I’m trying to reach severalsavings goalsthis year while accounting for higher prices due toinflation.
A “one size fits all” savings strategy simply won’t cut it.
I already have several helpful features set up with myAlly accountto help boost my savings, including automatic transfers.
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I asked two certified financial planners for their insight.
They convinced me thatwhereI stash my money matters, and diversification is important.
Here’s a strategy experts recommend for long-term andshort-term savings goals.
Luckily, I already keep my savings in a high-yield savings account, where I earn interest.
Then, I can withdraw those funds when I need them without an early penalty fee.
Plus, the rates for some CD terms are still high, hovering around 4.50% APY.
I might also consider building a CD ladder by setting aside money in multiple short-term CDs.
Luetters recommends this method for capitalizing on fixed yields depending on your investment goals and time horizon.
But Latham doesn’t recommend long-term CDs because they don’t guard against inflation.
In my case, I’m not planning on locking up my money for longer than a year.
