Banking

When someone completes their Debt Freedom March, they usually have freed up a ton of cash!  This money used to go to lenders, but now it can be used for much more fun things – like savings!  Here are some of our recommendations for where to put the money while funding plans, hopes, and dreams.

Savings Accounts

Online savings accounts are excellent places to earn higher interest on one’s emergency fund and known upcoming expense savings. Because they do not have many branches, they have lower costs and that translates to increased interest rates for their savings accounts. The online banks below typically have savings account interest rates that are seven to eight times the national average of the big banks.

ADDITIONAL OPTIONS:

ONLINE CHECKING ACCOUNTS

Retirement Savings

Statistics routinely show that most people delay saving for retirement far too late. In fact, many do not begin saving until they are 10 or 15 years away from retirement. Here are some great options for retirement savings:

College Savings

Saving for a child’s college education is the dream of many parents. A great way to accomplish this dream is to invest in a tax-advantaged 529 Plan. Every state in the US has its own 529 plan, but you can invest in any state’s plan. To find out more information on a 529 that best fits your needs, you can check out:

• Joe’s Series on 529’s

• How Much Do You Need to Save For College

• How to Pay for College

• Saving For College

If your state has income taxes, investing using your state’s plan can be very beneficial.  This is because most states offer a tax deduction for 529 investments if you choose to invest in your state’s plan.