2. Earn On Your Savings
On a similar note, you should focus on earning as much interest on your savings as you can. High-yield savings accounts work best for some people, but a certificate of deposit might be your best bet.
Because the money needs to sit in the CD for extended periods of time, often years, if you ever need to get to it you’ll face a penalty fee. Many people make the mistake of considering these savings as their emergency savings, so don’t fall into that trap. If worse comes to worst, you should have a separate rainy day account that you can get to whenever the need occurs.
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