FINANCIAL FREEDOM

Money Market Savings Account Free Tips Inside

If you want to earn higher interest rates but less of the risks that are often attached to investing in stocks or bonds, then you might as well open a money market savings account. The money that you invest in this type of account is insured with the Federal Deposit Insurance Corporation (FDIC) and therefore you can be secured knowing that even if the financial institution where you have opened the account goes out of business, the government will return the money to you up to the amount that is insured and allowed by the FDIC.

Here are some free tips that are worth considering when you decide to invest in a money market savings account:

• Before you open your money market savings account, it will help to do an online checking of the different financial institutions that offer this account. You can then compare their offers and get the best interest rate possible.
• Read the reviews about money market savings account as well as the financial institutions that offer them. It is important to open the account where you will feel most comfortable doing business with and where you have the higher trust to safe keep and invest your hard-earned money.
• Make sure that you understand clearly the terms and conditions, including the fine prints, of the money market savings account that you are planning to open. Remember to consider the number of withdrawals that you are going to make in a month to conform to the set limit of withdrawals in this type of account.
• As money market savings account require higher initial opening balance as well as a higher minimum maintaining balance. Evaluate your cash situation and make sure that you will be able to comply with the minimum comfortably to earn the higher interest rate that this account offers. If you can’t conform to the minimum, then it will be impractical to invest in this type of account since the interest rate that you will earn, though higher than a regular savings account, may just go to penalties and charges.
• This brings us to the significance of checking the fees that are associated with this type of account. There can be fees or charges in exceeding the number of withdrawals allowed in a month or charges for going below the minimum maintaining balance required by the account. You should always pay particular attention to details like these.

The principle in investing in a money market savings account is to start your savings account at a higher balance, you make lesser withdrawals or none at all, and you enjoy the power to earn more from the higher interest rates. Here, you can certainly earn more from the interest as compared to a regular savings account.

Opening a money market savings account is as easy and as straightforward as opening a regular savings account. The only difference is that it requires a higher initial amount of deposit.

Since your money is guaranteed by the FDIC, you have the assurance and the peace of mind that your money is safe while it earns for you.

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Ways to Save Money Without Feeling Poor

Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money?

Although it looks like a pretty daunting task, it’s not impossible to do and once you get the hang of it and establish a routine, it’s not really so hard. In fact, as you become used to cutting down costs, you’ll even ask yourself why you just did it this year. Thank God for the recession right? I guess, if there is anything good that the recession has taught people all over the world is that no country is impervious and that you can save without really allowing yourself to be poor.

Here are some of the ways that you can save money without really making yourself feel or look poor.

1. Cut down on the luxuries
This does not mean that you will not treat yourself every now and then and just live in poverty. This can be depressing and at this point you need something to at least brighten up your month. This just means that you need to cut back on the frequency that you indulge in luxuries. For instance, if you are used to going outside to eat every weekend, cut that down into just twice a month. Restaurant food can be pretty expensive and besides they are not at all healthy anyway. Other things to give up on are movies and recreational trips. You can still go on trips but make sure that they will not involve a lot of fees.

2. Keep it simple
If you do not have the money to go out, you can still do so provided that you keep it simple. Go back to nature and have a family picnic in the park or maybe walk along the beachside. You can pack a lunch that you have cooked yourself at home. You don’t have to spend a lot of money just to be able to enjoy the weekend with the family. You just need the imagination.

3. Recycle
Instead always buying things that you think you need, why not use your imagination and creativity by recycling things. Use them for other than their uses. For instance, if you need a message board where you will be posting the chores, why not use that old chalkboard instead of buying a new bulletin board. It may not be much but if you do it for other things that you want to buy, you have not only saved a lot of money, you would have also cleared that garage full of junk.

4. Rework
If you cannot use something for another thing, why not transformed it into something that you can actually use. This is actually applicable to clothes and accessories but with imagination, you can even do it with other things in the house. Who knows, it may not even be just one of the ways to save money, you can even turn it into a business that will earn you more.

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The Scoop on Saving Money

It seems to be a universal language stressing the importance of saving money. Without a doubt it's one of the things in life easier said than done. As children when we stumbled across a quarter, or even better a dollar, we viewed it as a prize. We had plans for that good fortune. For most of us it was burning a hole in our pockets until we spent it. A quick trip to the store could provide immediate happiness to our taste buds. But other kids may have had bigger plans for their unexpected piece of luck. Some of us knew if we put the money away in safe keeping we could add to it in the future. That way we could think bigger and buy something more lasting. It could have been a bike or game we wanted to save for. Or for those of us who were thoughtful at young ages, a gift for a loved one.

These kind of traits, to save money, or spend it freely, would have been instilled in us by our guardians. Today parents can start applying the principles of saving money by helping their children open up bank accounts. The child learns quickly the value in setting money aside when they are able to spend it on something special. Allowances for kids are a beneficial way of helping expose them to a work ethic. Rewarding them for keeping a tidy bedroom, or putting their laundry in the hamper (age appropriate) are just examples. The child will not just feel they are getting a handout, but that they earned their allowance.
Once we begin a new job we are expected by our employer to fill out paperwork. Large companies these days setup automatic payroll deposits for their employees, unlike smaller business that hand a check out. Either method still brings about the same end result. The dollars earned are at the discretion of the worker to do with the money as they see fit. So many of us live pay check to pay check. It soon becomes a way of life. Maybe you are struggling to get out of debt, or saving towards an education. Both are worthy causes. We all need to start somewhere, just like the child that has his piggy bank hidden under the bed.

Setting a budget for the monthly flow of bills will quickly show you where your extra cash flow is, and where it's being spent. Clearly there are commitments that take precedence over other monthly requirements. When you review your monthly responsibilities you are offered a choice. There will be sacrifices that need to be made in order to start a savings plan. Things like packing your own lunch, quiting smoking, cutting the cable package, or discovering free activities could save you a bundle. Set aside the extra money you normally would spend on these items and put it away. Commit yourself to a monthly figure that is workable to put into a savings account. Soon you'll be well on your way to successfully saving money.

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Sarah Jane is an author of various subjects. From topics ranging from finance to travel, she offers good information and advice. For example she offers advice on everyday scenarios like paying bills through internet banking at citibankonline.com or capitalonebank.com.

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