12 Crucial Money Tips for Every Phase of Your Financial Life
By Gabrielle Olya November 12, 2020
Get the secrets money experts want you to know.
Everyone makes money missteps at some point in their lives, whether it’s splurging on unnecessary items or neglecting to contribute to retirement funds as soon as possible. Even financial pros are not immune to making mistakes. To help you avoid unnecessary pitfalls, check out these tips and tricks that can help you live your best money life — no matter your age.
Start With Saving
More than half of Americans have less than $1,000 in savings, a 2019 GOBankingRates survey found. Although it’s tempting to spend rather than save when you get a paycheck, it’s important to prioritize putting money away into your checking or savings account. On top of that, you should also use the right checking or savings accounts to grow your money.
A checking account like PenFed’s Access America Checking can do more for your money because, with a monthly direct deposit of $500 or more, you can earn an annual percentage yield of 0.20% or 0.40%2 depending on the daily balance. That means your money will be growing while it sits there until you need it. Since that’s basically free money, it’s something to consider taking advantage of.
Avoid Lifestyle Inflation
It’s important to increase your savings rate whenever you start earning more in order to keep growing your net worth.
“Save one-third of every pay raise you get so you don’t succumb to lifestyle inflation,” said Ted Jenkin, a certified financial planner. By starting this practice early in your career, you’ll develop good habits like saving, investing and paying down debts instead of spending it on more stuff you won’t care about in a few years’ time.
Don't Waste Your Money on Things You Don't Need
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