Getting started

Put extra money to work

Become cash savvy

It's always important to have cash on hand in case of an emergency or unexpected expense. But are you keeping too much cash out of the market because you’re not sure what to do with it? It may be time to consider your options.

Catch-up time

If you’ve fallen behind on one of your current investment goals — or hope to reach them sooner — using your extra cash to get back on track might be an approach to consider. Depending on the type of account you’re using to reach that goal, you could either make a lump-sum contribution or increase your regular contribution rate. 

Saving for a rainy day

If you’re looking for relatively low-risk alternatives to low-yielding bank or credit union savings accounts, you may want to consider money market funds and/or short-term bond funds. Unlike many bank products, however, keep in mind these investments are not FDIC-insured and still involve risk, so you can lose money.

Looking ahead

Having extra cash often creates an opportunity to achieve a new investment goal. When setting your goal, it’s important to consider how much money you need to finance it, how many months or years you have to reach it (also known as your investment time horizon) and how much risk you’re willing to take. All are important factors when considering your investment options.

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Over time, the difference can add up

Money market funds

A money market fund offers an alternative to a savings account for money that you might need to access suddenly for an unexpected expense or emergency. They typically hold high-quality, short-term investments. Unlike many bank products, however, money market funds are not FDIC-insured and still involve risk, so you can lose money.

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Short-term bond funds

If your time horizon is longer than a year, consider a short-term bond fund for your extra cash. These funds typically hold shorter duration bonds, which have more risk than money market fund investments but also the potential to produce more income.

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Bond funds

If you need some income but are still concerned about preserving the value of your investment, consider funds holding medium to longer term bonds, which have more risk than shorter duration bonds but also the potential for a higher return.

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