HOW TO BUDGET FOR AND MAXIMIZE YOUR SAVINGS
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 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 you don’t add to it 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 you have a little extra tucked away for a rainy day.
FALL ACTIVITIES FOR ALL AGES!
Here in North Carolina, we’re lucky to have year-round near- perfect weather, but as the temperature dips and the air becomes cool, fall becomes the perfect time to get out and explore. This year’s pandemic may make fall traditions more complex than usual, but you can enjoy autumn while staying safe in plenty of ways. GO FOR A HIKE AT LAKE JOHNSON PARK. With more than 5 miles of trails to roam and trees that hug every curve in the lake, you won’t ever want to leave this picturesque park. Take the grandkids for a hike through the park, or plan a special date for leaf peeping along the path. (Did you know that October is the best time of the year to see the fall leaves in Raleigh?) Or, you can enjoy some quiet fishing, boating, or kayaking. All of this exploring without ever leaving Raleigh? Sign us up! GET LOST AT PAGE FARMS. Each year, Page Farms welcomes families and kids for fall farm adventures, including pumpkin picking, exploring the corn
maze, or going on a hayride. While Page Farms may not be able to offer all of its amenities this year, you can still enjoy plenty of fall adventures on the farm. Page Farms is preparing its pumpkin patch, but check its Facebook page for updates on the corn maze and other fun adventures. Regardless of what you can do, there’s nothing like a day at the farm to make for a great fall adventure. GO CAMPING! Camping is often thought to be a summertime activity, but there’s nothing like relaxing in nature with beautiful changing leaves surrounding you and no bugs in sight! Plus, the crisp, cool air makes fall a great time to explore our local region and go camping. Just be sure to pack warm blankets, jackets, and cold gear for those brisk nights. A warm fire and some s’mores should help heat you up, too! Inquire about COVID-19 precautions and policies with individual establishments. Go to VisitRaleigh.com to find more local adventures.
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