No one knows exactly how many interest will change or how quickly inflation will increase, so you always want to be strategic about where you put your hard money. Growing your wealth can feel like an exalted goal when you are surrounded by economic uncertainty, but there is a lot of metaphorical piglets in which you can put your pennies.
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It’s time to take control of your salary and other income and improve your savings strategy. Here are some intelligent moves that you can do this summer.
Set up the “Pay your first” system if you haven’t already done so. Part of each salary should automatically go to your savings accounts. This way, you don’t even have to get into the habit of contributing to your savings. You do not need to think about it and you will not be tempted to spend money that will be better used, making interest.
You should always strive to increase your pension accounts such as 401 (K) S and IRA. You will receive the most benefit of complex interest rates and tax benefits when you hit retirement age.
The 401 (K) contribution restriction in 2025 was $ 23,500. So you will be able to invest a good part if your employer is the same with the contributions, even better. You will want to take full advantage of any “free money” they offer and do not leave anyone on the table.
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It’s always a great idea to get rid of any debt you have as quickly as possible. If you are able to make more payments than you need to your mortgage, car loan or student loans. You can save thousands of interest and get without debt faster.
Shop for a good high -yield savings account. There are many banks and credit unions that are only online, and they can offer higher interest rates than most brick banks and mortar. Each bank is different and they all offer different advantages and prices.
Some give you better prices for larger deposits, while others have great registration bonuses. So don’t put all your savings in one place. Open two to three accounts in different online banks. Then monitor the various interest rates as they change, and move your money between them, if necessary, so you always get the best deal.
I bonds are a type of savings bond emitted by the federal government. The interest rate changes every six months to match inflation. This makes them ideal for protecting your savings from a loss of value.