Tanza Loudenback, provided by Published 1:30 pm CDT, Wednesday, May 22, 2019 moodboard/Getty Most people only need a checking account and a savings account. But not all banks are created equal, and choosing the right place to store your money can save — and even earn — you more than you realize. You may consider switching banks if your savings earns little to no interest, your checking account has a monthly maintenance fee, you're paying out-of-network ATM fees, or your bank charges for overdraft protection. Visit Business Insider's homepage for more stories. Most people only need two bank accounts: a checking and a savings. "I'm a fan of keeping things as simple as possible, regardless of the situation," Brannon Lambert, a CFP at Canvasback Wealth Management, told HerMoney. "Little benefit is gained by making things more complicated to manage," he said. Beyond the two must-have accounts, Lambert said, "You may utilize a third account if you want … [Read more...] about 4 signs you’re using the wrong bank account
Savings or money market account
I made a mental shift to start saving more money and I’d recommend it to just about anyone
One-fifth of Americans aren’t saving any money, according to a Bankrate survey, and most say it’s because they have too many expenses. I make saving money a priority by treating it as an expense, just like rent, food, and insurance. I make regular, automatic contributions to my 401(k) and to my high-yield savings account at Ally. One-fifth of working Americans revealed in a recent Bankrate survey that they aren’t saving a dime. Thirty-eight per cent said it’s because they have too many expenses. What’s worse, 16% of respondents who aren’t saving money said they just “haven’t gotten to it.” That makes me cringe because it used to be me. But over the last couple years, I made a mental shift that I’d recommend to just about anyone: I consider saving money another expense, just like rent, groceries, and insurance. I pay rent every month because I need a place to live. I buy groceries because I need to eat. I pay for … [Read more...] about I made a mental shift to start saving more money and I’d recommend it to just about anyone
Strategies on making most of bear market
Stock charts make it easy to see how the market’s doing at any given time — green means up, red means down — and during a bear market, it’s generally red as far as the eye can see. For many people, the color red means one thing: stop. But to stop investing generally is a bad idea when the market gets scary. Worse yet? Selling stocks out of fear. Given that bear markets, defined as declines of at least 20 percent in asset prices from a recent high, are somewhat inevitable, here are some tips for how to make the most of investing during these times. Make dollar-cost averaging your friend Say the price of a stock in your portfolio slumps 25 percent, from $100 a share to $75 a share. If you have money to invest — and want to buy more of this stock — it can be tempting to try to buy when you think the stock’s price has cratered. Problem is, you will likely be wrong. A more prudent approach is to regularly add money to the market with a strategy … [Read more...] about Strategies on making most of bear market
How to Invest During a Bear Market
Anna-Louise Jackson, NerdWallet Published 3:11 pm CST, Friday, January 18, 2019 This article was first published on NerdWallet.com. Stock charts make it easy to see how the market’s doing at any given time — green means up, red means down — and during a bear market, it’s generally red as far as the eye can see. For many people, the color red means one thing: stop. But to stop investing generally is a bad idea when the market gets scary. Worse yet? Selling stocks out of fear. It takes resolve to keep investing during a bear market. These market events, defined as declines of at least 20% in asset prices from a recent high, likely will happen a handful of times during your investing lifetime. In the past 50 years, the S&P 500 has experienced six bear markets, according to data from Yardeni Research. (Confused? Get some background on bear markets.) Given that bear markets are somewhat inevitable, here are some tips for how to make the most of … [Read more...] about How to Invest During a Bear Market
Three ways to save more money in 2019
Improving your financial health needs to become a priority. Make this year the one where you take your savings to the next level. Automate everything You can’t forget to save if it’s automated. Whether it’s your 401(k) contribution taken pretax from your salary or automatic transfers from your checking account into a savings or money market account, automating will help you save without even thinking about it. Financial planner Lauren Zangardi Haynes said your employer may be able to also split your paycheck so it goes into both your checking account and a savings account. “And then you can automatically transfer that money to an investment account, or to an IRA, or to a Roth IRA,” she said. Evaluate your banking Take a look at your savings account to make sure that you are earning a competitive annual percentage yield (APY). Yields have climbed in the past year, and a number of savings accounts are offering more than 2 percent APY. If you are not earning … [Read more...] about Three ways to save more money in 2019