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University of Houston Graduate Students Join Save’s Development and Security Teams

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This summer, University of Houston students Nilesh Dikhale and Aditya Pendse will gain startup culture experience before entering their final school year.

This summer, University of Houston students Nilesh Dikhale and Aditya Pendse will work alongside the development and IT security teams, respectively, to gain startup culture experience before entering their final year in graduate school.

As Save continues development on improving our systems and product offerings, Nilesh and Aditya will help the team execute our newest product offerings, including the Wealth Card and Market Savings account, and ensure they’re secure.

For both University of Houston graduate students, the startup environment is an appeal because of the opportunities to own and manage a diverse range of responsibilities. More specifically, Nilesh particularly was impressed with the platform and the accounts themselves.

“Save captivated me with its visionary idea about creating a savings platform that will be beneficial for regular people, as well as improving their financial wellbeing,” Nilesh said. “Secondly, Save’s culture thrives on continuously improving their products and providing the best experience to their customers and this aligns with my goals of exploring ways to improve continuously.”

In his studies at the University of Houston, Nilesh is focused on machine learning and artificial intelligence and his previous projects focused on connecting databases, handling multi-threaded applications, and working with data structures. He also has nearly 5 years of experience as a software developer working in Java, Oracle, SQL, Spring Framework, and Spring Boot technologies.

“I wish to explore and learn the investment domain and how Save fits in that domain,” Nilesh said when asked what he hopes to learn from his internship with Save. “Also, I feel there are a lot of opportunities to learn from in various aspects of software development. I want to study and gain knowledge in the development process and implement the knowledge I get.”

Aditya looks forward to “exploring the diversity of responsibilities concept, which I might’ve missed out on in a Fortune 500 company.”

“Additionally, the possibility of working on almost everything that touches the information security domain was insightful,” Aditya said. “I also want to create cybersecurity policies, procedures, and security reviews; learn about the workings of governance, risk, and compliance domains; work collaboratively with software developers to go deeper into the DevSecOps approach; lastly, carry out configurational changes on various platforms to mitigate the security vulnerabilities.”

The University of Houston graduate students are joining Save along with Rice University’s Durga Parulekar, Yifei Ren, and Anusha Muddapati.

Durga, Yifei, and Anusha are all completing their Master of Computer Science degrees at Rice University and will join Save’s team of developers to build out the technology Save runs on and more efficiently utilize Save’s internal data.

Durga and Yifei will use their experiences across these topics to help the development team build out additional portals for Save’s customer support and development teams to better serve our customers and troubleshoot issues when there are any. With Anusha’s data scientist background, she will focus on how to best utilize the internal data Save has to improve the Save app and online dashboard’s performance, as well as connect with potential customers online while working on the marketing team’s paid strategy goals.

Save continues to invest in the professional development of local Houston students. If you’re interested in Save’s future positions, follow us on LinkedIn.

Save’s summer internship welcomes Rice University computer science students

Finance
Save is proud to welcome Rice University’s Durga Parulekar, Yifei Ren, and Anusha Muddapati to our development team.

Save is proud to welcome Rice University’s Durga Parulekar, Yifei Ren, and Anusha Muddapati to our development team.

Durga, Anusha, and Yifei are all completing their Master of Computer Science degrees at Rice University and will join Save’s team of developers to build out the technology Save runs on and more efficiently utilize Save’s internal data.

Prior to joining, Save connected with all three students to learn more about their education, favorite development projects, what they hope to learn while at Save, and how Houston helps them feel connected to their home overseas. 

Their computer science education will help the Save team improve our products and account offerings. With Anusha’s data scientist background, she will focus on how to best utilize the internal data Save has in order to improve the Save app and online dashboard’s performance, as well as connect with potential customers online while working on the marketing team’s paid strategy goals.

“When I interviewed with Save, I loved how the team discussed how important the data scientist role is,” Anusha said. “I wanted to work for a firm where my work is valued and has an impact on making business decisions and Save seemed to be the perfect place for that. A team that believes in fresh talent and a role that perfectly aligns with my future goals and interests made me decide to take up the offer.

“I hope to expand my academic learning by solving real fintech problems, which I believe is a great start for an aspiring data scientist,” she continued. “Along with improving my technical expertise by collaborating with the marketing, managing, and development teams, I look forward to an amazing networking opportunity this summer.”

Their degrees in computer science encompass topics like programming languages, computer networks, cybersecurity, database management, artificial intelligence, and machine learning. Durga and Yifei will use their experiences across these topics to help the development team build out additional portals for Save’s customer support and development teams to better serve our customers and troubleshoot issues when there are any.

“This degree provides me with the building blocks for every pillar in the tech industry,” Durga said. “Having this knowledge will allow me to leverage technology into projects that benefit society.”

After all, benefitting society is the ultimate goal of Save. Save was founded on the premise that investment vehicles that are traditionally only reserved for professional investors, should be available to everyday people with less risk.  This is yet another factor that attracted the Rice University students to Save.

“When thinking about how I will be contributing to products that make many peoples’ lives better, I feel proud, excited, and accomplished,” Yifei said. “Additionally, I like the team at Save. They all love what they are doing, and they are highly experienced in the financial industry. For example, the CEO and founder, Michael Nelskyla, has worked as the Managing Director at multiple top-tier investment banks. I firmly believe that Michael, the COO Adam Watts, the Director of Engineering Sachin Kulkarni, and other colleagues can drive the company to success together.”

Durga mirrored this sentiment saying, “I think Save is a game-changer for people with no experience in investing to get an opportunity to reap the benefits of higher returns. To use myself as an example, the world of finance is a mystery to me, and I am very excited to learn more about finance and investing.”

Additionally, all three students are a great reflection of Houston’s vast diversity as a city.  Each student joined Rice University from different parts of the world after completing their past degrees. Durga came to Houston after finishing her Bachelor and Master of Science in Information Technology at Mumbai universities. Yifei’s education has allowed him to travel from his home country of China to the Netherlands, and Anusha completed her undergraduate in Visakhapatnam, India.

With being so far from home, Durga, Yifeo, and Anusha can get a bit homesick while at Rice University, but thankfully, Houston provides an ideal culinary landscape to stay connected to hometown cuisine. Additionally, the Save team benefits from their authentic restaurant recommendations.

“I miss the variety of flavorful street food options that I used to have in India since I’m a vegetarian,” Durga said. “I frequently visit a restaurant called Shiv Sagar on Hillcroft. Shiv Sagar offers a wide selection of authentic Indian street food. My favorite dish there is Vada Pav, which is an Indian burger with a spicy potato patty.”

For Yifei, it’s Tiger Noodle House in Rice Village. “The food there is really delicious and authentic. It tastes just like the food in China,” he said. “Most restaurants in China Town are also good, but they are too far away from Rice University, so I don’t often go there.”

Save continues to invest in the professional development of local Houston students. If you’re interested in Save’s future positions, follow us on LinkedIn.

How the Wealth Card’s return potential can cover the annual fee

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Woman smiling about her Save return potential

The world’s first high-yield credit card packs a lot of value. Find out how the return potential makes it worth a spot in your wallet despite the annual fee.

Customers deserve better economic value from their credit cards. 

That’s why Save is partnering with Visa to launch its first credit card — the Save Wealth Card.  

Instead of offering cashback or air miles, the Wealth Card replaces rewards with investments. With an annual return potential of 6%¹ on every single purchase, your earning potential exceeds what leading premium credit card rewards programs deliver (Figure 1). 

A chart showing the return potential comparison between the Save Wealth card versus other premium cards.
Figure 1: Comparison between the Save Wealth Card versus other premium cards.4

The card also comes with many other rewards like a signup bonus of $10,000 in equivalent portfolio investments² and a chance to increase your average return potential up to three times when you shop from brands like Tesla, Electrify America, SoulCycle, Amazon, Whole Foods, and more. 

But what does this mean in terms of dollar value? 

Let’s find out. 

Signup bonus of $10,000 in equivalent portfolio investments² 

Early adopters will get a signup bonus of $10,000 in equivalent portfolio investments² just for signing up for the Wealth Card. Referrals and bonuses like this have an average 3% return potential.5

Let’s break down what this means: 

Once your credit application is approved, at the next trade date, Save adds $10,000 in equivalent investments² to your personalized investment portfolio.

Assuming the average 3% return potential is met, your returns will be about $300 after a little more than a year.¹

Any returns (minus Save’s 0.35% management fee if the annual return is greater than 0.35%) are yours to keep.

For the first year, the annual fee for each card—$750 for the Premium Wealth Card and $300 for the Plus Wealth Card—could be covered up to 40% and 100%, respectively.¹ 

6% return potential on every purchase¹  

Unlike most premium credit cards, the Wealth Card has no category restrictions, exclusions, or cap on returns. Every dollar you spend is eligible for investment matching. This means that you can turn your monthly credit card bill into an investment. Assuming a 6% annual return potential¹ is met, here’s what your returns can look like, depending on your average monthly spend: 

Monthly credit card spendingMonthly earning potential¹Yearly earning potential¹
$1,000 $60$720
$2,000 $120$1,440
$3,000$180$2,160

According to the return potential in the table above, spending just over $1,000 each month can almost cover the $750 annual fee of your Premium Wealth Card. 

If credit cards are your preferred spending method, chances are you’re spending more than that. With the Premium Wealth Card, you can earn more from the money you’re already spending. 

Triple the return potential on some preferred brands 

A 6% return potential on everyday spending is great.¹ An 18% return potential3 is even better. 

The Premium Wealth Card rewards you with a higher return potential from your investments when you purchase from preferred brands. Whether you’re a frequent Amazon shopper or a devoted Peloton member, there are many ways to earn more.  Let’s take a look at how much you could earn with preferred brands using the Premium Wealth Card:

Brand Purchase Return Potential3 Annual Earning Potential3
Amazon $12.99/month Prime membership, Average annual spend for members is $1,000 9%$14.02 (Prime membership), $90 (annual purchases)
Peloton$39/month all-access membership18%$84.24
Apple$1,999 MacBook Pro 12%$239.88
Whole Foods$200 grocery run 9%$18

These are just a few examples of what your investment earning potential can look like. Click here to see all of Save’s preferred brands. 

So, does the Save Wealth Card deserve a spot in your wallet? With potential returns like these, it’s easy to see how the rewards and benefits of the Wealth Card can outweigh those offered by other premium credit cards.

¹ For the Save Wealth Card: Average annual returns are based on hypothetical back-tested performance of the Save Moderate Portfolio from 2006 to present and are net of fees. To achieve the return on the Save Wealth Card, Save purchases a strategy-linked security whose investment value is equal to two times the dollar spent. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. All return figures shown are for informational purposes only and are not actual customer returns. For more detailed information please see Hypothetical Back-testing.

² As a signup bonus for the Save Wealth Card, Save buys strategy-linked securities whose investment value is equivalent to $10,000. This special promotion is subject to change at any time. 

3 To achieve the potential returns for the Save Plus and Premium Wealth Card’s preferred brands, Save purchases strategy-linked securities whose value correlates with [or is determined by] desired portfolio returns. Save will increase each purchase of strategy-linked securities as necessary to create the client’s desired exposure needed to replicate the hypothetical back-tested performance return. For more detailed information please see Hypothetical Back-testing.

4 Average annual return of the Wealth Card is based on hypothetical back-tested performance in the Save Moderate Portfolio from 2006 to present. Return is net of the management fee of 0.79%. Hypothetical back-tested performance is not a guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. Save purchases strategy-linked securities whose investment value generates an average of the stated returns since inception. Card comparisons made based on public disclosures available by other issuers, assuming points are worth 1.5%, monthly spending of $3,500, and a $5,000 equivalent portfolio signup bonus for the Save Wealth Card, as well as, other signup bonuses for each respective card as of 11-23-2021.

5 Average annual returns are based on hypothetical back-tested performance in the Save Moderate Portfolio from 2006 to present and are shown net of fees. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. The return figures shown are for informational purposes only and are not actual customer returns. For more detailed information please see Hypothetical Back-testing.

How to use credit cards: 6 tips to make yours work for you

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Man thinking about his Save Wealth credit cards.

When used responsibly, credit cards are a convenient and secure way to manage your cash flow, build strong credit, and earn rewards from your everyday spending. 

Unfortunately, credit cards are often misused. In the second half of 2021, the average U.S. credit card holder had $5,668 in credit card debt

Read on to learn how to properly manage your credit cards to help you avoid misuse while taking advantage of the many perks it offers. 

1. Pay your balance in full 

In the third quarter of 2021, Americans carried a balance on 52% of all active credit cards.  

Carrying a revolving balance each month or paying only the minimum amount, can quickly pull you into a debt trap. At this point, instead of you using your credit cards, it starts using you

The golden rule of owning credit cards is to pay your balance in full each month. Following this rule means you don’t pay any interest charges or fall into credit card debt. 

To do this successfully, follow a monthly budget and charge only what you can comfortably afford to pay. 

2. Aim to use less than 30% of your available credit 

Always be mindful of your credit card balance and try to keep your utilization ratio below 30%. Your utilization ratio is the percentage of available credit you’re actually using. 

For example, if your total credit card limit is $10,000, you should aim to keep your revolving balance below $3,000. The lower your credit utilization ratio is, the better your credit score. 

A healthy credit score helps you qualify for other credit products like loans and mortgages, and get lower interest rates on those products. 

Does this mean you shouldn’t make any large purchases using your credit cards? 

No, making a large purchase that exceeds your credit utilization ratio won’t affect your credit score, as long as you pay it off within that statement month. 

3. Take advantage of credit cards that offer rewards 

Credit cards allow you to earn hundreds or even thousands of dollars worth of rewards for the purchases you’re already making. 

To get the most out of your rewards, choose a card that matches your financial strategy. For example, if you’re looking for a card with a high return potential, the Save® Wealth card could be a solid match for you. 

The Wealth card is the first credit card that replaces rewards with investment returns, which also makes it a great choice for those who want to start investing but don’t know where to begin. 

With an average annual return potential of approximately 6%1 for the Premium Wealth card, Save exceeds the rewards leading premium credit cards deliver. It also has no variable categories, spending requirements, caps on returns, or category exclusions, which means you earn even more from your everyday spending. 

While rewards are a great perk, you shouldn’t overspend just to chase them. Save lets you earn rewards without having to change your spending habits. 

Click here to learn more. 

4. Regularly track your spending

Keeping an eye on your credit card activity is important. Doing this regularly puts you in control of your spending and helps you catch any potential mistakes or fraudulent transactions. 

Before online banking, you could only do this once a month, when your statement arrived in the mail. Today, you can track your transactions in real-time with the click of a button. 

Save customers, for example, use the Save App or Online Portal to view statements and check their balances and transactions at their convenience. The app also lets customers view the investments made from their spending, their investment gains, and the remaining investment term. 

5. Use your card as a budgeting tool

Following a budget is a healthy habit that helps you save money and create financial stability. 

When used correctly, credit cards can be a great budgeting tool to help you manage your monthly spending. 

For example, when you use your credit cards for all your expenses, you can track your cash flow all in one place using your online accounts. This helps you monitor where your money goes, how much you’ve spent, and how much you have left for the month. 

Seeing your spending in real-time also helps you notice spending patterns you may otherwise not have noticed if you used cash, for example. 

6. Pay your bills on time 

This sounds like an obvious one, but did you know that a whopping 35% of Americans missed a credit card payment in 2018 simply because they forgot? 

Even one late credit card payment can affect your credit score or increase your APR. In addition to that, you might also get hit with a late payment fee. 

Luckily, you can easily avoid this mistake by setting up automatic payments each month. Alternatively, you can log into your mobile app regularly to check your due date and make sure you’re not missing it. 

Making payments on time also helps you build a strong credit history. 

1 For the Save Wealth Card: Average annual returns are based on hypothetical back-tested performance of the Save Moderate Portfolio from 2006 to present and are net of fees. To achieve the return on the Save Wealth Card, Save purchases a strategy-linked security whose investment value is equal to two times the dollar spent. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. All return figures shown are for informational purposes only and are not actual customer returns. For more detailed information please see Hypothetical Back-testing.

Glimpse into Save’s product strategy and development directly from the team

Investing
Financial products architect Mohamed El Hioum on investment strategy

Financial products architect Mohamed El Hioum has joined Save to further develop our accounts and portfolios, including an upcoming ESG investment strategy.

As Save continues to grow, we’re proud to introduce recently joined teammates to our customers and readers. This week, we’re bragging about Mohamed El Hioum joining as Save’s Director of Product Development. He’s providing insight into his role at Save and the projects he’ll help develop together with the team.

After studying engineering and applied math, Mohamed has spent over 20 years in the financial industry mostly working for international investment banks, creating, and trading investment products with institutional clients such as public pensions, insurers, and asset managers. He is also a CFA chartered holder.

This blog highlights his work and offers our customers insight into our diversified portfolio management and future product development.

1. What is your primary role at Save, and what attracted you to work at Save?

Mohamed: My role is to work with our partners and providers to expand Save’s account offerings. Our unique position and business model allow us to enhance existing financial products. Our accounts already enhance traditional savings accounts and debit and credit cards, but there’s potential to spread our strategies to other financial products, including insurance and loans.

2. How do you feel Save makes investing more efficient for people?

Mohamed: Most financial products have layers of fees, which means most investors don’t fully benefit from the powers of the financial markets. At Save, we leverage technology, innovation, and market access to allow a broader audience to access the benefits of investing.

Efficiency is only one of the benefits of our products. By coupling this with our innovative solution, our customers can appreciate the benefits of investing and plan their future with more confidence.

Save’s accounts center around our clients. While most financial products focus on incentivizing salespeople and the banks that offer them, we focus on benefiting our customers by investing what otherwise would have been fees to intermediaries. We even pass on collecting our management fee until the customers’ return exceeds our fees. This alone is a first in the industry.

3. How would you break down each of our portfolios for someone unfamiliar with investing?

Mohamed: Depending on a customer’s objectives and risk profile, they can allocate to either a growth, moderate, or conservative portfolio. Each portfolio is diversified into a multi-asset set of ETFs invested into global stocks, bonds, and alternative assets. The growth portfolio is most suitable for the more aggressive investment profile and dynamically allocates to 28 ETFs. The moderate portfolio adds allocation to US inflation-protected bonds in addition to the 28 ETFs, while the conservative portfolio doesn’t invest in highly volatile commodities. Each portfolio is reviewed regularly to ensure it meets its objectives.

4. Can you provide a brief highlight of what you’re developing for Save?

Mohamed: As I mentioned earlier, we are in the process of discussing a variety of new products, but in the short term, I am excited about adding our ESG portfolio to the investment options.

ESG stands for Environmental, Social, and Governance and, when applied to creating portfolios, it means that asset managers like myself are focusing on:

  • A company’s impact on the environment or the risks and opportunities associated with the impacts of climate change on the company, its business, and its industry.
  • A company’s relationship with people and the society, or whether the company invests in its community.
  • A company’s governance issues such as how the company is run and executive compensation.

The nature of our mission, which includes improving the planet, motivates us to include portfolios like this, along with our customers’ preferences. Many of our customers have asked if our portfolios focus on sustainable investing.

I’m happy to say that I’ll have a hand in developing Save’s ESG portfolio. This is just one way and we’re constantly evolving to meet our customers’ needs.

5 ways to maximize your Save® rewards this year 

Finance
Extend your Save rewards with the Debit Invest card.

Make the most of Save’s earning potential and ensure that you don’t leave money on the table from your everyday spending. 

Rewards are one of the biggest perks of using a debit or credit card. 

The Save® Debit Invest Card offers cashback in the form of investment returns. With average returns of 2.93% without category requirements,¹ Save gives customers a chance to earn more from their everyday spending than some of the best rewards programs. 

Here are five strategies to help make your spending more rewarding this year. 

1. Make the Save Debit Invest card your primary payment method 

If you’re currently using an ordinary debit card to do your everyday shopping, you might be missing out on potential rewards. 

The best way to maximize your reward potential is to use your Debit Invest card as your primary payment method. Using your Debit Invest card for all your qualified purchases helps you earn more from the money you’re already spending. 

Consider monthly household essentials like groceries. Using a regular 1% cashback debit card to do your $400 grocery shopping each month will only give you $4 in cashback rewards. 

With Save’s average return potential of 2.93%, you can earn $10 from your grocery spending. 

You can also easily keep track of your rewards by logging into the Save App or the Online Portal. 

2. Earn $1,500 in equivalent portfolio investments with referrals²

For each friend you introduce to Save, you’ll both receive an extra $1,500 in equivalent portfolio investments.

Here’s how it works:

1. Share your unique referral link.

2. Once your referral is signed up, each of you must spend $250 on qualified purchases.

3. You and your friend each get $1,500 in equivalent investments added to your portfolio.² 

4. After a little more than a year, the investment matures, and your returns (minus Save’s fee) are deposited into your account for you to use however you’d like. 

You can refer as many friends and family members as you’d like. Each successful referral enhances your potential returns as well as theirs. 

3. Be strategic about your large purchases 

Another way to rack up more rewards is to use Save for your big-ticket purchases. 

Save has no spending cap, so every qualified purchase you make, no matter how big, will be matched with an equivalent investment.3 

Let’s say you’re planning to spend $4,000 on new furniture for your house this year. You can purchase it with your Debit Invest card, and Save will match what you spend and invest $4,000 on your behalf.3 

In a year, assuming the average annual return is 2.93%¹, you can earn an investment return of $118 from one single purchase (net of fees). 

Whether you’re booking a family cruise or shopping for Black Friday deals, use Save for your large qualified purchases throughout the year so you can maximize your earnings. 

4. Take advantage of bonus offers 

Bonus offers and promotions are a great way to boost your earning potential.

During Save’s 2021 Christmas promotion, every qualified $1 spent was matched with $2 of equivalent investments. This bonus offer allowed Save customers to double their potential rewards from their Christmas shopping. 

Soon, you’ll be able to take advantage of more ways to earn investment returns with the Save Wealth card. Besides a 6.04%4 return potential on all purchases, the Premium Wealth card rewards customers with an even higher return potential when they shop from select brands like Amazon, Apple, Whole Foods, and more. 

Ensure you don’t miss out on any upcoming offers and promotions, check your inbox for our newsletter, or follow Save on Twitter, Instagram, Facebook, or LinkedIn for the latest updates. 

5. Set up a direct deposit 

Picture this. You’re out for dinner with your friends and decide to pay the bill using your Debit Invest card. 

There’s only one problem –– you forgot to transfer funds to your account. Now you’re missing out on potential investment returns, meaning you’re potentially leaving money on the table. 

A simple solution to avoid missing out on rewards is to always make sure you have funds in your account by setting up a direct deposit for your payroll to your Save account. Here’s a step-by-step guide to help you get started. 

This way, your account will automatically be replenished, so you don’t have to worry about adding funds to it or missing out on an opportunity to earn rewards. 

1 Average annual returns are based on hypothetical back-tested performance in the Save Moderate Portfolio from 2006 to present and are shown net of fees. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. The return figures shown are for informational purposes only and are not actual customer returns. For more detailed information please see Hypothetical Back-testing

2 For each successful referral, Save buys a strategy-linked security for each party whose investment value is equivalent to $1,500.

3 For each qualified dollar spent using the Save Debit Invest card, Save buys a strategy-linked security whose investment value is equivalent to the dollar spent.
4 Average annual returns are based on hypothetical back-tested performance of the Save Moderate Portfolio from 2006 to present and are net of fees. To achieve the return on the Save Wealth Card, Save purchases a strategy-linked security whose investment value is approximately two times the dollar spent. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. All return figures shown are for informational purposes only and are not actual customer returns. For more detailed information please see Hypothetical Back-testing.

Financial and retirement tips for your 40s

FinanceInvesting
Man and woman walking and talking about retirement

It’s easy to use your age as a savings compass to point you in the right direction, but remember that you’re never too young or too old to save.

But not having a financial compass isn’t advisable.

“Not having a financial plan is actually just having a really bad plan,” Alexa von Tobel, founder and CEO of LearnVest.com in New York, told BankRate. “Every financial plan is specific to the individual, but you should look at your income and set priorities for paying off debt and saving for different needs.”

For those in their 40s, retirement should be at the forefront of their savings goals. To meet those goals, there are a few financial and retirement tips we can recommend.

Don’t give into lifestyle inflation

While we all would love to live like we’re Jay-Z and Beyonce on a yacht, we often can’t and it’s important to not fall into lifestyle inflation as you get older. Yes, you are more established in your 40s, likely with a well-paying job, and a handle on your debt, but it’s not the time to excessively improve your lifestyle and live beyond your means.

Don’t get us wrong. Treat yourself to a family vacation or small luxuries, but it’s important to not let reoccurring costs overcome you. As you eliminate debt, redistribute the monthly payments to your savings or retirement funds instead of upgrading and financing that new luxury vehicle.

Avoid panic selling

Now that you’re in your 40s, it might be easy to be tempted to panic sell when markets trend downward. Don’t panic sell because long-term investments typically do just fine. If you sell during a low, you may lose money.

If risking your money isn’t your thing, try using Save accounts. Save accounts are powered by savings and investment technology that provide much better return potential all while your deposits are FDIC insured.1

Save currently offers the Debit Invest card, which matches every qualified dollar a customer spends with a dollar of equivalent investment2 in diverse portfolios made up of stocks, bonds, and other assets accessed via ETFs.

The Debit Invest card’s annual average return potential is 2.96%3. While not an apples-to-apples comparative, Save’s Debit Invest card outperforms the best debit rewards programs. With the Discover Cashback Debit card, customers receive 1% cashback on up to $3,000 per month on their purchases, which equates out to $30. Even when looking at some cashback credit cards, like the Citi Double Cash Card, the Debit Invest card is nearly a percentage point higher or more in potential cashback in the form of investment returns.

Save’s next account to launch is the Market Savings account, which will also be FDIC insured.1 With this new account, the money you save will earn a potential return after a 12-month term. With average annual returns for the Premium account of 1.46%4 and 1.03%4 for the Core account, your chosen Save account has the potential to generate even more wealth.

Save expects their accounts to give you a return several multiples more than other high-yield interest savings accounts.

Refinance your house if mortgage rates have dropped

If your mortgage rate is higher than the average right now, you may want to consider refinancing, but make sure that you avoid refinancing to another 30-year loan—unless you want to be paying off the loan in your 70s. Just refinance for a term similar to what you already have left on your loan to save on the interest, but be sure you don’t pick a cash-out refinance because it often results in a longer loan term and higher costs.

And since your home may be among your most valuable assets, you’ll want to ensure your equity continues to rise as you make home improvements. When you are picking what project to tackle, be sure to compare the initial investment to how much value it will provide when you decide to sell.

Don’t tap into your retirement account for your kids’ college or weddings

The children will be fine. If you appropriately planned for their future by starting a 529 account in your 30s, then they’ll have the financial jumpstart needed to be supported through college. Also, there are plenty of scholarships and federal student loans they can look into when the time comes. When it comes to weddings, the COVID-19 pandemic has made elopements and smaller weddings, which mean more affordable weddings, much more acceptable.

After all, ensuring your future in your older age will only allow your children and potential future grandchildren to enjoy you in retirement and have less stress in supporting you as you age.

Maintain your emergency fund and other healthy financial habits

Having healthy financial habits is a lifestyle. It’s crucial to maintain the habits you started in your 20s and 30s throughout your 40s. Among them is maintaining your emergency fund. A hefty emergency fund will help unexpected expenses, of course, but you can also use it to fund expected expenses like your kid’s wedding or their first year of college—both of which you shouldn’t pull money out of retirement for.

This is the third post in a four-part series on how to save money and set money goals at certain ages. Read the tips for saving in you’re in your 20s and 30s, and return next month for the last post or follow Save on Twitter, LinkedIn, Facebook, or Instagram for updates.

1 To obtain FDIC-insurance coverage on your behalf, Save Advisers partners with various FDIC-insured member banks. The funds you provide will be deposited into accounts at one or more FDIC-insured partner banks. FDIC insurance coverage is limited to not more than $250,000 per qualified customer account per bank. Actual deposit insurance coverage may be lower if you have other funds deposited at the partner bank. You are responsible for determining the amount deposited in each account at the partner banks, and for monitoring the total amount of your deposits at each partner bank, to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. Learn more at: https://www.fdic.gov/deposit/deposits. Only the initial funds you provide will be deposited with the partner banks and will be eligible for FDIC insurance. Market returns are held in your Save account and are not FDIC-insured, are not bank-guaranteed, and may lose value. Maximum balance and transfer limits apply. Neither Save Advisers, nor its affiliates, is a bank. Apex Clearing Corporation is a member of Securities Investor Protection Corporation (“SIPC”), formed by Congress to protect “customers” of broker-dealers and to promote public confidence in the U.S. securities markets. Customers of a SIPC Member that fails financially are afforded certain benefits under the Securities Investor Protection Act (“SIPA”). These benefits are relevant only if the broker-dealer that “carries” a customer’s account fails and is liquidated under SIPA. At Apex, your investments are protected up to a maximum of $500,000 total, including $250,000 in cash balances. Coverage limitations apply. To learn more about SIPC coverage, visit the SIPC website at www.sipc.org.

2 For each qualified spend using the Save Debit Invest card, Save buys a strategy-linked security whose investment value is equivalent to the dollar spent. 

3 Average annual returns are based on hypothetical back-tested performance and are net of fees. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. The return figures shown are for informational purposes only and are not actual customer returns. Returns shown are reflective of being invested in the Save Moderate Portfolio from 2006 to present. For more detailed information please see Hypothetical Back-testing.

4 Average annual returns are based on hypothetical back-tested performance and are net of fees. Hypothetical back-tested performance is no guarantee of future performance and actual results will vary. Returns are subject to change daily. Minimum return will always be at least 0%. Return on Savings Calculation: We assumed that the Core Bundle would appeal to the 60-79.9% percentile of the income distribution and the Premium Bundle would appeal to the 80-99.9% percentile. We then assumed that they would have the average savings account balance for that income bracket on the Market Savings account and the median transaction account balance as debit spend on the Debit Invest Card every month. From the Survey of Consumer Finance, 2019 – Core Inputs: Debit Invest Spending $2,500 per month; Savings balance $28,690. Premium Inputs: Debit Invest Spending $5,000 per month; Savings Balance $51,940. We calculated the returns on each of those products and used that to calculate the return on savings: return on debit in dollars plus return on savings in dollars divided by savings balance in dollars equals Return on Savings. All return figures shown are for informational purposes only and are not actual customer returns. For more detailed information please see Hypothetical Back-testing. Source: https://www.federalreserve.gov/econres/scfindex.htm

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