Cambridge Savings Bank’s Post

Many people often talk about the same “Top 5 High-Yield Savings Accounts (HYSAs)”, but here's the thing: they're almost identical. What’s missing is practical advice on how to use them effectively. For instance, if you open a HYSA with Ally and use the bucket feature for specific goals but fall short, what should you do next? I cover this in my latest video. Before setting up sinking funds, consider not just the appeal, but also the actual amount you can allocate from your budget. Life changes, inflation, and other factors might require you to adjust your plans. What HYSA are you using? I’m a fan of Marcus, Ally, American Express, and Capital One. Save this post, share it with a friend, and follow me for more money tips from a Financial Planner! 💸 #sinkingfunds #savingmoney #personalfinance

𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗣𝗿𝗼𝘃𝗶𝗱𝗲𝗿𝘀 𝗶𝗻 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 💼 Managing Financial Curveballs and Alleviating Financial Stress 💰 Facing financial stress and unexpected money challenges can be tough, but it's all about the right strategies and tools. Here are some essential tips to consider: 1️⃣ Build an Emergency Fund: Save for 3-6 months of essential expenses as your financial cushion. 2️⃣ Tackle High-Interest Debt: Prioritize paying off high-interest debts to regain financial stability. 3️⃣ Watch Your Spending: Be mindful of non-essential expenses during tough times. 4️⃣ Boost Your Income: Seek additional income sources to ease the financial burden. 5️⃣ Prioritize Essential Bills: Always pay rent, utilities, and food expenses first. 6️⃣ Find Savings Opportunities: Look for ways to save, even in challenging periods. 7️⃣ Track Your Progress: Monitor your savings to stay motivated and informed. 8️⃣ Communicate with Lenders: Don't hesitate to discuss repayment options with your lenders. 9️⃣ Consult a Professional Advisor: Consider seeking personalized advice from experts like Heartfelt CFO Services. Remember, financial challenges are a part of life, and taking action is key. Let's implement these strategies together and thrive in any financial situation! 💪💼 #FinancialStability #MoneyManagement #FinancialWellness

I recently spoke with Lucy Dean regarding the key aspects individuals should consider when establishing financial foundations at various stages of life. Read more in The Australian Financial Review #wealthmanagement #buildingwealth #financialplanning https://lnkd.in/g8dvkWng

There are a lot of questions about liquid assets. What are they? How do I get them? Do I need them? Our Union Savings Bank blog covers all of this and more to help you make more informed financial decisions. https://lnkd.in/gHrQJcbj #BankWithUSB #UnionSavingsBank #FinancialFreedom

Interest rates are dropping. Read what some expert financial planners recommend, including our very own Andrea Clark, CFP®, AFC®, MQFP® of the The Table Financial Planning. https://lnkd.in/gH9KWqs7

Achieving financial success requires more than just good intentions; it needs a well-structured plan. Setting SMART goals is a powerful strategy to help you manage your money wisely. SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound. Here’s a breakdown of how to apply this framework to your financial goals: · Specific: What exactly do you want to achieve? For instance, "Pay off $3,000 in credit card debt." · Measurable: How will you track your progress? Decide how you will measure success, such as reducing your debt by a specific amount each month. · Achievable: Is your goal realistic? Ensure your goal is attainable given your current financial situation. · Relevant: Does your goal align with your broader financial plans? Make sure it is significant and sensible in the context of your overall financial health. · Time-bound: When do you want to achieve it? Set a deadline, such as "Pay off $3,000 in credit card debt within one year." By setting SMART goals, you can maintain focus and stay motivated on your path to financial well-being. Let Frontier Bank assist you in achieving your financial goals.https://bit.ly/4cFkhUl

10 Signs You’re Excelling Financial Beyond the Average In a world where financial comparisons can offer insights into our own economic well-being, understanding how you measure up to your peers can be a valuable exercise. Here, we delve into ten key metrics that can signal not just financial stability, but significant success compared to the average American. 1. ##business ##entrepreneur ##finance ##financial ##financialadvisor ##financialeducation ##FinancialFreedom ##FinancialIndependence ##financialliteracy ##FinancialPlanning ##insurance ##invest ##investing ##investment ##money ##PersonalFinance ##StockMarket ##stocks ##trading ##wealth

𝐇𝐚𝐯𝐞 𝐲𝐨𝐮 𝐞𝐯𝐞𝐫 𝐭𝐡𝐨𝐮𝐠𝐡𝐭 𝐚𝐛𝐨𝐮𝐭 𝐡𝐨𝐰 𝐚𝐦𝐚𝐳𝐢𝐧𝐠 𝐢𝐭 𝐰𝐨𝐮𝐥𝐝 𝐛𝐞 𝐭𝐨 𝐡𝐚𝐯𝐞 𝐚 𝐡𝐢𝐠𝐡-𝐲𝐢𝐞𝐥𝐝𝐢𝐧𝐠 𝐬𝐚𝐯𝐢𝐧𝐠𝐬 𝐩𝐥𝐚𝐧 𝐭𝐚𝐢𝐥𝐨𝐫𝐞𝐝 𝐣𝐮𝐬𝐭 𝐟𝐨𝐫 𝐲𝐨𝐮 𝐚𝐧𝐝 𝐲𝐨𝐮𝐫 𝐟𝐚𝐦𝐢𝐥𝐲? Imagine the peace of mind knowing your financial future is secure, whether you're looking for lifetime guaranteed income or short and medium-term high yields. Guess what? There are some fantastic plans to achieve guaranteed high-yield savings:  𝟏. 𝐆𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐈𝐧𝐜𝐨𝐦𝐞 𝐏𝐥𝐚𝐧 𝟐. 𝐆𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐏𝐞𝐧𝐬𝐢𝐨𝐧 𝐏𝐥𝐚𝐧 𝟑. 𝐋𝐢𝐪𝐮𝐢𝐝 𝐅𝐮𝐧𝐝𝐬 𝟒. 𝐔𝐥𝐭𝐫𝐚-𝐒𝐡𝐨𝐫𝐭 𝐓𝐞𝐫𝐦 𝐅𝐮𝐧𝐝𝐬 𝟓. 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐁𝐨𝐧𝐝𝐬 For those looking for shorter and medium-term options, liquid funds, ultra short-term funds, and saving plans are top choices. But the possibilities don't stop there! Think fixed deposits, corporate deposits, NCDs, financial peer-to-peer lending platforms, and even Central and state government bonds. Our approach is all about you. We build personalized solutions, creating a diversified portfolio that ensures you have a steady income stream to meet all your financial goals. And here's the best part: we don't just set it and forget it. We constantly monitor your plans and take necessary actions to protect and grow your investments. Ready to make your money work for you?  Let’s transform your “Financial Freedom” journey together!  #HighYieldSavings #FinancialGoals #InvestmentPlans #SecureFuture #FinancialFreedom #karyamFinancial

𝗦𝗼𝗺𝗲𝘁𝗶𝗺𝗲𝘀 𝘄𝗲 𝗰𝗮𝗻 𝗺𝗮𝗸𝗲 𝘄𝗿𝗼𝗻𝗴 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻𝘀 𝗶𝗻 𝗼𝘂𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗲𝘀, 𝗲𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗹𝘆 𝗱𝘂𝗿𝗶𝗻𝗴 𝗼𝘂𝗿 𝗲𝗮𝗿𝗹𝘆 𝟮𝟬’𝘀 , 𝘁𝗶𝗺𝗲𝘀 𝘄𝗵𝗲𝗿𝗲 𝗶𝘁’𝘀 𝗼𝘂𝗿 𝗳𝗶𝗿𝘀𝘁 𝘁𝗶𝗺𝗲 𝗵𝗮𝗻𝗱𝗹𝗶𝗻𝗴 𝗼𝘂𝗿 𝗺𝗼𝗻𝗲𝘆. 🤗 𝗧𝗵𝗮𝘁’𝘀 𝘄𝗵𝘆 𝗜’𝗺 𝘀𝗵𝗮𝗿𝗶𝗻𝗴 𝘁𝗵𝗶𝘀: 𝗧𝗢𝗣 𝟱 𝗧𝗜𝗣𝗦 𝗢𝗡 𝗛𝗢𝗪 𝗧𝗢 𝗥𝗘𝗦𝗧𝗔𝗥𝗧 𝗬𝗢𝗨𝗥 𝗙𝗜𝗡𝗔𝗡𝗖𝗘𝗦 𝗔𝘀𝘀𝗲𝘀𝘀 𝗬𝗼𝘂𝗿 𝗖𝘂𝗿𝗿𝗲𝗻𝘁 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗶𝘁𝘂𝗮𝘁𝗶𝗼𝗻 Create an inventory of your assets, liabilities, income, and expenses to understand where you stand. 𝗖𝗿𝗲𝗮𝘁𝗲 𝗮 𝗡𝗲𝘄 𝗕𝘂𝗱𝗴𝗲𝘁 𝗗𝗲𝘃𝗲𝗹𝗼𝗽 a realistic budget prioritizing essential expenses, savings, and debt repayment. 𝗦𝗲𝘁 𝗖𝗹𝗲𝗮𝗿 𝗚𝗼𝗮𝗹𝘀 Define your short-term and long-term financial goals, such as building an emergency fund, paying off debt, or saving for a major purchase 𝗗𝗲𝘃𝗲𝗹𝗼𝗽 𝗮 𝗗𝗲𝗯𝘁 𝗥𝗲𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗣𝗹𝗮𝗻 Focus on paying down high-interest debt and consider using strategies like the debt snowball or avalanche method. 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗲 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 Set up automatic transfers to your savings and investment accounts to ensure you consistently save for the future. #FinancialLiteracy #financialplanning #financialeducation #tipsandtricks #PruLifeUKFinancialAdvisor #PruLifeUK

Your best fixed income options. In a world where risk seems to be ubiquitous, bonds/fixed income are a very good 👍 choice. Some good options for your portfolio: 1) GIC’s: with yields approaching 6% without (yes higher rates are available elsewhere) yet this is risk free Negatives: too much tax (all interest income), liquidity 2) Individual Bonds: similar yields, CDN banks as the borrower (who you are lending to) BIGGEST advantage: capital gains inherent in the return as we are buying at a discount to par (100) so a good percentage of your return WILL BE capital gains 3) Strip Bonds (coupons): slightly lower yields, yet capital gains present BIG ADVANTAGE: as interest rates decline (“coming to a theatre near us” - yet not quite here) these coupons have the biggest upside 4) Additional Risk and Yield with first mortgages: we have and continue to own in smaller amounts first mortgages paying 9% to 11% For a more comprehensive list and options for your accounts fee free to reach out to us @ https://lnkd.in/gVTbgZAX Have a great 👍 back to school 🏫 week.