Anne's Blog

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If you want your money to work for you, there are two main ways to achieve this goal: saving and investing. Knowing which option to choose is critical if you want your money to work the hardest.

Here are some ways to prioritize the two:

Start With Savings
Putting money into a savings account of some sort is a good way to get your money slowly working for you in a safe place.

While it’s recommended to have funds saved up to cover you and your family for six to 12 months in the event of an emergency, if you’re just getting started, focus on setting up an emergency fund for at least one month of living expenses. Losing a job, a hospital visit or unexpected car repair qualify as emergency expenses, while buying a new wardrobe or taking a vacation don’t.

Once you have an emergency savings account set up and in good shape, consider a financial goal that you want to reach within five years. This can be anything from saving for a down payment on a house to paying your annual car insurance bill in one payment. Or it could be for a major vacation you want to take a year (or more) down the road.

If you’re putting money away for an event that isn’t right around the corner, you might not need immediate access to it as you would an emergency fund. In this scenario, you may find a better rate of return on a certificate of deposit or similar savings vehicle your bank offers.

When to Invest
If you’ve found a savings account with FDIC insurance for up to $250,000, which should be easy to find, your money is in a safe place"and returns are guaranteed.

After your savings plans are in place, it’s time to look at long-term investments in the stock market, which can net you bigger returns than savings accounts.

The best place to start is investing money for retirement. If your employer offers a 401(k) retirement plan match or other retirement savings plan, it’s like giving your future self a raise. A company that matches a percentage of your contributions is like getting free money. Even if you’re just starting an emergency fund, you can put money in a 401(k) as a way to increase your long-term savings.

If you have more money to invest after contributing to a retirement plan, don’t do it until you’ve paid off high-interest debt such as credit cards and student loans. If you’re planning to retire soon or want to save so your kids can afford college, you should save for those before investing.

Then it’s time to invest in stocks or wherever you want to invest your money. Ideally, this should be money you can afford to lose, which is possible in a stock market that can be volatile.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

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Add a touch of luxury to your dressing room with these tips.

Motorized Closet System

A motorized closet system allows you to sift through your wardrobe with the touch of a button.

Secure Your Valuables

Installing a biometric safe that requires your fingerprint to unlock will keep your valuables safe and deliver ultimate peace of mind.

Add a Steamer

If you want to skip having to constantly iron or go to the dry cleaners, then a steam cleaner might be your new best friend.

Smart Mirror

A smart mirror can help you get caught up on the news, check your emails and make sure youre dressed appropriately for the weather.

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Fixing a few of your homes most likely trouble spots can improve energy efficiency and save you a bundle on utility bills. Consumer editors at ThisOldHouse.com provide a starting point for your DIY energy audit:

Drafty Windows
On a windy day, close all windows and exterior doors, as well as the chimney flue damper. Light a stick of incense, move it around the perimeter of each window and watch for air that stirs the rise of smoke. If you find a culprit, scrape out any cracked or dried caulk on the outside where the casing meets the siding. Apply a fresh bead of paintable acrylic latex, such as DAP’s Alex Plus. For doors, add new weather stripping. The work may shave off up to $20 from your annual bill for each window and door you weatherize.

Damaged Fireplace Damper
Up to 20 percent of your homes warmed air can be drawn up and out via your chimney flue. Check it by closing the damper and holding a lit candle inside the firebox. If it blows around or blows out, you are losing a lot of warm air. Hire a chimney sweep to give it a good cleaning and check the damper. The $100 or $200 service call may reduce your annual heating bill by as much as $500.

Old, Tank-Style Water Heater
Water heaters more than 10 years old are likely lined with fiberglass insulation, which is less effective at preventing heat loss than the foam used today. Check the age of yours on the printed label, then touch the tank. If it feels warm, its losing insulation. Wrapping it in a pre-cut blanket and fitting foam sleeves or insulating tape around the pipes can reduce annual water-heating bills by up to 9 percent.

An Over-Worked Fridge
The refrigerator gets no time off, and wear and tear over time will take a toll on the gasket. Check by closing the door on a sheet of paper. If you dont feel resistance when you pull it out, the gasket seal is leaking cold air. Order a new one from the manufacturer for about $60 – $90. Its relatively easy to remove the old one, and installing the new one following the manufacturers instructions will improve its performance by up to 25 percent.

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Other than your Social Security number, birthdays are one of the worst things to share online when registering for an account. If youve also given up your mothers maiden name, you might as well give online thieves a link to your bank account with the password.

Stealing your identity is how scammers open fake credit or debit cards in your name and buy all sorts of things before you learn of the crime. Your date of birth is one of the most important pieces of personal information to keep secret online, and theres an easy way to protect it"lie.

When signing up for a product or service online that requires registering as a user, give the site your “unbirthday.” That is, a date you select that isnt your real birthday, but a fake one you can use over and over again online.

For example, you can still use your real year of birth so that its easy to remember, but change the day and month. You may want to select Jan. 1 or April 15 (Tax Day) to make it easy to remember.

Websites may want your birthday for a few reasons. It can be used for security to verify you are who you say you are when you forget your password and cant log in. Most likely its for demographic information the site sells to advertisers.

Some sites have a legitimate need to know your real birthday. If youre applying for a credit card, your birthday and other personal information will be used to verify your identity and check your credit score. Debt collectors may also use it to verify your identity.

On sites that youre uncomfortable giving your birthdate, such as a site where youre not buying anything, you can also give a fake name. If the service is ever hacked, its less information that scammers will have about you.

Even when buying something online, a site doesnt need to know your birthday, mothers maiden name or other personal information. All it needs is your payment and accurate billing and shipping information.

One word of caution"some sites such as Facebook will kick you off their service for lying to them, even if its only a fake birthday. Its your call if you want to try to get away with a fake birthday on a site that only wants it for demographic purposes.

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