Personal Finance Article

Save Yourself

Are you feeling centered? Is life, money, and everything making sense? If you're feeling lost, never fear! You aren't alone. Let's make your money work for you. 

Types of Money Accounts 

Knowing where to put your money is vital to financial health. We're here to eliminate the guesswork so you know where to put your hard-earned cash. To that end, let's review some account options.

Checking

Checking accounts offer easy access to your money daily. Customers often use debit cards or personal checks to pay for things from these accounts, such as loans or credit cards. Checking accounts frequently have associated fees, which can be avoided depending on spending habits and contract rules. When signing up for a checking account, shop for the one that works for you.

Standard Savings

Savings are vital to everyone. The standard savings option works for most people, but people who can keep more money in savings should look into a high-yield savings account. Try to make sure whatever money you put into savings is money you can afford not to use because accounts will often place fees on users who withdraw too many times monthly. Interest is how your account makes money, so having more money means earning more. Your APY could be compounded weekly, monthly, or annually. Understanding the terms and benefits of your account will help you get the most out of its use.

Money Market

Money markets or high-yield savings accounts are excellent options for people with discretionary income. They usually have a higher minimum balance than a standard savings account. The benefit is that they compound at higher rates than traditional savings, meaning holders can earn more money. These accounts also often have higher FDIC protections, but consumers should always do their homework before finding a new financial establishment. 

As you continue your journey of investing, remember to do your homework about any financial institutions you decide to work with. By carefully comparing and selecting the correct account types for their needs, individuals can optimize their financial strategies to best meet their needs and goals. Checking accounts are fantastic for daily access, paying for expenses, and paying off debt. Savings and money market accounts allow users to save and earn wealth through interest. As you earn and save wealth, stick around (financial advising website) for our next article on personal finance!