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Automate your savings by setting up a monthly transfer to a dedicated savings account – Secure your financial future with a signature move: SAVING MONEY Saving money involves a combination of disciplined habits and strategic planning. Here's a detailed guide on how to save money: Set Financial Goals: Identify short-term and long-term financial goals, such as an emergency fund, a vacation, or retirement. Automate Savings: Set up automatic transfers to a savings account each month to ensure consistent contributions. Cut Unnecessary Expenses: Review monthly expenses and identify areas to cut back. Eliminate non-essential subscriptions or discretionary spending. Shop Smart: Look for discounts, use coupons, and compare prices before making purchases. Consider buying generic brands and taking advantage of sales . Meal Planning: Plan meals in advance to reduce food waste and avoid unnecessary dining out expenses. Limit Impulse Purchases: Implement a waiting period before making non-essential purchases to avoid impulsive buying. Track Your Progress: Regularly review your savings goals and adjust your budget accordingly. Celebrate milestones to stay motivated. Debt Reduction: Prioritize paying off high-interest debts to save money on interest payments. Invest Wisely: Explore investment options to grow your wealth, considering your risk tolerance and financial goals. Take Advantage of Employer Benefits: Contribute to employer-sponsored retirement plans, especially if there's a matching program. Educate Yourself: Stay informed about personal finance, investment opportunities, and ways to optimize your financial situation. Review and Adjust: Periodically reassess your budget and financial goals based on changes in income, expenses, and life circumstances. Avoid Lifestyle Inflation: As your income increases, resist the temptation to immediately increase your spending. Instead, allocate more towards savings. Consistency and mindfulness are key when it comes to saving money. By following these steps and adapting them to your unique financial situation, you can build a solid foundation for financial stability and future goals. For more follow CM Gowtham Suraaj #personalfinance

"My money is sitting in a savings account earning next to nothing. I know that's not the smartest move, and I want to figure out what to do with it." I can't tell you how many times I've heard some version of this. It's particularly common among women who have a high income and mastered the art of saving. They push themselves to squirrel more and more money away every month. Then they look up a few months or years later and see that their once hefty savings account has ballooned to hundreds of thousands of dollars. Now they feel dumb because Bank of America is paying them 0.10% APY on that. They think about the market returns for the past year and feel regretful that their money could have made tens of thousands of dollars if it had been invested in the market instead of a low-yielding savings account. This is a dangerous place to be in for a few reasons: - What could be a simple learning opportunity ("I will only keep $x in savings for emergencies and will invest anything above that.") often turns into shame and self-doubt. - These women usually lack self-trust in their ability to make "good financial decisions" which led to their excessively high savings account balance in the first place. Once they learn more or seek additional support, they often feel less confident in their ability to make good financial decisions because "they should have taken these steps sooner." - They feel more pressure to put more money into their investment accounts every month because they have to "make up for lost time and lost returns." Instead of taking this as an opportunity to learn what is an appropriate emergency savings level; how to invest in brokerage accounts; or how to set a balanced cash flow plan, they spend it in a cycle of inaction, shame, and self-doubt. This is exactly what we don't want. Women have been told they are bad with money, cannot be trusted to make financial decisions, and should delegate their financial decisions to "experts," etc. for decades. I'm here to tell you that if this message resonates with you even a little bit, then you are likely way better at managing your financial life than most people. Lean into learning more so you can be more informed in the future instead of self-doubt. You'll be better served in the long term. ______ 👋🏾 Hi, my name is Anna N’Jie-Konte. I’m a financial advisor who works with women who want to build, preserve, and enjoy their wealth. I'm the President of Re-Envision Wealth and the creator of Financial Powerhouse: The Club- my flagship financial mentorship program. In Financial Powerhouse: The Club, I walk first-gen wealth builders through breaking negative financial cycles and becoming wealthy without spending hours/month budgeting and monitoring their portfolios. The doors to the club are closed, but be sure to join the waitlist if you want to learn more!

"I've got $1.5 Million in my savings account, and I have no idea where to put it. I know I shouldn't just leave it there but need guidance on what to do with my money." At our initial prospect meeting, this statement was shared with me when I asked about their current approach to how financial decisions were made in the household. As we continued talking, they told me that this statement was made out of fear of judgment as they knew they'd missed out on a significant opportunity cost. They didn't know where to put this money because they couldn't prioritize what they wanted to do next with it. I had two options in how to respond to this situation. Option one would have been to emphasize the significant opportunity cost they've missed (potentially amounting to $75,000) and how I could help them rectify that. However, I chose option two, which involved showing them the new opportunities that have emerged due to their high cash holdings. This choice ultimately led to them becoming a client. The first thing we did when they became clients was set up a clear picture of what they view their priorities to be. Since then, here is what we have done: 1. We've securely placed six months' worth of living expenses in an ALLY high-yield savings account as the client's spouse plans on changing jobs. 2. We've devised a strategy for cash-exercising ISOs with high strike prices. 3. We've invested $350,000 in T-Bills, intending to use it as a potential downpayment on a new home in the next one to two years. 4. We've completed backdoor Roth IRAs for 2023 and 2024, even considering the potential income loss resulting from the spouse's job swap. 5. Excess cash is being invested in a low-cost, diversified portfolio of ETFs. By carefully mapping out their financial future, this household no longer feels uncertain about where to put their money moving forward.

When should you send a non-term savings account? What is an unlimited savings account? An unlimited savings account is a savings account where the depositor can withdraw money on demand without prior notice. This type of savings account earns a lower interest rate compared to term deposits. Typically, consumers choose this type of unlimited savings account to keep their money with the bank for a period of time and can withdraw whenever necessary. Therefore, unlimited savings accounts have short terms, and in some cases, they can even be calculated on a daily basis. If you are planning for long-term savings, it is best to choose a savings account with a fixed term as it offers a more attractive interest rate. Don’t forget to research which bank offers the highest interest rates to maximize your financial benefits. Advantages of an unlimited savings account Opening an unlimited savings account offers several benefits such as a relatively higher interest rate, flexibility, safety, and easy management. However, you should carefully consider before deciding to deposit money and thoroughly research the conditions and interest rates offered by the respective bank or financial institution to make the smartest investment decision. Illustrative image Should you open an unlimited savings account? Whether or not to open an unlimited savings account depends on each individual’s financial situation and needs. If you don’t have specific expenses planned in the near future, you may want to keep your money in an unlimited savings account for emergency use, such as home repairs, unexpected medical expenses, or simply to save for larger future expenses. Short-term shopping plans: Holding a portion of your money in an unlimited savings account can help you prepare for those expenses without incurring the cost of borrowing money. During market downturns: When the stock market or real estate market is in a downturn, the value of investments may decline. In this case, keeping money in an unlimited savings account can be a safer option to minimize risk and wait for investment opportunities. The post When should you send a non-term savings account? appeared first on xe.today.

The 4 best places to put your savings right now https://ift.tt/DGIWS8C If you need a new place to put your savings, there are lots of good (and high-earning) options to consider right now. Getty Images Inflation remains as stubborn as ever and continues to prop up interest rates. The Federal Reserve aggressively raised interest rates 11 times in 2022 and 2023 in an effort to curb inflation. More recently, the Fed has paused interest rate changes at its last five meetings as inflation has slowly ticked up in 2024. The resulting elevated interest rates have burdened borrowers with higher monthly payments due to the higher cost of borrowing. On the other hand, the increased rates have also allowed savers to enjoy considerably higher yields. Since 2023, annual percentage yields (APYs) with top savings accounts and certificates of deposit have outpaced inflation. Fortunately, a wide range of savings options are available to capitalize on higher yields. However, these options are not all created equal, so it’s wise to learn how they work to determine the best fit for you. Here are the best places to park your savings right now. Explore your best savings options online and start earning more today. The 4 best places to put your savings right now If you have money to put away in savings, one of these options could be a smart move today: Certificates of deposit Certificates of deposit (CDs) are a type of deposit account you can open with a bank or credit union for a fixed rate of return over a specific period. CDs offer higher yields than traditional savings accounts in exchange for your agreement to keep the funds locked in the account for the CD term, which typically ranges from one month to five years or longer. And therein lies the rub for some account holders. If you withdraw funds from your account before its maturity date, you may incur an early withdrawal penalty or lose out on potential earnings.  If you think you may need to access your savings, you can opt for a no-penalty CD that allows you to do so without penalty, but these accounts typically earn a lower yield than traditional CDs. Alternatively, you could employ a CD ladder strategy. In this case, you’d open several CD accounts with different terms to have more regular access to your funds without incurring penalties. CDs are ideal if you’re looking to lock in a high yield, especially if you anticipate interest rate cuts. The Fed recently indicated it will lower the federal funds rate multiple times in 2024. However, the prevailing consensus among rate-watchers suggests that elevated interest rates are delaying any cuts until later in the year. Find out the top rates you could earn on your savings now. High-yield savings accounts Like CDs, high-yield savings accounts (HYSAs) are federally insured deposit accounts that offer higher yields than traditional savings accounts. According to the Federal Deposit Insurance Corporation (FDIC), traditio...

A strong savings goal has a clear purpose, dollar amount, and deadline. If you're struggling to make progress toward a goal, break it into smaller goals. High-yield savings accounts and CDs could be places to store money for short-term saving goals.

A strong savings goal has a clear purpose, dollar amount, and deadline. If you're struggling to make progress toward a goal, break it into smaller goals. High-yield savings accounts and CDs could be places to store money for short-term saving goals.

A strong savings goal has a clear purpose, dollar amount, and deadline. If you're struggling to make progress toward a goal, break it into smaller goals. High-yield savings accounts and CDs could be places to store money for short-term saving goals.

A strong savings goal has a clear purpose, dollar amount, and deadline. If you're struggling to make progress toward a goal, break it into smaller goals. High-yield savings accounts and CDs could be places to store money for short-term saving goals.