Balance is an essential element of living a well-rounded life. It’s why people often refer to the saying “work smarter, not harder” when discussing productivity and maintaining a healthy work-life balance. The popular saying doesn’t just apply to your career, though—it applies to finances, too.
Although you do need to put in some work in order to get rewarded financially, the fact of the matter is that you don’t need to work around the clock in order to grow your money to its fullest potential. In fact, by taking advantage of the opportunities available to you, you can expand your finances by letting your money do the hard work for you. Keep on reading to learn the five ways you can become more financially productive right now.
1. Get a bank account with interest
Building an emergency fund is essential, so if you’re going to have money sitting in savings, you should definitely try to get a bank account with interest. Earning interest on money you have stored in savings is a great way to grow your account without having to lift a finger. Of course, the amount you earn in interest depends on how much you have saved, and though interest rates usually aren’t very high, the more money you have, the more interest you’ll receive. Overall, this is a good incentive not only to have money saved up but to also continue adding to your emergency fund.
Two good options to look into for your emergency fund would be a high-yield savings account or a money market account. Almost all high-yield savings accounts are found online, so you’d have to use an online bank for this. Currently, Bask Bank seems to be the most favorable option with 0.80% APY (Annual Percentage Yield), zero minimum balance requirements to start earning interest, and zero monthly fees. LendingClub, CIT Bank, and Barclays are also good options, but the rates, requirements to start earning interest, perks, and fees all vary from bank to bank. Money market accounts are similar to high-yield savings accounts, though they…
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