A savings account is an account with a bank or other financial institution that pays interest on the money deposited. Check out the articles, columns, radio shows, blog posts and videos for more information on savings accounts.
It's hard enough to save money and be financially solvent when you're working full time. It's even harder to save money and be financially solvent while searching for a new job. Unemployment depletes your savings account quickly and makes being financially solvent a chore. But by cutting back and finding ways to save money like paying bills in smaller amounts, and tapping into your life insurance policy can help keep you financially solvent while searching for a new job.
Perhaps you've gotten a raise or cut other expenses, but you now have extra savings. What should you do with the money you save? You can increase your retirement savings in your 401(k) or Roth IRA, or you can prepay your mortgage. You can also put the extra money you save toward a 529 plan to help with your children's college costs.