Between "cash stuffing," the "100 envelope" method or the "no-spend" challenge, there's no shortage of suggestions to better your financial standing.
How these savings challenges work'Walk before you run'"I would definitely stress walking before you run," Rossman said.
Rossman advises having money regularly transferred from your paycheck to a savings account.
After a series of interest rate hikes from the Federal Reserve, some top-yielding online savings account rates are now paying even more than 5%, according to Bankrate.com — well above the rate of inflation.
For example, if you have $5,000 in a high-yield savings account earning 5%, you'll make roughly $250 in interest in a year.
Persons:
TikTok, Ted Rossman, Rossman, Matt Schulz, Schulz, Bankrate.com
Organizations:
Federal Reserve, FDIC