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3 moves that could have a big impact on your savings this July
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Putting money aside for emergencies — and for your future — is important. And, it’s also important to make good decisions with the money in your savings to ensure that you earn a strong return, especially in the midst of today’s inflationary environment.
But, it can be hard to make the right savings decisions, especially in today’s unusual economic climate. So what moves could have a big impact on your savings this July? Here’s what you should know.
Earn more on your savings with a high-yield savings account now.
3 moves that could have a big impact on your savings this July
Here are three moves to make that could have a big impact your savings this July:
Switching from a variable-rate account to a fixed-rate option
Interest rates are high at the moment, and many high-yield savings accounts (and other variable-rate accounts) offer rates that are hard to pass up. But, keeping your money in a variable-rate account may be risky right now.
After all, the federal funds rate could start to come down soon, especially if inflation continues to cool. And, if that happens, banks could cut the annual percentage yields being offered on variable-rate savings options, like high-yield savings accounts.
So, while those accounts may be attractive, locking in your interest rate with a fixed-rate account like a certificate of deposit (CDs) may be the better choice this July. That way, if rates decline, you’ll continue to earn the same high rate until your account reaches maturity.
Lock in today’s high returns with a CD now.
Making room for savings in your budget
Thanks to inflation, prices are quite a bit higher today than they were a year or two ago. And, the higher cost of groceries, gas and housing may be stretching your budget, leading you to prioritize other expenses over savings in your budget.
But it’s important to earmark the money for your savings in your budget to ensure that you’re building a financial cushion that can help you cover unexpected expenses, temporary losses in income or other financial hurdles — even with inflation driving up the prices of consumer goods.
So, how do you account for savings if your budget is tightening? One option is to look for opportunities to cut your other expenses. For example, you may want to switch to generic products when possible, like generic medications, which are typically manufactured with the same active ingredients as brand-name options but may offer significant savings. The money you save can then be earmarked for savings, ensuring that you’re consistently building up a safety net just in case.
Diversifying your savings strategy
Given the potential impacts that inflation, interest rate changes and other economic events could have on your savings this July, taking steps to diversify your savings strategy may be more crucial than ever. After all, a diversified approach can help protect your savings from various economic risks and potentially enhance your overall financial stability.
So, make sure that you’re not just relying on a single savings strategy right now. Instead, consider putting your savings into a mix of high-yield savings accounts, money market accounts and CDs to balance liquidity and higher returns. You may also want to balance your savings between short-term needs and long-term goals. This might mean keeping some funds in liquid accounts for near-term expenses while investing others for long-term growth.
While these and other diversification strategies won’t guarantee profits or protect against losses, they can help manage risk and potentially improve your overall financial resilience.
Start diversifying your savings strategy with the right CD account today.
The bottom line
Saving money is important, but so is optimizing your savings strategy to ensure it works best in the current economic environment. This July, you may want to take a few steps to ensure that’s the case, like moving your savings from a variable-rate account to a fixed-rate option, ensuring that there’s room in your budget for your savings and making sure that you’re taking a diversified approach. That way, you can ensure that the money in your savings is working well for you.
NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
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Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.