The year 2010 is coming soon. For those who are still struggling to increase their savings and foresee themselves doing the same until next year, CNNMoney has a suggestion on how to have more savings in 2010.
Keep your money liquid. Lending rates may start to pick up and this also means that banks will also start paying more for deposits. Try not to lock in rates on long term-CDs is what is being advised.Instead, you can try money-market mutual funds which offer more flexibility.
Try online transactions. Don’t keep yourself from straying away from your local bank. You may find other banks in further locations which can give you better rates than the ones your local bank is offering.
Make sure you try to diligently pay down your credit cards and home-equity lines, especially over the enxt few years when rate can only get higher. Use no more than 20% of available credit and always check your credit card bills for errors.
Source: CNN Money
