Recently I saw this funny meme on Facebook:
Italians are the biggest recyclers of plastic bags. So if you see a turtle choking on a plastic bag, don’t look at us. All our bags are in the drawer under the sink.
If you want to get into great financial shape in 2020, take Action Step #3: Saving.
You might have already learned to live within your means. But that’s not the only way to save money.
For instance, using a high-yield savings account can also increase savings. It can be as simple as changing accounts.
The average savings account has an annual percentage yield (APY) of only 0.07%. High-yield savings accounts have APYs of 2% or more.
If you left $1,000 in an average savings account for five years, at 0.07% APY, you wouldn’t even be at $1,004 after that time elapsed. But with a 2% APY, that $1,000 would be worth $1,104. That’s $100 extra just from switching up your savings account.
The difference could be even greater if you have more savings or keep the money in the account longer.
When it comes to saving, our great-grandparents were masters of not allowing anything to go to waste. Since they survived the Great Depression, they knew the value of recycling and re-using things.
It may be a good idea to revisit some of those ideas. For instance, during the Depression, people used to pad out ground beef meals with filler, like lentils or oatmeal. You usually couldn’t taste the difference. And if you’re making meatballs, add more breadcrumbs. It works.
Being mindful of such things can make a difference for your bank account. For help in making that happen so you don’t have to keep a bunch of plastic bags around, give us a call at 513-563-PLAN (7526) or book online.
Dan Cuprill, CFP®