Free Your Money: Strategies for Keeping Your Money in the Best Place Possible

Stock photo of dollar notes and a wallet. Karolina Grabowska/Pexels

Have you recently come into some extra cash? It doesn’t matter whether you’ve inherited money, earned a bonus, or sold your house for a profit. Having this spare money gives you a wonderful opportunity to build up your savings or solidify your retirement plan. But, when it comes to choosing the right place to stash your money isn’t always simple.

You should consider your return on investment, as well as the liquidity and the time you have before you have to access the funds. If you are deciding where to save your money, you should also consider security and investment costs.

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To help guide you in with this decision, here are 8 strategies for keeping your money in the best place possible.

1. The Ability to Withdraw Money

My first tip on finding the place to keep your hard-earned money is accessibility. By that, I mean you should consider how often you’ll need to withdraw money, as well as the convenience. For example, with a savings account, this isn’t a problem at all. After all, you can hit up an ATM, write e-checks, or make an electronic transfer for upcoming purchases, like rent or groceries.