Though inflation continues to cool, projections still point to elevated consumer prices in the year ahead. What’s more, recession threats remain high, unemployment may rise and investors are still reeling from stock and bond indexes falling double digits in 2022. So experts say a strategic approach with your hard-earned dollar is critical. Here are the 10 things money pros say you need to do in 2023.
1. Make sure you earn at least 3% on your savings account
Even in periods of high inflation, people need accessible savings (see below for how much) — especially as threats of unemployment loom. One of the benefits of the current high interest-rate environment that we’re in these days is the relatively high annual percentage yield, or APY, available at checking and savings accounts. “Make sure your savings account is returning above 3%. If it’s not, find an alternative,” says Noah Schwab, a certified financial planner at Stewardship Concepts in Spokane, Washington, who adds that ensuring your money is working as hard for you as you work to save should be top priority. If you can’t decide where to find a high rate, here are five bank accounts offering APY of more than 4%. See the highest savings account rates you may get here.