Looking to start the New Year off on the right foot? We can help! KCU Branch Manager, Dezirae, is here to share how you can make the most of your money in the new year.
Here’s Dezirae’s advice on how to make your money work for you:
You can start the New Year on a strong financial footing by creating a budget tailored to your financial goals. Track your income, prioritize expenses, and allocate savings. This proactive approach will help you manage your money effectively throughout the year and prepare for upcoming expenses like routine car maintenance, property taxes, insurance, etc!
If you’re looking for way to ensure that your hard-earned savings works for you, consider a high-yield savings account which offers attractive interest rates, allowing your money to grow more quickly than in a traditional savings account. This type of account provides a safe and accessible way to build your savings.
For those with short-term savings goals, I recommend money market accounts which provide a balance between high interest rates and liquidity. They often offer better interest rates than regular savings accounts while allowing you to access your funds more easily than with other investment options.
If you’re working with a modest sum, consider an add-on certificate which allows you to transfer over any extra funds you may have at any given time. This approach allows you to start investing with minimal funds, helping your money grow over time. Additionally, you can explore budgeting apps to manage your expenses efficiently.
Taking these steps is crucial for several reasons. By budgeting effectively, you gain control over your finances, reducing stress and providing a clearer path toward your financial goals. High-yield accounts and money market accounts offer opportunities for your money to earn more than in traditional savings accounts, accelerating your wealth-building process. Even with a low dollar amount, strategic investments can lead to meaningful returns over time, fostering financial stability and security.
Remember, making the most of your money involves a combination of smart budgeting, strategic saving, and informed investing. As your trusted financial partner, KCU is here to support you in achieving your financial aspirations in the coming year! Together it’s possible.
