HOW TO BUDGET FOR AND MAXIMIZE YOUR SAVINGS
between 1%–2.2%. So, if you put $10,000 in a traditional savings account with a 0.01% interest rate, then you’d earn $1 at the end of one year. But if you put the same amount into a high-yield savings account with a compounding interest rate of 1%, you would earn around $135 in one year. Pay yourself first. Even if you have a great savings account with a high interest rate, it won’t do much good if it’s empty or not being added to regularly. Many people don’t think about their savings until after the bills have been paid each month. However, it’s actually better to save first! Contributing to your savings before you pay your bills or make other purchases will ensure you prioritize saving and maximize your great interest rate. As a bonus, when you put money into your savings first, then pay your bills, you’ll minimize the temptation to spend on unnecessary extras.
monthly expenses, then see how much is left and how much of that you can put away. Make saving a priority by building this habit into your monthly routine, and you will rest easy knowing that you have a little extra tucked away for a rainy day.
While saving money is difficult for some and easy for others, we can all agree that doing what we can to put a little money aside can help us in the long term. Here are two ways you can get the most out of your savings. Open a high-yield savings account. There are multiple ways to open a savings account, but which is the best? If you want the highest interest rates and low (or no) fees, a high-yield savings account is your best choice. The main difference between this kind of account and a traditional savings account is the annual interest rate. While some brick- and-mortar banks do offer high-yield accounts, many — and those with the highest interest rates — are offered through online-only banks. Why is it worth moving your money into a high-yield account? They offer interest rates that are 20–25 times higher than traditional savings accounts. Whereas a savings account at a traditional bank may offer a 0.01% interest rate, a high-yield savings account offers rates
To figure out how much to save each month, start by making a simple budget. Add up your
Take a Break!
Inspired by MinimalistBaker.com
Pumpkins aren’t just for pie — they make delicious soup, too! This fall, try your hand at this healthy soup recipe and warm up with a bowl. Classic Pumpkin Soup
Ingredients
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2 tbsp honey 1/4 tsp sea salt 1/4 tsp pepper 1/4 tsp cinnamon 1/4 tsp nutmeg
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1 tbsp olive oil 2 shallots, diced
3 cloves garlic, minced 2 1/4 cups pumpkin purée (homemade or canned) 2 cups vegetable broth
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1 cup canned light coconut milk
Directions
1. In a large saucepan over medium heat, sauté olive oil, shallots, and garlic for 2–3 minutes. 2. Add the remaining ingredients and bring to a simmer. 3. Transfer the soup to a blender and purée. Pour the blended soup back into the pan. 4. Cook over medium-low heat for 5–10 minutes. Taste and add additional seasoning as desired, then serve!
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