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The recession has made building up savings cool again. The thrifty are no longer looked at as an odd species in American culture. Use the following tips to boost your savings this year to help secure your financial future.

  • Stash your emergency fund in a high-yield savings account. This is money that you may need to access quickly. Look for a high-yield savings account  that can help combat inflation.
  • Shop for the best CD rates online. Decide how long you can tie up your money and shop for the best rates and other terms. look at penalties and other fees when comparing bank deals.
  • Set up regular contributions to a retirement savings plan. Put contributions on auto-pilot and watch your savings grow.
  • Pay off pesky credit cards once and for all. If you’re paying too much interest, compare credit card offers to get a better deal. Once credit card debts are wiped out, divert the monthly payment amounts to your savings.
  • Shop around for better savings deals at several banks. Being loyal to your local bank doesn’t always result in the highest savings rates. You may even need to take your business online to get the best savings rates.

Take the time to shop around for the best bank deals to improve your personal savings rate.

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