On your road to financial freedom, you look to maximize every aspect of your budget. Your goal is to maximize your income and minimize your expenses. While many transactions or activities may result in large dollar gains, the reality is that you must win a lot of the small transactions as well to reach financial freedom. Growing up, and still today, I am a huge baseball fan. To incorporate a baseball reference here, the singles are just as important as the home runs. Using a high yield savings account is a single; but it is critical to maximizing the interest earned on your cash.
A couple of months ago, I wrote about my desire to simplify my finances and make our lives a little easier. Method #1 was to consolidate the number of banks had accounts with and just make our banking situation easier. Despite the fact I wrote about this back in April, I saw my upcoming wedding as the golden opportunity to hit the reset button and start over in terms of banking when we would eventually consolidate our finances. Before the weeding, we banked at four branches. We made our decision and after we were married and reduced that number to one. What’s even crazier is that we dropped the idea of using a local bank with “roots,” or branches, in our community. I’ll let you in our decision to ditch a bank with a physical branch all together and take the first step towards simplifying our finances!