The Return of the Savings-Account
Akin to a pop diva princess making a comeback after a two years out of the limelight, saving up and being frugal has become a standard of living once again. A lot of Americans, frazzled by the layoffs happening all around, are worrying about job stability; so people have begun filling up their savings account with a good amount of their salaries once more. Not so in the case of investors, as they have taken to hiding away their money, rather than putting it into circulation. They would much rather stay away until the proverbial rainy days have ceased. Interest rates have fallen very low, and one must have know-how on funds. Here are some tips:
1. Store your money in more than one place. There are four ways to save up your money, and each option is suited for a particular type of spending. Groceries and other necessities would be best for a checking account, while emergency funds can be placed in a secure but not too convenient account. Waiting for a day or two to withdraw funds from this account is fine. Savings that are kept for a specific purpose can get higher yield if they’re in a certificate of deposit that will only mature when the time is right. Then, your investment money may be best for a money-market fund. But this may not always be the case.
2. It’s okay to spend a bit, even in these troubled times. The government is willing to lend a helping hand, anyway. You don’t have to settle for a local bank’s low rate, for emergency or special purpose funds. You could put your funds into accounts that are insured by the Federal Deposit Insurance Group.
3. A yield of 2% is really not as bad as you may think. But, if you’re someone who lives off your investment income, then it may be a bad thing for you. But, if you simply want to stay afloat of the price inflation, a 2% yield will do just that.
4. If the market has you scared to get into new investments, consider some higher-yielding options. High-quality short term bonds may lose money, but they also yield a lot of returns. Stable-value funds hold bonds as well, but they add insurance costs to it.
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