It can be a struggle for families to make ends meet when facing money challenges. However, there are moves that can alleviate stress caused by financial issues. To help consumers address some significant economic pain points, MyBankTracker.com releases a guide detailing intelligent decisions to improve financial health.
Find the guide: Worried About Your Finances? 7 Smart Money Moves to Make Now
MyBankTracker’s recommendations include:
- Opening an online high-yield savings account: It's essential to have money saved for a rainy day. But traditional savings accounts may not be the best options. Instead, consumers may consider an online high-yield savings account, which offers competitive interest rates, minimal fees, and low minimum deposit requirements.
- Finding cheaper car insurance options: Car insurance costs can eat into the family budget, so shopping around for cheaper car insurance is often worth the time invested.
- Buying an affordable life insurance policy: Securing a life insurance policy can give families peace of mind.
- Transferring credit card debt to a low-rate balance transfer card: High interest rates can exacerbate financial pressures. Suppose consumers consider balance transfer fees and how much they will pay when the introductory interest rate ends. In that case, they may be able to save a great deal of money.
Other advice in the guide includes investing using a robo-advisor, purchasing pet insurance, and opening a no-fee checking account.
"No matter what the cause, financial challenges can create tremendous stress and turmoil in people's lives," says Simon Zhen, chief research analyst for MyBankTracker. "These money moves can help people become proactive when tackling financial issues and make the best decisions for themselves and their families."
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MyBankTracker is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. MyBankTracker is a member of the company's expert research and publishing division.
MyBankTracker is an independent comparison website helping consumers make smart banking and financial decisions. The mission is to match consumers to their perfect bank by providing and tracking in-depth information on more than 5,000 banks, credit unions and financial products. Using a combination of technology and money management expertise, MBT provides personal finance comparison tools and educates consumers to optimize their relationships with banks and lenders.