The article emphasizes the importance of reevaluating spending habits beyond budgeting to effectively combat rising expenses. It suggests practical strategies like switching to high-yield savings accounts to earn more on deposits, highlighting that many Americans unwittingly pay fees on their checking accounts which erode savings. Additionally, it advises against heavy reliance on debit cards due to lower fraud protections and suggests exploring credit cards that offer rewards instead. These changes can help mitigate financial waste and enhance overall savings and earning potential.
The average American pays $5-$25 a month simply for the privilege of eroding their hard earned savings. That's as much as $300 a year!
Adding insult to injury, the average yield on a savings account is a paltry 0.4% today. That's far below inflation, devaluing savings.
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