Rebuilding Your Savings Account In a Dwindling Economy - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Rebuilding Your Savings Account In a Dwindling Economy

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If your savings account has been dwindling, your not alone.

Mary Pilon of the Wall Street Journal says the best way to rebuild your savings fast is to invest it...smartly.

"Having money sitting in a can in your closet's great cause you're not spending it but you might as well put it to work and CDs are a great way to stash money for the short term."

As the savings rates slowly climb, finding the most return for your investment is key.

" is a reverse auction site so banks are bidding for your business. You put in your information and about how much you want to invest and  it will churn out the best rates for you."

Mary says often the best rates are not with the big banks...but with credit unions or online banks...but, make sure the institution you go with is FDIC insured.

Lastly, Mary says, if you have high credit card debt, pay that off first.

Good rules to follow... Make yourself a budget, use cash more than credit, and start thinking about socking away money to retirement.