Have you recently received extra money? This extra money can come in many forms – a bonus at work, an inheritance, a financial gift, or even money you\u2019ve managed to save simply from cutting your expenses. It could even come in the form of money you\u2019ve earned from gig work, such as driving for Uber or DoorDash. Regardless of how you\u2019ve obtained it, the big question is – what do you plan to do with it? It\u2019s important to ensure those funds are used in a meaningful way, or saved for the future, and creating a plan for that money will help you not squander it or spend it carelessly.\u00a0<\/p>\n\n\n\n
If you\u2019re interested in making sure this extra money goes a long way, here are a few ways you can put it to good use:<\/p>\n\n\n\n
As this year has proven, we never know when an emergency can strike, whether it be a medical emergency, a loss of a job, a natural disaster affecting your home, or something unimaginable. Preparing for the worst might sound negative, but a healthy emergency savings fund can save you from financial dire straits. Generally, financial experts suggest you build up three months\u2019 worth of savings in the event that you lose your income, but saving up to nine months if possible can really make a difference in that unfortunate scenario.<\/p>\n\n\n\n
Interest rates can hit you hard if you aren\u2019t careful, so whenever you find yourself with an extra sum of cash – even if it\u2019s just $100 – it\u2019s a great idea to use it to pay down any high-interest debt you\u2019ve accrued. Because student loans are known to have high interest rates, it\u2019s good to start there if you have that kind of debt. If you have questions or concerns regarding interest rates, our financial team is always here to offer answers and assistance.\u00a0<\/p>\n\n\n\n
Perhaps you\u2019re interested in a second car for your family, or you\u2019d like to take a weeklong vacation somewhere special. You can use this money and build upon it in order to reach that goal. Set a timeline for yourself and how much you want to have saved, and calculate your initial \u201cdeposit\u201d into that equation. Polam offers a number of savings tools, including our savings accounts, IRAs, and CDs that come with a variety of flexible terms and guaranteed dividends.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Have you recently received extra money? This extra money can come in many forms – a bonus at work, an inheritance, a financial gift, or even money you\u2019ve managed to save simply from cutting your expenses. It could even come in the form of money you\u2019ve earned from gig work, such as driving for Uber … <\/p>\n