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How to Prepare for Lower Interest Rates

MainStreet Financial Planning

From locking in high yields on savings accounts to refinancing loans and adjusting your investment portfolio, there are steps you can take today to maximize the benefits of lower rates. Savings (Short-Term Focus) When interest rates fall, the returns on savings accounts and other short-term investments like CDs often decrease as well.

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Are You Holding Too Much Cash?

Darrow Wealth Management

If you’re saving for a major purchase in a year or two, that money should be kept in a safe interest-bearing account or investment, such as a high-yield savings account or Treasury. Two income families usually need less, around 3-6 months in emergency funds.

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Ten Steps To Creating A Solid Financial Plan For Yourself

Clever Girl Finance

A debt pay-off and spending plan (using your budget). A fully-funded emergency account. Should you have joint accounts or separate accounts? Having joint accounts is great, but I also believe in having your own personal savings accounts. But don’t feel like you need to keep your personal accounts secret.

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What Is Budget Counseling And How Does It Work?

Clever Girl Finance

However, in some cases, you may need to sign up for a Debt Management Program (DMP), which will usually have a cost. You can get basic budget counseling at their various agencies as well as debt management plans. They can help connect you to a member agency that will offer debt relief solutions.

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12 Steps To Creating A Solid Financial Plan For Yourself

Clever Girl Finance

For instance, I might ask myself about my money: how much debt do I have? What does my savings account look like? Pay off debt When you make your money plan, be sure it includes a debt management system and a plan for paying off debt. Work towards being able to say, “I’m debt-free!”

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The 15 Worst Financial Decisions And How To Recover From Them

Clever Girl Finance

Not saving any of your monthly income When it comes to saving money, I’ve heard so many people complain that after they’ve paid their bills, they don’t have any money to contribute to their retirement accounts or to add to their emergency fund. Imagine if you did that for five years. You’d have over $5,000.

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How much do I need to retire? Planning for Your Unique Retirement Needs

Carson Wealth

Your financial advisor can help you plan for challenges you may face in retirement, such as spending, efficient savings, taxes, inflation, debt management, Social Security and Medicare. Cash includes checking, savings, money market accounts, CDs, physical currency and other banking or credit union products.