savings Archives - Empathic Finance

Better financial habits are easier when you stop using credit cards

Posted by Mike Pumphrey on January 22, 2024 | Featured

The simple act of not using credit cards will naturally lead you into all sorts of other better financial habits too. … Read More

Tags: budgeting, credit card, credit cards, savings

Should you move your emergency fund to an interest-earning account?

Posted by Mike Pumphrey on June 19, 2023 | Featured

It’s not important to earn interest on your emergency fund, but if there is no downside, then why not do so, now that rates are so high? … Read More

Tags: emergency fund, savings, savings accounts

Your funds are safe: Why the FDIC is amazing

Posted by Mike Pumphrey on March 13, 2023 | Featured

A bank run and collapse just reaffirms why the Federal Deposit Insurance Corporation (FDIC) is an amazing benefit to consumers. … Read More

Tags: savings, savings accounts

What to do when you’re paid biweekly

Posted by Mike Pumphrey on January 2, 2023 | Featured

You’re not getting bonus checks, even if it feels like you are. But getting paid biweekly gives you an chance to ensure some serious savings. When people get paid a regular income, it can happen at various frequencies, but there … Read More … Read More

Tags: budgeting, paycheck, paychecks, savings

Is now a good time to buy I Bonds?

Posted by Mike Pumphrey on August 8, 2022 | Featured

The inflation-adjusted Series I Bonds seems like a good place to park your money, but is that actually the case? Nothing here is financial advice. Please see my Disclosure Policy. I recently got this question sent to me from one … Read More … Read More

Tags: reader questions, savings, savings bonds, treasury bonds

How to find out if you have secret savings bonds

Posted by Mike Pumphrey on April 25, 2022 | Featured

The U.S. Treasury has a site called “Treasury Hunt” where you can find out if you have savings bonds in your name (or not). When I was a kid, I remember there was a special on TV called “The Mystery … Read More … Read More

Tags: bonds, savings, savings bonds

Why Ally’s Surprise Savings is terrifying

Posted by Mike Pumphrey on February 21, 2022 | Featured

I explore the Surprise Savings product from Ally and suggest a different way to achieve the exact same results. Last night, I was logging on to Ally to adjust some of my automatic transfers between my checking account and my … Read More … Read More

Tags: Ally, float, savings, savings accounts

You can still save for retirement after you’ve retired

Posted by Mike Pumphrey on July 19, 2021 | Featured

If your circumstances permit it, you can continue to save for your future for many years after your retirement. We tend to think of retirement as an event. One day you are working, and boom, the next day, you’re retired. … Read More … Read More

Tags: IRA, retirement, Roth IRA, saving, savings

Why a terrible savings account rate is actually just fine

Posted by Mike Pumphrey on September 28, 2020 | Featured

Falling interest rates may seem like a concern, but it helps to illustrate what savings accounts are really for. I’ve also long talked about how you can use an online savings bank to get much higher interest rates than with … Read More … Read More

Tags: insurance, savings, savings accounts

Offense and defense: What chess can tell us about financial wellness

Posted by Mike Pumphrey on April 13, 2020 | Featured

So much financial advice relies on defense, such as reducing spending, but you need a good offense plan too. Just like in a game of chess. I confess I’m not much of a sports person. I collected baseball cards as … Read More … Read More

Tags: chess, defense, earning, offense, savings, sports

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