said Marnie Hards, a certified financial planner with Aznar Financial Advisors in Morris Plains.
“You could keep the funds in a money market as you have done or in a high-yield savings account,” she said. “It would be worthwhile to compare the yields on the two options given the amount of cash involved.” There are some online banks offering yields in the 0.60% to 0.85% range, so if this is better than the yield on your money market, it may be worth moving the money to a higher yielding vehicle, she said, noting that you should factor in any fees or expense ratios charged on the money because this can significantly reduce your yield.
In addition to setting aside cash to cover any big-ticket financial purchases, you should also try to keep a minimum of“It can feel frustrating to have your money sit in cash earning close to nothing, but it will give you a great deal of peace of mind and control over your life if you have some sort of financial emergency,” she said.buys you if you want to or must leave your job, she said.
“Having some extra cash on hand would mean that you would not have to jump into another job immediately just to pay your rent or mortgage and you would instead have the freedom to take a month or two to make the best decision for you,” she said.
Under a mattress so horse tooth can’t take any of it