Local financial expert offers tips for saving even with little money

By KOB

ALBUQUERQUE, N.M. — Whether you have $2, $20 or $2,000, a local financial expert has some smart short-term savings tips.

Brandon Kinsner, of Oakmont Advisory Group, helped us take a look at where we should put our money and how to make the most of it – making our money work for us, instead of vice versa. Kinsner said it is a good time to look into a short-term savings plan.

Here are some things to know:

  • Cash savings provide flexibility and peace of mind
  • Avoid debt by using savings instead of credit

Savings is essential but statistics show 59% of Americans can’t cover a $1,000 emergency expense. Kinsner suggested these steps to build a strong short-term savings plan::

  • Automate savings to eliminate decision fatigue
  • Use financial tools like YNAB, Monarch Money, and Qapital
  • Figure out how much to save
    • Percentage method: Set aside a portion of each paycheck
    • Dollar method: Work backward from your goal
  • Consistency matters more than the amount saved

Where should you put the money? Kinsner has some ideas:

  • High-yield savings accounts
    • 3.5-5% with FDIC protection
  • Traditional savings accounts
    • Convenience and automation
  • Money market accounts
    • Slightly higher rates with some limitations
  • Avoid investments with risk
    • CDs with penalties
    • Complex options
  • Name your savings accounts after specific goals