In life, there are a lot of things to save for. Some couples have to pay for their wedding. Others wonder where to put savings for a house or dream vacation. Wondering how to put savings away is normal, and we have 6 of the best places to put savings for newlyweds.
Best Places to Put Savings
Investing can be a bit intimidating, especially if you are starting to join your finances with your partner. If you’ve been wondering how to make smart investments with little money, it’s easier than ever.
There are so many apps and online tools to help you invest. It’s now easier than ever to invest with any amount of money. Some couples wonder about the best places to put money for savings. Others are looking for tips on smart investing for beginners so they can work towards early retirement.
Possibly you and your partner want to learn how to invest smart to have some extra pocket change later in life. No matter your reasoning, here is how to start investing smart with our 6 best places to put savings.
Where is the best place to invest my savings?
Where to Put Savings Right Now: Consider Wealthfront’s many options.
If you’re wondering where to put savings money, Wealthfront is a great place to start when it comes to beginners! You can start a 529 College Savings Plan.
Additionally, they offer free financial planning to help you set up the right investing goals for yourself and your family. You only need $500 to start investing, and the investing platform is a low-fee automated platform.
Best Savings Account for Beginners: Choose a high yield savings account.
If you are not sure about gambling with the stock market, that’s ok! It may not be the best formula for how to put savings away. Instead, consider investing in a high-yield savings account.
These are offered through online banking services and have higher interest rates than a traditional bank. Your return on investment will usually be a lot lower than with other investment accounts. However you can get to your cash quickly, and there is no risk.
Investing Smarter: Acorns turns loose change into something great.
Acorns is a great way to dip your feet into investing if you don’t have a lot of money put into savings just yet. Acorns is an app that links your debit or credit cards and then invests your “loose change” into a portfolio of ETFs.
There is no minimum amount to open an Acorns account. Plus, it starts investing for you once you have at least $5 in your account. You can make deposits into your account. The great thing is that it only costs $1 a month for a standard investment account.
Smart Investing for Beginners: Betterment requires no minimum.
If you start with less than $100, then Betterment is an excellent option. Why? Because you don’t have to have a minimum starting balance.
It’s great for beginners because it is a simple platform with a hassle-free approach to investing. Betterment charges $0.25% a year instead of a monthly dollar amount and requires no minimum balance to invest.
Best Places to Put Savings Long Term: Government Bond Funds are timely.
Government Bond Funds are considered mutual funds or ETFs. These will invest in debt securities that the U.S. government and its agencies issue. These are considered low-risk investments and are a good chance for those looking for good cash flow.
Unlike other mutual fund options, they are subject to interest rate fluctuations and inflations. Since Government Bond Funds are meant for long-term investing, these could change a lot over time.
Build Retirement Savings: Fidelity Investments is commission-free.
Fidelity is an excellent option if you are looking for $0 trades, great trading tools, a great mobile app, and retirement saving options. Fidelity Investments is trade commission-free. Additionally, there are no commissions to trade online U.S. stocks, ETFs, and other options.
Final Words on Best Places to Put Savings
You don’t have to be the next Mark Cuban or Elon Musk to be smart with investments. Just using these places to help you out when it comes to investing your money can make a big difference in your finances.
Photos by Karolina Grabowska