Saving Money Just Got More Difficult
We all have less money to save than ever, and making any money off a savings account seems more like Sisyphus of Greek mythology, destined forever to roll the rock uphill. When I checked the rates for Certificates of Deposit last week, our local bank was offering .9 percent interest for a one-year CD. Maybe this is not the best use for my money, or yours.
This little enlightenment got me to thinking about what we should be doing with our money right now, until the interest rate improves. Here are some considerations.
If you have a mortgage on your home and the interest rate is 4, 5 or 6 percent, it would be better use of your money to pay on the principal. You can do this by making your regular payment and sending a separate payment marked as "principal only."
This is probably the best use of your money unless you have outstanding credit card debt. If you have credit card debt, consider paying that indebtedness, since the interest rate on credit cards seems to be at an all-time high.
We have written an article about saving money the smart way to share. We hope you find it useful in considering smart moves for making your money work for you.
See you soon, with more consumer information and tips for frugal living.
Linda
cajunC
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