Where to Stash your Cash

If you’ve been working towards your goal of saving money, and you’re looking for a great place to put your savings, there are many different places and ways to choose from.  Some places are more rewarding than others, safer, and a lot more beneficial.  If you’re looking to find a place soon, consider a few ways that can really make a difference in the way you save money. 

CDs - If you’re looking for a great way to make money on your money, definitely consider putting your money in a CD.  The majority of CDs have a great interest rate, and they allow people to even make money on money that would just be sitting there.

Money Markets - Money markets are another great way to store your cash.  They have great interests rates, allow you to still withdrawal money, and the best part, make money off your money.

Stocks - If you’re looking to make money over time and not over night, try out the stock market.  This can be risky yet it can be rewarding.  If you do plan on trying the stock market, be sure to ONLY do a small portion of your money to avoid loosing too much money!  Also, be sure to do your research, and get a bit of advice beforehand.

401ks - 401ks are also a great benefit.  If the company or business that you work for offers these, take advantage!  They are a great way to store money and make money.  Many wish they had the opportunity to do this, but can’t so feel lucky if you have this opportunity!

Savings - As always, a savings account is obviously a great way to store your money as well.  This is very convenient for most simply because they have a savings and a checking account at one bank.  This means one trip and only one place to deposit all your money.  Although savings accounts are great, they don’t have the best interest rate!

There are several great ways to store your money away.  If you can, save up as much money so that way you can have emergency money.  Most people today aren’t taking that seriously and are having to borrow money now more than ever.  So, if you can, save up as much money as possible, and make money off your money so you can be in the best shape!

How to Get Cash Fast

We all know that the economy has been doing very poorly.  The problem with a down economy is that if affects everyone.  If you’re not making as much money and you’re tight on money, you’re not going out to spend money.  That means those people you would have given money to (when making purchases) are making less money and most likely many businesses will see a dramatic crunch.  A bad economy is a huge downfall that can leave people struggling now more than ever. 

Often when people are affected by a bad economy, they are tight on money, are looking for ways to make more money, and don’t have any emergency money to back themselves up.  When these problems occur, we need money fast.  Several people run into this situation every year and are looking for help.  How can you get money fast when you need it more than ever?  How can you get money so you can avoid foreclosure, pay for food on the table and the daily expenses?  There are a few different ways to get money fast.  Continue reading below to find out what those ways are.

  • Sell your investments - No one likes to sell their investments in a down economy, but if you have to to get by, do it.
  • Home equity - Home equity is an option for most people if they have a credit score of over 720, a steady income and more than 20% equity in their home.
  • Government aid - If you qualify, consider government aid.
  • Consider a margin loan - If you have investments that you don’t want to get rid of, you can borrow up to half the value of your taxable investment account. 
  • Borrow money from your 401k - Most workplaces will allow you to borrow up to half of your balance, but not over $50,000.
  • Sell your belongings - Do you have things around your house that are worth a large amount of money?  If so, get rid of them and collect the money!  Consider selling them on sites like eBay or Amazon.
  • Friends and family - If you HAVE to, consider borrowing from your friends and family.  Although, keep in mind that you should always pay back, even more since they were so generous and helpful.

Cash is always available if you need it fast.  There are several different ways to get it even though we hate to even think of this scenario or that being us one day.  It is important to always have emergency money, and to set aside as much money as you possibly can so that situations don’t end up like this or even worse.

Things to Know About your Money Market Account

It is very common for people to open up a money market account.  This is money that is being saved for the future, and is different from a regular savings account because it has a higher interest rate and there are limited transactions that can be made.  If you’re one of these people that has a money market right now or is thinking about opening one in the future, here are a few things you should know and take into consideration.   

Higher interest rates - Money market accounts are great because they often offer higher interest rates than your typical bank.  Lets say you open up a savings account at your bank near by, most likely they will give you around less than half a percent!  Open up a money market and you can get great rates on your money.  Click this link for some example on what you can get.

Limited transactions- Another difference between a savings account and a money market is that you’re limited to your transactions.  This means you can only withdrawal a certain amount of times from your money market account.  Make sure you find out what this number is before you make the mistake of withdrawing too many times!

No penalties - A money market account is also great because you don’t get penalized for taking out money like you would for a CD.  You are limited transactions, but you CAN withdrawal a certain amount of times per month.

Make money on your money - What’s better than making money on money that is just sitting there?  Collect all the interest you can, and avoid your average savings account.  Even if you’re only making $5 a month, that’s $5 you didn’t have, and $60 extra per year.  Times that by 6 years, you’ve got yourself an extra $720!  See how easy that is?  And that’s only based on $5!

Money market accounts are great, and they’re also a great way to make money on your money.  Once again, you can look at some of the different rates available here, and get a good idea.  Be sure to check them out, figure out how much you could be making and give it a shot.  They are easy to start up, have major benefits and are great for storing money away!

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Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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