Financial Freedom

August 30, 2019 September 13, 2019

Today we have a guest post by Simon from Financial Expert, a blog that offers free learning experiences which combine articles, interactive experiences, and assessments. Today he talks about some of the mistakes he personally made in investing and some of the lessons he learned along his way to becoming a smarter investor in the 21st century!

While the post title implies that my failures only number three, I feel it is only fair to admit that I have comfortably exceeded this number over my decade of investing!

In today's guest post, Simon from Financial Expert shares three investing mistakes he made on the way to financial freedom and how you can avoid them.

Here are three mistakes which I feel hold broader lessons for all of us to reflect upon.

1. I believed that complexity was the key to an excellent portfolio

I loved investing so passionately when I first began, that I immersed myself in the topic at every opportunity. I read magazines, blogs, newspapers to satisfy my hunger for knowledge.

Insurance, Retirement, Saving & Investing

Are Annuities Good or Bad for Your Retirement?

August 16, 2019 September 13, 2019

A lot of financial experts and bloggers don’t recommend annuities or even like to talk about them very much. They are more likely to recommend and want to talk to you about investments in stocks, bonds, and mutual funds for growing your wealth and prepping for retirement. That may leave you to wonder what annuities really are and whether you should you invest in them for your retirement years.

Annuities...good or bad? They have a poor reputation, but there can be good reasons to include the right one in your retirement plans.

I chose to purchase an annuity about 20 years ago (when I was 50) with qualified money I used from a 401(k). Then, about 5 years ago, I took that money and used it to purchase a 5-year deferred annuity that will start paying me beginning in January of 2020. Those payments are guaranteed to me or a beneficiary (my wife who is 20 years my junior) for 20 years, or for my entire life as long as I live (even if I live to be 100 or more). This made good sense for my situation. But, before you decide that an annuity is either a good or bad choice, ask yourself this: Have you taken a really good look at annuities and do they make any sense for you?

Frugality, Saving & Investing

Saving Money Doesn’t Mean You Have to Have No Life!

August 6, 2019 September 13, 2019

Please note this post contains affiliate links which help to fund this blog at no cost to you. Thanks for your support!

I guess I have always been surrounded by the “aura” of saving money. It started for me as a kid, simply because I grew up in a family that didn’t have a lot of extra money and I was the child of parents who grew up during the Great Depression. I am pretty sure that experience shaped my Mom and Dad’s philosophy about money and the importance of saving for a rainy day. The rainy days of the 1930’s were pretty rainy, so I get it.

If you feel like you have to have no life in order to save money, it doesn't have to be that way. Here's how to save and still enjoy life.

Of course, my parents were also around for the post-war abundance and prosperity of the 1950’s and things got a lot better for them and for all Americans as the 20th century rolled on. But even with that, the art and skill of the “saving of money” (which really primarily fell on my Mom’s shoulders as the main shopper and budget keeper) was still upper-most in their minds. And yes, of course, since I was right there by their side, mine too. But despite the emphasis on the saving of money, it didn’t mean that we had to have no life!

Debt, Frugality, Saving & Investing

Why Do You Diss All Those Valuable Pennies?

July 30, 2019 September 13, 2019

Chances are if you look around your house, your car, or any of your pockets, you will find a penny or three. Those little pennies really don’t get much respect in today’s world, do they? After all when you shop, if you start to dole them out at the cash register you might get some kind of dirty look like “What are you doing…just give them a damn nickel! Don’t look for the pennies!” Or after you pay with your cash you dump the two pennies you get in change into a little tip jar or charity collection (or is it?) on the counter.

Do you dismiss the value of pennies? Whether you're paying off debt or saving up money, pennies can be more powerful than you think.

Those orphan pennies are so small and insignificant, right? They seem to be more of a nuisance than anything of real value, and when you have them around you usually just ignore them. Why do you diss all these pennies?

Saving & Investing

Why Are You So Awful at Saving Money?

July 26, 2019 September 13, 2019

So you haven’t yet saved a dime towards your retirement…and you have been working now for years and years. You don’t know how you’re going to pay your taxes because you haven’t been keeping up with—what are those things called—quarterly payments? You certainly don’t have a rainy day emergency fund; why should you? And college, well, the kids will just have to open a lemonade stand, and charge $100 a glass to get their tuition and books paid for. What should I do about it? It’s their education, right?! If you are awful at saving money, please step right this way because you are going straight to financial hell and the elevator is waiting for you.

If you're awful at saving money, it pays to figure out why. Here are some of the reasons why people can't save, and what to do about it.

Disciplining Yourself to Save Is Hard

If it seems hard to save money it seems that way for one huge reason: it is! That’s especially when it feels like you’re just barely scraping by yourself, so what the F? Do you expect to save on top of that little piece of reality? Well, yeah, come to think of it I do and it’s not just an idea here I am touting. It’s kind of, sort of, really, really a necessity. So,

Why are you so awful at saving money?

Budgeting, Money Mindset, Personal Finance, Retirement, Saving & Investing

How to Better Your Financial Decision Making

June 7, 2019 September 13, 2019

Life isn’t easy. We all make little and big decisions every day and sometimes it feels like there isn’t a minute that goes by that we can just veg and not have to do any decision making at all. Oh, and by the way, if you actually try to do just that, someone will probably call you out and tell you that you’re shirking your responsibilities or not facing up to reality or must be plain lazy or stupid. Is that why you never avoid making a decision or you agonize over one and never ever take a few minutes to take a deep breath before you do?

Financial decision making can be difficult and overwhelming, but here are some ways to make it easier and more successful.

When it comes to your money decision making, the pressure is even more ridiculous. Why? Because not only are those decisions important to you, but they show up and stand out. I mean they are pretty visible to the naked eye and often are the main ways that others can see how you function and judge how good your decision making actually is. Even though it sometimes doesn’t show up immediately to the naked eye, your money decisions will eventually be very visible and will affect you, your family, friendships, and even your job. Perhaps you can hide a few bad decisions, at least for a while. But when that day of reckoning arrives, everyone will know what really happened. When that happens, it’s not just bad for you, but for everyone around you and that just sucks!