Ted Jenkin, a certified financial planner and member of CNBC's Financial Adviser Council, is the CEO and founder of oXYGen Financial in Atlanta and offers more advice on how to cut costs and increase savings.
1. Reduce expenditure.
Jenkin suggested some easy money-saving tips, such limiting online buying and grocery store visits.
Grocery stores, like Las Vegas, exist to keep you away from your pocketbook, he claimed. One approach to reduce your grocery list to the essentials for the week and save money is by meal planning.
It may also be beneficial to disable one-click ordering or remove credit card data that has been saved. Anyone who uses a stored credit card to make purchases on Amazon is essentially throwing lighter fluid on their budget, according to Jenkin.
2. Increase savings
Your savings should also be advantageous to you, according to Jenkin.
Even a high-yield savings account won't pay enough to keep up with the rising cost of living, despite the fact that deposit rates are rising.
To ensure you receive the best yields, Jenkin advises purchasing short-term, relatively risk-free Treasury bonds and laddering them, which involves keeping bonds until the end of their terms.
Even though the return was modest, he assured the investor that they would not lose money.
1. Reduce expenditure.
Jenkin suggested some easy money-saving tips, such limiting online buying and grocery store visits.
Grocery stores, like Las Vegas, exist to keep you away from your pocketbook, he claimed. One approach to reduce your grocery list to the essentials for the week and save money is by meal planning.
It may also be beneficial to disable one-click ordering or remove credit card data that has been saved. Anyone who uses a stored credit card to make purchases on Amazon is essentially throwing lighter fluid on their budget, according to Jenkin.
2. Increase savings
Your savings should also be advantageous to you, according to Jenkin.
Even a high-yield savings account won't pay enough to keep up with the rising cost of living, despite the fact that deposit rates are rising.
To ensure you receive the best yields, Jenkin advises purchasing short-term, relatively risk-free Treasury bonds and laddering them, which involves keeping bonds until the end of their terms.
Even though the return was modest, he assured the investor that they would not lose money.