How to Budget for and Maximize Your Savings
P ay yourself first . Even if you have a great savings account with a high interest rate, it won’t do much good
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. O pen 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 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.
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. To figure out how much to save each month, start by making a simple budget. Add up your 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.
Take a Break!
Warm Spinach and Sunchoke Salad
Inspired by FoodAndWine.com
INGREDIENTS: •
DIRECTIONS: 1.
1/4 cup extra-virgin olive oil, divided 1 lb sunchokes, scrubbed and cut into 1-inch pieces 15 garlic cloves, peeled Pinch of crushed red pepper Kosher salt and black pepper 1 lb leaf or curly spinach, stemmed and large leaves torn
Preheat the oven to 400 F.
In a large cast-iron skillet, heat 2 tbsp olive oil until nearly smoking. Add sunchokes, garlic, and crushed red pepper. Season with salt and pepper. Move skillet into the oven and roast for 25–30 minutes, until sunchokes are just tender. In a large bowl, add the prepared spinach. Remove skillet from the oven and add vinegar and remaining 2 tbsp olive oil, then pour mixture over the spinach. Toss gently until spinach is wilted. Add apple and half of the cheese and season with salt and pepper to taste. Transfer to a serving bowl, toss, top with remaining cheese, and serve.
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1/4 cup apple cider vinegar
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SCARY
HORROR
APPLES
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SCREAM
MASKS
CALENDULA
1 Honeycrisp apple, sliced 4 oz clothbound cheddar, crumbled (1 cup), divided
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TREAT
OPAL
CANDY
9.
TRICK
POPCORN
HALLOWEEN
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