Savings
Personal finance expert breaks down the No. 1 rule on the road to becoming a millionaire
If you want to set yourself up for success in retirement, personal finance expert and "The Ramsey Show" co-host Rachel Cruze explains the top rule…
Your best advisor to finance and money management.
Explaining Finance is your one-stop website for the latest news, updates, and tips about finance.
Latest News
New IRS 401(k), IRA contribution limits a win if you need catching up
The IRS recently announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased and catch-up…
Fed rate pause offers little relief to Americans buried in credit card debt
Even though the Federal Reserve put a break on interest rate hikes in September, inflation remains stubbornly high and it…
Many Americans feel stuck in their finances and struggle to build savings: survey
Two years of living under high inflation has many Americans feeling stuck when it comes to making financial progress, according…
Kevin O’Leary delivers his top tips for building businesses, pinching pennies as costs soar
Kevin O'Leary delivers blunt-force business and personal finance advice on an upcoming episode of the digital game show "Rent Free"…
Share of Americans borrowing from 401(k) multiple times rises
Taking out a 401(k) loan can help borrowers pay off immediate debt like credit cards and medical bills. But picking…
Follow these 7 tips to see $1M in your bank account
Having a million dollars to your name can seem very unattainable. Without the help of family inheritance, or a lucky…
10 things you can do right now to financially plan for your future
If you feel stressed about the future of your finances, taking control of your money can alleviate that stress and…
Social Security cuts: Retirees could face more than $17,000 in annual benefits losses
Today’s retirees are facing stubborn inflation, staggering healthcare costs and an uncertain Social Security system. And by the next decade,…
Americans to deplete pandemic era savings by end of Q3
Following the dawn of the COVID-19 recession, Americans collectively accumulated a record $2.1 trillion in excess savings, according to research…
Most Americans see the economy in bad shape and getting worse: poll
Amid high inflation and rising interest rates, most Americans believe the economy is in bad shape, according to a poll…
How a government shutdown could affect student loan payments
With Congress potentially unable to reach an agreement on federal spending legislation to be signed by the president, the government…
Inflation is affecting parents’ ability to pay for education: survey
Amid economic uncertainty, the back-to-school season could have a significant impact on the wallets of American families with children, according…
Interest rates are high. Here’s how you can take advantage of them
When it comes to rising interest rates, there tends to be a lot of gloom-and-doom discourse about the danger that…
Retirement account balances increase for third straight quarter
Despite recent market volatility, Americans’ retirement account balances increased in the second quarter of 2023, marking the third straight period…
Consumers are turning to personal loans to pay off credit card debt: TransUnion
While Americans took on debt amid rising interest rates and stubborn inflation following the COVID-19 pandemic, many have turned to…
Average monthly mortgage payment at near all-time high
With mortgage rates hovering around 5% to 7% in recent months, mortgage payments have jumped to a near-record high, according…
Here’s how to lower your monthly student loan payments
Interest has begun to accrue on federal student loans again and many borrowers will face their first student loan payment…
5 ways to pay off debt this Labor Day
Americans have amassed record-high debt amid high inflation and recession fears. But there are ways to get back on track.…