savings – How to Achieve Financial Freedom

What to Do When Interest Rates on High-Yield Savings Accounts Drop

High-yield savings accounts are known for their better-than-average interest rates, which can help your money work harder and grow faster. But what should you do if rates on high-yield savings accounts start to decrease? Watching your yield go down might feel unsettling, but rate changes come with the territory. Consider taking these three steps before […]

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6 Alternatives to High-Yield Savings Accounts

High-yield savings accounts can earn yields on account balances far beyond what traditional deposit accounts provide. These yields, while typically reliable, can still fall short of what’s available through other investments. When considering other options, weigh the factors most important to you, including safety, rate of return and how easily you can access your money.

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What Is a Certificate of Deposit?

A certificate of deposit (CD) can be a great place to keep a portion of your savings. It’s a type of savings account that allows you to earn interest for a predetermined amount of time. When the term ends, you’ll get back your initial deposit—plus interest. CDs are considered low-risk investments and can provide reliable

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What Is a Financial Windfall?

From discovering a $20 bill in the pocket of your winter coat to receiving a surprise bonus at work, financial windfalls make life a little sweeter. A financial windfall is money you didn’t expect to receive. Financial windfalls can range in size from hundreds to millions of dollars, but whatever the amount, they offer an

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Are CDs Worth It?

A certificate of deposit (CD) is a type of savings account that earns interest if you keep your money in it for a specific time period. When a CD reaches the end of its term, or “matures,” you can either withdraw your initial deposit plus the earned interest or roll it over into a new

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How to Create an Automated Savings Plan

From streaming services supplying the next episode of your favorite show to motion-sensing water faucets, automation is everywhere. Why not add saving money to the list of things that happen automatically? Making automated savings part of your payday routine can reduce temptations to spend impulsively, making it easier to save for your financial goals. Here

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Are High-Yield Savings Accounts Taxed?

Interest you earn from high-yield bank or credit union accounts is taxable as ordinary income. This includes savings or checking account interest and yields on CDs. Some credit unions call the interest paid on deposit and share accounts “dividends.” The IRS considers this taxable interest as well. Here’s how interest income from high-yield savings at

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What Is a Thrift Savings Plan?

The federal government provides a different type of workplace retirement account for its employees than private companies, called thrift savings plans, or TSP for short. TSPs are tax-deferred retirement savings and investment plans similar to 401(k)s that are only available to federal employees and military service members. Whether you’re enrolled in a TSP or considering

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What Is Longevity Risk for Retirees?

Longevity risk is the possibility of outliving your retirement savings. This can be a genuine concern, especially considering that the average life expectancy in the U.S. has grown to 77.3 years, although many people will live longer. Since it’s impossible to predict how long you’ll live, estimating your longevity risk can be complicated. Find out

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Should You Max Out Your Retirement Accounts?

The decision of whether to max out your retirement contributions every year is a personal one and often depends on your ability to save, your progress toward retirement and other financial goals. Here are some things to keep in mind as you determine the right path for you. What Are the Limits on Retirement Contributions?

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Love and Money: 5 Ways Couples Can Work Together on Finances

It may not be the most romantic topic, but how you manage your money together is the beating heart of a solid relationship. And it’s common to clash with your partner over money. Of married or cohabitating couples polled, 70% said that they had gotten into a disagreement with their partner over finances in the

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How Well Did You Handle Your Finances in 2021?

As 2022 gets off to a running start, it might be a great time to reset your financial goals and habits. But before you decide how you’re going to adjust your finances in the new year, it might be a good idea to look back on how you handled your money in 2021. Did you

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What Happens When Stimulus Money Runs Out?

A savings surge caused by the Covid-19 pandemic is reportedly turning into a slump. Median household checking account balances have fallen since the last stimulus payments that went out in the spring of 2021, according to Moody’s Analytics. Over the last few months, as Covid-19 vaccines have rolled out, people have started returning to work

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5 Tips for Saving Money on Black Friday and Cyber Monday

Black Friday and Cyber Monday, two of the biggest shopping days of the year, are just around the corner. These are the days immediately following Thanksgiving, when consumers typically do the majority of their holiday shopping. In 2020, holiday shopping arrived while the Covid-19 pandemic was in full swing, and before the widespread rollout of

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Gen Z: Here’s how You Can Become a Super Saver

Gen Z is comfortable, confident, and saving more than ever for retirement. That’s according to Principal Financial Group’s recent survey of “super savers,” people who contribute 90% or more of the maximum amount possible to employer-sponsored plans, or who made a contribution of 15% or more to those accounts from their paychecks. Employer-sponsored plans, which

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Stash Survey Finds More People are Using Buy Now Pay Later

Younger consumers are flocking to a new type of payment called Buy Now Pay Later (BNPL), which allows them to pay in installments for things they need and want. According to a July 2021 analysis conducted by Stash of more than 700,000 customers, BNPL usage increased more than four times in the seven months from

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No Spend Challenge

Challenges are a great tool for testing out a behavior change. Whether you’re trying to eat clean, meditate every day, or just be more active, 30 days is just long enough to test your willpower without breaking it. No spend challenges are an increasingly popular version of this idea, and September is the month where

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Coming Out? Here’s How You Can Prepare Financially

Your early adult years can be full of ups and downs, whether it’s worrying about grades or trying to carve out an identity, and forge a career path. For those who identify as LGBTQ+, that stress can be even more heightened. About one third of gay men and lesbians have reported suffering some form of

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Spend or Save? How American Consumers Plan to Use the Child Tax Credit

Many parents will soon be eligible for extra federal money for their kids, thanks to an expansion of something called the child tax credit. And nearly two thirds of U.S. parents say that the additional money will be essential to supporting their families. That’s according to a May 2021 survey¹ from Stash on the changes

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How, Where, and Why to Use a High-Yield Savings Account

As you become more and more mature in your financial position, you’ll increasingly want to diversify your accounts. When you’re first starting your financial journey, it’s fine to just have one checking account, but the more money that you start accumulating, the more you will want to start holding it in different types of accounts.

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