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March 2, 2024
By
The Admiral Staff
The article advises keeping one to two months of living expenses in your checking account as an emergency fund. Once that’s established, it suggests three steps to grow your money: invest as little as 15 cents through a round-up app like Acorns, compare car insurance rates using a marketplace like SmartFinancial to potentially save hundreds of dollars annually, and secure a life insurance policy (starting around $20/month) through a company like Bestow to protect your family’s financial future
February 4, 2024
By
The Admiral Staff
After budgeting and increasing income, the article suggests moving savings beyond a checking account to maximize growth. High-yield savings accounts offer significantly higher interest rates than traditional savings accounts (currently around 2-6% compared to the national average of 0.42%). These accounts are ideal for short-to-medium term savings goals like emergency funds, down payments, or vacations. While offering a safe, FDIC-insured option, they do have potential drawbacks like minimum balance requirements, fees, and transfer
January 10, 2024
By
The Admiral Staff
According to a recent survey, popular financial resolutions for 2023 include creating a realistic budget (ideally using the 50/30/20 method), tackling credit card debt by exploring options like MoneyLion to potentially lower interest rates, monitoring your credit report with services like Credit Sesame, securing life insurance (potentially providing up to $1.5 million for your family with Bestow), increasing your emergency fund, and paying bills immediately after payday.
May 3, 2023
By
The Admiral Staff
The author, who struggled to save money despite being frugal, discovered Digit, an app that automatically transfers small amounts ($5-$50) from their checking account to a savings account based on income and spending patterns. After 10 months, they saved nearly $2,000 for an emergency fund. While the app has limitations – it offers no interest, requires bank account access, and isn’t ideal for those with low balances or a need for precise control – the author found it
September 24, 2022
By
The Admiral Staff
The coronavirus pandemic makes it reasonable to tap into your emergency fund, but it’s important to proceed thoughtfully. Before doing so, consider: whether the expense is a genuine need, if external resources or assistance programs can help, if you have other available cash to use first (excluding retirement accounts), and if you can reduce costs by finding cheaper alternatives.
