Living is expensive, and saving money is hard.
A high-yield savings account can help you earn interest on cash you’re able to put aside. But if you find yourself making frequent withdrawals, the money you’re stashing may be dwindling faster than you’d like.
A savings account shouldn’t be treated like a checking account, said Chad Harmer, financial planner and founder of Harmer Wealth.
“The key is balance. Use the account as a safety net, but not as a go-to for everyday spending,” Harmer said. “If you’re dipping in often, it might be time to reassess your budget and find areas where you can cut back or reallocate spending.”
Even if you’re living paycheck to paycheck and struggling to set a few dollars aside, a high-yield savings account can help you establish habits that pay off in the long run.
Don’t put off saving for later
According to Harmer, one of the biggest mistakes is…
