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Key takeaways. Saving money requires intentional planning, and the way you should go about creating that plan will depend on whether you’re saving for short-term or long-term goals, or both.
In the short term, if saving falls below investment, it can lead to a growth of aggregate demand and an economic boom. In the long term if saving falls below investment it eventually reduces investment and detracts from future growth. Future growth is made possible by foregoing present consumption to increase investment.
What to consider for long-term savings. If you have long-term savings goals that span five to 10 years or more, developing a well-diversified investment strategy can be a smart choice.
Term length: CDs and bonds have specific term lengths, unlike savings accounts. These enable the banks, credit unions, and Treasury to offer a higher rate, since they get to hold on to your money ...
Alternatively, if you are looking for very short-term savings, CIT has a high-yield savings account with an APY of 4.05%. However, you do need a minimum deposit of $100 to open a high-yield ...
4. Secure long-term gains with a CD ladder. With interest rates moving lower after recent Fed cuts, building a CD ladder offers a way to leverage today’s highest CD rates without losing access ...