Finance Questions

Posts Tagged ‘finance’

Question: Household savings and finance?

I have a question in regards to the saving each month. I live in Vancouver, Canada. Both my wife and I are working and have a mortgaged house. After all the household expenses, we save $1800 to $2000 per month on an average. Just wish to take others opinion here whether this is a good amount for 2 people to save. To do this, we have to cut some corners as well. Sometimes I think if I hadn't bought a house and stayed on rent, I could've ended up saving about $3000 quite comfortably.
Is this the right way to take the things w.r.t saving?

Answer: The amount you are saving depends on where you live, how expensive it is to live there, what your long- and short-term goals are, etc. $1800 - $2000 per month in savings seems like an excellent number to me and I think is far above the national average, at least here in the U.S.

If you haven't already, you and your wife should sit down and work out a monthly budget, as well as figuring out what your future financial goals are (a new car, a bigger house, college education for the kids, etc.) You should be able to set dates to these goals and come up with reasonable ideas on how much they will cost. Then, you will be able to look at your savings rate and see whether you will be able to afford them by the goal date or not.

Also, make sure that you are keeping your savings in the right place for the goal you are saving for. For example, money being saved for something 10 years in the future is probably best kept in the stock market, but money for something needed in only a month or two should be kept in the bank.

As for renting vs. buying, mortgage payments build equity in your home, but rent is simply money you are putting into someone else's pocket.

Joe's Debt

Question: Where can I find a lawyer who will gladly deal with a merchant-customer problem?

USA is known to have law for everything. Even kicking a dog in the ass is illegal. So, there should be law for protecting customers from being victims by malicious greedy merchant such as instant Auto Finance who's trying to charge no reasonable extra fee around the time the total amount is paid off. Car is paid off and they are trying to keep the title and get as more money as possible from me. One more thing, the car they sold me is a trash. They are testing the limit of my patience. I don't want to fight them personally, but I want to let a lawyer fight them. Where can I find a lawyer? On the internet?

Answer: The fees are probably in the fine print of your contract. If you find them there, you have no case. If they're not there, your attorney fee may be more than the acount that you disagree with.

As for the car being a piece of trash, caveat emptor!

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