3 Money Moves To Make In 2024

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Americans are more optimistic about where the economy is headed in the new year: The Consumer Confidence Index (CCI) rose nearly 10% since last month, reaching its highest point since July.

The monthly report surveys 5,000 American households about their expectations for savings, unemployment and the overall economy in the next six months. The latest CCI, released Dec. 20, reached 110.7, up from 101.0 in November 2023.

“It was really a sharp uptick – just about every measure throughout the survey was positive,” said Dana Peterson, chief economist at the Conference Board, the nonprofit think tank that calculates the CCI. “Not only was it the amount of increase that was surprising, but also the breadth of improvement.”

Peterson credits cooling inflation and the recent decline in mortgage rates for consumers’ rosy outlook during the holiday season. Despite some economists still predicting a mild economic slowdown later in 2024, most respondents didn’t believe the US would go into a recession next year. 

Optimism about the economy was visible across all ages and income levels, she said, but the gains were largest among households with income levels of $125,000 and above. Consumers’ top issue is still rising prices, according to write-in responses, with concerns about interest rates, politics and global conflicts all receding.

If you’re bullish about the economy in 2024 and expect to have extra money in your coffers, we’ve got some smart financial moves to seriously consider. 

Build up your emergency fund

Way2Save® Savings

Wells Fargo is a Member FDIC.

  • Annual Percentage Yield (APY)

  • Minimum balance

  • Monthly fee

    $5 per month, with options to waive

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    Each withdrawal over the 6 per month limit will be assessed

  • Overdraft fees

    Overdraft protection when you link your savings account to your checking account

  • Offer checking account?

  • Offer ATM card?

    Yes, if have a Wells Fargo checking account

Plus, Wells Fargo has the most brick-and-mortar locations of any bank in the US, with a branch or ATM within two miles of more than half of US households. How’s that for convenience?

There is a $5 monthly maintenance fee, but you can get it waived if you maintain a $300 balance or set up automatic transfers from a linked Wells Fargo checking account. (It’s also waived if the account owner is 24 or younger.)

A high-yield savings account is a great option for an emergency fund. While the typical savings account has an annual percentage yield (APY) below 1%, an HYSA can reach over 5%.

At a robust 4.65% APY, LendingClub’s High-Yield Savings is one of CNBC Select’s top choices for an HYSA. You can make unlimited withdrawals without a penalty and, if you open the account with at least $100, there’s no minimum balance requirement.

LendingClub High-Yield Savings

LendingClub Bank, N.A., Member FDIC

  • Annual Percentage Yield (APY)

  • Minimum balance

    No minimum balance requirement after $100.00 to open the account

  • Monthly fee

  • Maximum transactions

  • Excessive transactions fee

  • Overdraft fees

  • Offer checking account?

  • Offer ATM card?

Pay down high-interest debt

Amex EveryDay® Credit Card

Information about the Amex EveryDay® Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards

    2X Membership Rewards® points at U.S. supermarkets on up to $6,000 per year in purchases (then 1X), 1X Membership Rewards® points per dollar spent on all other purchases

  • Welcome bonus

    Earn 10,000 Membership Rewards® points after you make $2,000 in purchases in your first 6 months of card membership

  • Annual fee

  • Intro APR

    0% for the first 15 months on purchases and balance transfers from the date of account opening

  • Regular APR

    18.24% to 29.24% variable

  • Balance transfer fee

  • Foreign transaction fee

  • Credit needed

Start investing

Ally Bank® CDs

Ally Bank® is a Member FDIC.

  • Annual Percentage Yield (APY)

  • Terms

  • Minimum balance

  • Monthly fee

  • Early withdrawal penalty fee

    High Yield CDs and Raise Your Rate CDs have early withdrawal penalties that vary based on your CD term. With the No Penalty CD, withdraw all your money any time after the first 6 days following the date you funded the account and keep the interest earned with no penalty.

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Bottom line

Americans are growing more optimistic about where their finances will be next year. Make the most of economic tailwinds by building your savings and paying off high-interest credit card debt.

Meet our experts

At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Dana Peterson, chief economist for The Conference Board.

Why trust CNBC Select?

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.



Sumber: www.cnbc.com

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