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Free Jewels #Day30 #2minutegems

  • Writer: Lia Fortune
    Lia Fortune
  • Dec 30, 2022
  • 3 min read

Let me set the tone....


I am by no means a financial expert.... I simply want to share with you a few practical tools and steps you can take and use in your journey....


If you've found your financial rhythm, cheers to you! I would love to hear what is working for you so I can share with others in the future....


But for any of us who are still trying to figure it out, here are some free jewels....


I would suggest setting aside intentional time before reading and exploring this information, to make sure you're fully present/focused to really reflect on what may work for you.


Explore a few of the ideas below..... and maybe write down one or two ideas that you may be open to committing to in 2023. Remember none of these tools will benefit you until you use them.... 2023 can look just like this year if you do absolutely nothing. However, if you want more.... Commit to doing more!



I recently heard someone laugh about people having traditional savings accounts... So I looked into this a little further and this is what I found...


If you're looking for a better return on your savings consider these options.

According to Forbes.com ---https://www.forbes.com/advisor/banking/savings/types-of-savings-accounts/

High-Yield Savings Account

Good for: People who want to earn a more competitive rate on savings while minimizing fees.

Pros

  • You could earn a much higher interest rate compared to traditional savings accounts.

  • Online banks typically have lower minimum deposit requirements to open an account.

  • You’re less likely to be charged a monthly fee at an online bank.

Cons

  • No branch banking access means you can’t deposit cash directly into your account at a branch.

  • Transferring money between an online savings account and accounts at another bank can take up to a few days to process.

  • You may or may not have access to your money via ATM, depending on the bank.

Money Market Accounts

Good for: People who want to earn interest on savings while having more options for accessing their money.

Pros

  • Money market accounts can offer better rates than other types of bank savings accounts.

  • You may be able to write checks from your account or access your money using a debit or ATM card.

  • You can open money market accounts at traditional banks or online banks.

Cons

  • A higher minimum deposit may be required to open a money market account.

  • Interest rates may be tiered, meaning you’ll need a higher balance to earn the best rates.

  • Banks may charge a monthly fee for money market accounts.


Investing!!!!- Im going to be honest this is an area I know the least about, and if you're anything like me, or fearful about the risk of investing, I encourage you to check out this video from nerd wallet- which is a site I refer to often when weighing financial options. This video is truly just investing 101.


https://www.nerdwallet.com/article/investing/investments-for-beginners




Budgeting!!!- I believe budgeting ultimately comes down to discipline and consistency. In addition, its also about saving room for the x-factors. The expenses that come out of left field when you've finally checked every box perfectly on your budget. I've always done the traditional budget keeping- by writing out my income verses expenses. Since I only get paid once a month, I have to plan ahead for the month and can't commit to anything additional until the following month. In the video below, also by nerd wallet, the best budgeting apps of the year are explained. This could be an additional resource to explore in the new year if you really want to take your budgeting to the next level.





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