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Here are five banking changes to consider whenmanaging a bank account at this stage.
A high-yield savings account will offer better interest rates, which will allow the money to grow more quickly.
Keeping all of the money in savings could limit its growth.
With higher interest rates, insurance products like annuities and cash value life insurance have also become more attractive.
You should aim to keep three to six months worth of living expenses in your emergency fund.
Build toward your goal amount through small, consistent and manageable payments.
Anderson recommended starting an emergency fund by setting aside $1,000 to $2,000.
Maximizing tax efficiency with savings requires time, the right advice and the right vehicles, Anderson said.
He mentioned Roth retirement accounts and cash value life insurance as options.
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