How High Interest Savings Accounts Can Fit Into Your Financial Plan

If you are putting together a financial plan and you're looking for various places to keep your money, here are a few different ways you could use high interest savings accounts:

High interest savings accounts for vacations: Set aside some money regularly for a vacation or holiday. If you plan to set aside just $50 per week, you'll have an impressive $2,600 plus interest by the time your vacation comes around!

High interest savings accounts for emergencies: Set aside some money regularly for potential emergencies. Anywhere from $10 to $50 per week is appropriate. If you do this, you'll want to decide ahead of time what an emergency is. If your car breaks down, is that an emergency? If you need to pay some medical expenses, is that an emergency? You need to decide.

High interest savings accounts for taxes: Set aside some money regularly for taxes. This might include income tax or property tax (or any other type of annual tax you pay). Figure out how much you pay on average, then divide that number by 12 and make sure that amount is deposited each month.

High interest savings accounts for insurance: Insurance payments can be high. If you pay life insurance, car insurance, house insurance or any other kind of insurance on an annual basis, paying it from your high interest savings accounts will allow you to collect better interest on that money until you need to give it up.

What high interest savings accounts are not for: Don't use them for saving for retirement or (if the accounts have restricted access, don't use them for your day-to-day cash). Keep these high interest savings accounts for the types of expenses that come along every few months or once a year. Save the money over time and make money from the interest rate.

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