Ep 44: Where Should I Keep My Cash?

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A common question we get is, “Where should I keep my cash? Where should I put my rainy day fund, my emergency fund?” Today we’ll share three places you can keep your cash to get a better rate of return.

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Show Notes

On today’s episode, we’re talking about cash. Where should you keep it? And how can you get a better rate of return than a traditional savings account?

A common question we get is, “Where should I put my rainy day fund, my emergency fund?” As part of a good, healthy financial plan, we’re going to have some cash on hand as part of that plan.

This is money that we want to keep safe, and we want to keep liquid and easily accessible. This isn’t money for the market.

We know interest rates have been pretty low and you don’t earn much money on the cash you have in savings accounts. But with inflation on the rise, there are some positives to rising interest rates.

Interest rates on savings accounts won’t go up at the same rate as inflation. However, it’s important that all of your money is working for you versus having it work for somebody else.

On today’s show, we’ll also share:

  • The right amount of cash to have on hand
  • How much cash is too much
  • Why an online savings account is a good idea
  • Why some people put money in CDs
  • Why some people choose Series I savings bonds

 

 

Listen to the full podcast or use the timestamps below to jump to a specific section. 

[2:11] – Fed raising rates

[9:56] – Where to keep cash

[10:16] – Inflation

[11:17]The right amount of cash

[13:06] – Too much cash?

[14:46] – Online savings account

[19:10] – CDs

[21:20] – Series I savings bonds

Thanks for checking out this episode. We’ll talk to you again soon.

 

“As part of a good, healthy financial plan, we’re going to have some cash as part of that plan.”

-Scott Sierens