This segment is sponsored by Barclays.
Tax day has come and gone.
So while you're waiting on your return,
you can start planning on
what to do with that money.
And here, with some tips for us
this morning is the host of real
Simples Money Confidential podc,
Stephanie O'Connell Rodriguez.
Stephanie, so good to have you .
Well, thank you for having me.
All right. Why are Americans
having such a hard time saving money?
It's certainly no secret that everything
has been getting more expensive.
And we're not just talking about
the fun stuff like vacations.
We're also talking about the
essentials like housing and groceries.
5% inflation is the latest
number year over year,
and that's the lowest it's
been in a long time.
So if your wages haven't been
rising at the same rate,
it's no wonder that it's
hard to make ends meet and
make saving money a priority.
We're coming out of tax season.
People just filed their returns yesterday.
For those getting a return,
what are some of the best ways and best
things for them to do with that money?
Well, it's a great time.
Anytime you get a windfall,
and especially if you're getting a tax
refund to work toward your financial goals,
maybe it's paying down some of your debt.
If you have especially high interest debt.
Maybe it's saving up and buildig
your emergency savings so that
money that you need there in an
emergency if something happens.
And with your car or your house
or an unexpected medical bill,
you want that money in a safe
place that you can access.
But that's also hopeful.
Really growing at a really decent rate.
And this is where tools like a
high yield online savings accout
can really help you out.
Because if you go to your local
brick and mortar bank where
you have your checking account,
maybe open up a savings account there.
Often times they'll have very lw
interest rates, on average about .35%,
which is not a lot.
If you want to get more out of
the savings that you are doing,
make sure you shop around and ck
out online high yield savings.
Savings accounts like those up Barclays
that have those higher interest rates,
no minimum balance requirements,
no monthly maintenance fees,
and all that security of FDIC insurance.
Now,
once you've got your debt payoff plan in
place and your savings plan in place,
you can also start thinking about the
fun stuff that you want to save toward.
Maybe a vacation,
maybe a wedding if you got a lor
timeline for your savings goals.
Maybe you opt for a CD that offs
an even higher interest rate ifu
can commit to setting that mone.
Aside for the designated period
of time of let's say 12 months
on a seed 12 month CD,
great tips for saving.
You also mentioned the debt and
getting that debt paid off.
Where can we go to start
figuring out the best way to
do that and creating a budget?
I think he got a start with whe.
Are where's your money going?
Where are those dollars coming in and where
are those dollars going out each month?
Oftentimes we have a general see
of what we make, but after taxe,
what does that look like?
After all the deductions,
what are you actually taking ho?
And then build your budget from there.
And you also have to deal with
the reality of your expenses,
not what you think you're spend,
but what you're actually spendi.
And the best way to do that is o
actually go to your bank account
balances and your credit card
balances and your statements ane
where the money is going and ma.
Sure, there's more coming in than going out,
and that there's still room to
incorporate the debt payoff pla.
So if you've got multiple debts,
you might need to prioritize.
So you want to make a list of wt
you owe to whom your minimum balances,
your minimum payments rather,
and the respective interest
rates on each of your debts.
Now you have to make the minimum payment
each month on each of those deb,
but if you can afford to contrie
anything over and above the minimum payment,
maybe you tackle that highest
interest rate debt.
First,
because that's what's costing
you the most month to month.
And then build that into the bu,
build the savings into the budg,
build a longterm investments
into the budget and make sure
you've got room for all of it.
So you can really build that
financial security scariest thig
and most eye opening is
going to your bank account,
your bank statement and see
where that money is going.
But what a great way to really
understand what's happening.
Where are some of the best resources,
Stephanie, to learn about paying
off debt, saving money?
And just overall financial heal,
well, as you mentioned,
my favorite tool for financial
health is the one I have with
me all the time. It's my phone.
I can check my bank account balances,
what I'm actually spending every single day.
So I'm not thinking something
that I'm doing better than I am.
I can keep myself in check.
But if you want to access
some of the resources that
we talked about here, head to
banking.barclaysus.com.
They've got a resources tab
there with a lot of articles.
Tools, information about how you
can balance your different savi,
debt, payoff, investing priorit.
All right, Stephanie,
great tips and I advice.
As always, thank you so
much for being here.
We appreciate it.
And for these tips and more,
you can head to
banking.barclaysus.com.