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Where should I be keeping my short-term savings?

If you have any money that you are going to need within the next year or so, you should look into a high-yield savings account. With a high-yield savings account you’ll be able to access your money pretty easily and still be able to earn some interest.

Just note that high-yield savings accounts have a limit of 6 withdrawals each month, and the interest rates are pretty low. I mean most have less than a 1% in interest, however, there are several online banks that offer better rates, such as Ally and Discover.

Lastly, since interest rates are so low, personally, I only keep as much money as I think I will need within the next year or so and invest the rest.

What is a budget? Do I need one?

In short, a budget is a system for tracking the flow of money in and out of you life, over a period of time. And, yes, everyone should have some form of budget!

That being said, everyone’s situation is different and there is no one budget plan that will work for everyone. There are several tried and trusted methods for budgeting, such as the 50/20/30 rule. However, as I said, everyone is different and you will need to develop a system that works best for you.

Ultimately, having a budget should bring you peace of mind and give you better control over your financial future.

How much should I be saving in an emergency fund?

The quick and easy answer is that you should have between three to six months worth of living expenses saved up in an emergency fund. However, the truth is that it really does depend on your situation. 

The purpose of an emergency fund it help you stay ahead of expense when the unexpected happens, such as job loss or a medical expense. It is not a “I spend too much money on nights out fund!” 

What’s the most reliable way to pay off debt?

Don’t try to spread your money too thin among your various debts. “Snowball” your payments: Make the minimum payment on all but the largest bill—some people prefer to choose the smallest, so they can see quick progress—and add everything you can to that bill until it’s paid off.

What can I do to improve my credit rating?

he most important thing you can to do to build your credit score is to pay every bill on time every single time for days after weeks after months after years. A credit rating is a long-range game; consistency wins.

Should you be saving for retirement if you have credit card debt?

You might think that knocking out debt should always be your top priority, but saving for retirement is a matter of time—and you can’t make up for that lost time. Start now, even if that means starting very, very small. And always take advantage of any 401(k) matching offered by your employer; that’s essentially free money, and who doesn’t need more of that?