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By Anne Purcell
When it comes to your savings, don't rely on luck. Instead, take a minute this Saint Patrick’s Day to evaluate your financial health. Check-in and see if there are ways you can improve your financial portfolio and increase your pot of gold!
If you are unsure of the best ways to create your own savings luck or need ideas on increasing your savings, these three easily adaptable tips will serve you well.
Interest rates vary dramatically across different financial institutions, and if you are unhappy with your current rate, it's time to look elsewhere. Look at your past statements and see how much you are making on interest at your current institution. Once you are aware of this number, research other institutions that could serve you better. Compare the rates and other benefits such as digital banking, credit card benefits and certificate options, then choose the option that will work better for your short- and long-term savings goals.
While it may seem like a hassle to switch your financial institution, especially if you've banked at the same place for years and have many accounts there, the difference it can make for your savings and overall financial health in the long run is worth the minor inconvenience of switching over.
Having your savings in a high-yield savings account can help you grow your money. The interest you make will be deposited directly into your account each month, so you can see your money grow month-by-month without any extra effort on your end (other than making the financial institution switch!)
If you have extra cash that you know you won't need for a specific amount of time, putting it in a certificate could be a great option to increase your savings. Certificates are a great way to put your money away for a set amount of time, where your money can earn even more interest than in a savings account.
When opening a certificate, you can choose from many options and rates that will help reach your savings goals faster. For example, if you have been saving for a big trip you are taking in 6+ months, you could put that money away in a certificate to earn some extra money before you take the trip.
To open a certificate, look at the requirements for the financial institution of your choice. At Alliant, you can open a certificate with a minimum deposit of $1,000 and choose from terms ranging from 3 to 60 months. Remember, each term will have its own interest rate, so be sure to look at each option to know exactly what you are signing up for.
Did you know you have until Tax Day to make IRA contributions for the previous year? If you have yet to open an IRA and have extra savings that could be contributed towards retirement, this would be an excellent time to look into starting one. An IRA is a great way to increase your retirement funds, and you can still deposit funds for 2023 and 2024.
There are a few types of IRAs, including a Traditional and a Roth, which act similarly to a Traditional or Roth 401k. Like a 401k, there are contribution limits for how much you can contribute each year. There are many ways to set up an IRA, such as with a bank or credit union (like Alliant), at a life insurance company, mutual fund or a stockbroker. When it comes to your savings, don't rely on luck. Instead, take a minute this Saint Patrick’s Day to evaluate your financial health. Check-in and see if there are ways you can improve your financial portfolio and increase your pot of gold!
Do keep in mind that if you open an IRA, you won't be able to access earnings until you're 59 ½ without penalty (contributions can be withdrawn at any time without penalty). However, you may have to pay taxes and penalties on earnings in your Roth IRA. Once you meet that age, you can withdraw with no limitations.
If you have extra savings sitting around, make some of your own luck by reevaluating how you save your money. From high-yield savings accounts to increasing your retirement funding through an IRA, make your savings work for you.
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