6 Signs You’re More Financially Savvy Than the Average American

Vance Cariaga  Fri, December 6, 2024  GOBankingRates

There’s no magic formula to being financially savvy, but there is nuance to being good with money. It’s mostly a mix of planning, common sense, your credit score, commitment and a little cost-of-living calculus. People who actively build a financial blueprint they can follow — budget included — are prepared for the future and manage their money in a way that builds wealth.

So how do you stack up? Are you savvier than the average American? Here’s a look at several signs you’re on the right path.

You Seek Out the Highest APYs and Best Interest Rates

It doesn’t take much effort to find the best savings account interest rates — a simple internet search will deliver all the info you need to better reach your long-term goals. Even so, a lot of U.S. consumers settle for rates as low as 0.01% APY when they can score rates at or above 5.0% APY.

GOBankingRates consistently researches to find the best high-yield savings accounts available and here are some current recommendations:

Bask Bank Interest Savings Account

Betterment Cash Reserve Account

BMO Alto Online Savings Account

Bread Financial High-Yield Savings Account

FNBO Direct High-Yield Online Savings Account

GO2bank High-Yield Savings Account

Milli Savings Account

Salem Five Direct eOne Savings Account

You Take the Time To Plan and Budget

Making a financial plan and establishing a monthly budget might be the two most important traits of financially savvy people. Your financial plan should encompass both long- and short-term goals and include everything from leisure activities and investment goals to major purchases such as a house or car.

In contrast, your budget should center on current living expenses and day-to-day items. Here are six steps you can take to make sure you set the right budget and stick to it:

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