Are you watching prices at the grocery store and the gas station go up making the balance of the savings account you worked hard to build worth less every month?
Consider using I bonds to help your savings keep up. The interest rate provided by I bonds is a combination of a fixed rate plus a rate based on inflation that is updated every 6 months. The interest rate for I bonds issued from May 2022 through October 2022 is 9.62%. I bonds must be held for at least 12 months, so you may want to buy a little at a time instead of putting all your savings into I bonds at once. TreasuryDirect.gov allows each individual to setup recurring purchases of I bonds through regular withdrawals from a bank account or through payroll deductions. Purchases can be as small as $25, with a $10,000 limit per individual each year.
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