Many people are getting ready for some major spring cleaning, but instead of cleaning your house, start focusing on your savings. Now is a perfect time to start stashing away money and getting it organized. It can be for big purchases like a house or smaller purchases like clothes, running shoes, or outdoor equipment.
We probably all grew up with a piggy bank and packed it full of coins. When it was finally full you could crack that piggy open and discover your long lost treasures. Now as adults, we have the convenience of doing everything online. You can open a savings account with a bank and you’ll still have access to it at a moment’s notice. Money market and CDs may be great options if you’re a person that’s likely to dip into your electronic piggy bank.
Money markets are places where you can stash money, like a savings account, but you can’t get a hold of the money immediately. The interest rates tend to be a little higher compared to a traditional savings account as well.
A CD is basically a savings account with a lock. It has to reach a maturity date before you can withdraw money from the account without a penalty. You can set your CD maturity date anywhere from 6 months to 48 months and the longer you commit to leaving it in there the higher the interest rate you can get.
It’s never too late to start saving even if you only start with a buck!
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