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Joel covered a lot this week, so here's a quick outline of what you need to know to get yourself on your way to financial happiness:
Rates on savings are increasing which is great! However, if you're part of a bigger bank, you may be getting next to nothing in your savings. Consider moving your money to a bank that has better rates on savings. If you're thinking of doing this, look out though. Some banks will claim you'll get a high rate on your savings, but you need to check to see if they're insured by the FDIC. For example, Compound Banc is one that advertises a 7% rate on savings, but they're not insured by the FDIC. Compound is investing on RE bonds and which comes with a high degree of risk according to the SEC. So if you're switching banks, always make sure that you're making sure that you put money into a bank insured by the FDIC.
Around 44% of people who have put money into a Flexible Spending Account (FSA) have lost some of that money since that money does not roll over in the next year. If you put money into an FSA, and don't spend it by the end of the year, that money is gone. So, how can you avoid that? Well, something that you need to remember is that those accounts are not solely used on doctor's visits. If you don't have an expensive doctor's visit, there are products you can buy to help use up some of that money. Some of these are cold and allergy medication, first aid, and even sunscreen. Check out this Amazon page! But remember that you're not limited to Amazon. You can buy some of these at other stores such as CVS.
The conversation around Social Security is getting a lot of people thinking about retirement. A good idea would be to check out maximizemysocialsecurity.com to see when the best time to start drawing from Social Security would be. Chances are that waiting is better than taking out early.
Money Move of the Week: Check to see if you have missing money! Check out this website to see if you have unclaimed money waiting for you. Around 1 out of 10 people do not know they have money to claim.
Grocery prices have gone up almost 12% this year! There are a few ways to combat this inflation.
- Learn how to cook! It's a great way to cut spending on eating out. And once you get good, it can be really fun! If you need help thinking of some ideas, check out the Budget Bytes website for inspiration!
- Create and stick to a budget. The rule of thumb is to spend around 10% of your take home money on groceries.
- Plan out your meals. Try to spend some time each week thinking of your meals to avoid wandering around and spending more money than you intend to.
- Buy store brands since they are generally cheaper.
- Shop at cheaper stores! Check out sites like BuySalvageFood.com to find cheaper, local stores!
Don't forget to check out the 'How to Money' Newsletter and website!
Check out the show below!