3 Smart Places to Put Your Money in November 2022

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  • It's a good time to bolster your emergency savings given recession warnings.
  • It pays to score a higher return on money you don't expect to need for emergencies.
  • Look to your savings account, CDs, or a brokerage account.

These are all great options for your spare cash.

It's hard to believe that we're reaching the tail end of 2022. And before you know it, we'll all be carving our turkeys, putting up our Christmas trees, and preparing our list of financial resolutions for 2023.

Of course, whether the coming year will be an easier one financially is yet to be determined. This year, consumers were battered by sky-high prices across a range of spending categories. Next year, inflation could continue to soar, and there's also talk of an impending recession.

If you have extra money on hand in November, it's important to find the right home for it. Here are three options to consider.

1. A savings account

Let's talk about those scary recession warnings for a minute. Whether they're spot-on or exaggerated is really hard to say right now. There's reason to believe the Federal Reserve's aggressive interest rate hikes could fuel a recession, but given how strong the economy is at present, we might manage to avoid a downturn in 2023.

Still, given the number of recession warnings out there, now's a good time to shore up your emergency fund. And so you may want to put some of your money into a regular old savings account.

In the wake of the pandemic, some financial experts are recommending a one-year emergency fund. So if you only have enough cash in savings to cover, say, six months' worth of bills, you may want to add to that account.

2. A certificate of deposit

If you're happy with the state of your emergency fund but want a little more cash tucked away in the bank, then you might consider a certificate of deposit, or CD. CD rates have gone up over the past few months, so you might snag a generous return on your cash -- more so than what a savings account will pay.

To be clear, though, you'll want to keep your core emergency fund in a regular savings account. Cashing out a CD before its term is over will result in penalties, so it's a good place for your extra savings only.

3. A brokerage account

Maybe you're completely secure with your emergency fund and want to snag a higher return on your extra money than what a CD will pay you. That's where your brokerage account comes in.

Now the tricky thing with investments in a brokerage account is that there's the potential to lose money. Just look at how the stock market has performed year to date. Many investors are seeing losses in their portfolios due to the past 10 months of market turbulence. But if you're sitting on money you don't expect to need for many years, then investing it could be a smart bet.

Many people are barely making ends meet these days, so if you actually have extra money to work with, you're in pretty good shape. The key in that case, however, is to find the right place to put your money. And all of these options could fit the bill in that regard.

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