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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.
Next, although inflation is slowing, the cost of home and car insurance has soared.
To save, consider bundling home and auto plans to get a better price. Look for discounts, many providers will reduce your rates if you make upgrades like storm windows or a security system. Car owners with older vehicles may consider reducing certain parts of their coverage to save money.
Finally, delete purchases with one click from your accounts.
As experts say, this encourages overspending and credit card debt.
When purchasing online, set it up so that you have to physically enter your credit card every time.