If you earn a decent income but have trouble saving, the culprits could be the roof over your head and the car in your driveway.
Retirement savers who contribute more to their 401(k)s often spend less on housing and transportation than their peers, according to a study by the Employee Benefit Research Institute and J.P. Morgan Asset Management.
Better savers also spend less on food and drink, but housing and transportation are bigger expenses that tend to be less flexible. Once you commit to a place to live and a car payment, you’re typically stuck with those expenses for a while.
In my latest for the Associated Press, how your house and your car could be affecting your retirement savings.
Today’s top story: How hotel prices changed in 2020 vs. 2019. Also in the news: A new episode of the SmartMoney Podcast on emergency loans and the perks of buying local, what to know about EFTs and adding them to your portfolio, and what to do if you receive an unpaid notice from the IRS.
Today’s top story: Why taking Social Security early costs too much. Also in the news: Student loans still cover living costs with classes online, why you should renew your passport right now, and how millennials and Gen Z are using TikTok to learn about personal finance.
Today’s top story: Choosing the right vehicle for your off-road adventures. Also in the news: Why a new fee shouldn’t stop you from refinancing your mortgage, what to do when you’ve paid off your credit card debt, and how to manage any credit card debt you may have racked up the last few months.
Today’s top story: Is it harder for seniors to get credit cards? Also in the news: Factoring in fees on grocery, delivery, what to do if losing your job means losing your life insurance, and there’s still time to claim your missing $500 stimulus for dependents.