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Your Money Matters: Summer Financial Reset
In today’s Your Money Matters, we’re talking about a summer financial reset.
Let’s start with your savings account.
Interest rates have remained at 23-year highs for nearly two years, but not for long. Before the Federal Reserve starts cutting rates, check out high-yield savings accounts, money markets or certificates of deposit. You could earn 4 or 5 percent on your money.
Additionally, although inflation is declining, the cost of home and auto insurance has skyrocketed.
To save money, consider bundling your home and auto plans together to get a better price. Look for discounts; many providers will lower your rates if you add upgrades like storm windows or a security system. Car owners with older vehicles may want to consider cutting certain parts of their coverage to save money.
Finally, eliminate one-click purchases from your accounts.
As experts have said, it encourages overspending and credit card debt.
When purchasing online, set it up so that you have to physically enter your credit card every time.