{"id":11366,"date":"2023-08-18T06:00:37","date_gmt":"2023-08-18T11:00:37","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=11366"},"modified":"2023-08-21T14:29:02","modified_gmt":"2023-08-21T19:29:02","slug":"excess-cash-management-strategy","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/excess-cash-management-strategy\/","title":{"rendered":"Managing Your Cash in Four Different Strategic Ways"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11366\" class=\"elementor elementor-11366\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-504518c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"504518c4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-457aad6d ae-bg-gallery-type-default\" data-id=\"457aad6d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ef0530c elementor-widget elementor-widget-heading\" data-id=\"5ef0530c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Delegate your cash to different goals, interests and needs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-766a7310 blue-box elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"766a7310\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47195ff6 ae-bg-gallery-type-default\" data-id=\"47195ff6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7a8c1f7d elementor-widget elementor-widget-text-editor\" data-id=\"7a8c1f7d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Key takeaways<\/strong><\/p><ul><li style=\"list-style-type: none;\"><ul><li>Interest rates on high yield savings accounts are above 4%, which we haven\u2019t seen <a href=\"https:\/\/www.forbes.com\/advisor\/banking\/savings\/history-of-savings-account-interest-rates\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"text-decoration: underline; color: #33cccc;\"><br \/>since the \u201890s<\/span><\/a>, and makes them a great option for many cash needs.<\/li><li>Your short- and long-term cash needs should drive the location of your deposits.<\/li><li>For business owners, an interest-bearing account is an ideal option for your emergency funds.<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-323509e4 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"323509e4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2078e3dd ae-bg-gallery-type-default\" data-id=\"2078e3dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-224335af elementor-widget elementor-widget-text-editor\" data-id=\"224335af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Traditionally, the term \u201ccash\u201d was used to mean real dollars physically in a person\u2019s pocket or wallet\u2014but nowadays, 41% of people don\u2019t use physical cash for any of their transactions, preferring to do business virtually or with a card, according to a Pew Research Center Survey.<\/p><p>\u201cCash\u201d has evolved into accessible money; this could be in the form of a bank account, money transfer apps on your phone, a check or a debit card.<\/p><p>Despite consumers only carrying <a href=\"https:\/\/www.timesrecordnews.com\/story\/news\/local\/2020\/09\/22\/survey-fewer-people-using-cash-since-covid-19\/5864463002\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">$46 on average<\/span><\/a> (if they are carrying any), the need for cash has stayed the same over time. Managing each need requires a thoughtful, unique strategy, says CPA and Wealth Advisor <a href=\"https:\/\/www.cainwatters.com\/caitlin-bryan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">Caitlin Bryan<\/span><\/a>.<\/p><p>\u201cOnce these channels are in place, you can easily streamline the management of your cash needs,\u201d she said.<\/p><h5><strong>TYPES OF CASH MANAGEMENT TO CONSIDER<\/strong><\/h5><ol><li><h5><strong>CASH FOR DAILY USE<\/strong><\/h5><\/li><\/ol><p>Daily use cash needs to be easy to access; if it\u2019s in an account with a bank, ATM access would be beneficial in addition to a debit card.<\/p><p>\u201cI usually suggest using a local bank for day-to-day cash on hand,\u201d she said. \u201cIf you are a small business owner, it is important to have a relationship with a banker you can meet with face to face.\u201d<\/p><p>Properly managing these funds involves having reserves for your monthly lifestyle expenses. A general rule of thumb, Caitlin says, is to have enough money in your bank account to cover one month of all lifestyle expenses like credit card bills, mortgage, utilities, etc.<\/p><p>\u201cOf course, it\u2019s always a good idea to have some real cash in your pocket, just in case the tooth fairy needs to make a last-minute visit,\u201d she said.<\/p><ol start=\"2\"><li><h5><strong>EMERGENCY FUND<\/strong><\/h5><\/li><\/ol><p>An emergency fund is for just that\u2014emergencies only. Defining \u201cemergency\u201d and sticking to that definition will help you successfully manage these funds.<\/p><p>It\u2019s wise to have a minimum of 3 months of lifestyle expenses in this account. Because this money isn\u2019t meant to be touched, it\u2019s wise to have it sit in a separate account that earns a return.<\/p><p>\u201cIt\u2019s usually best to house these funds in a high interest-bearing account. Typically, banks with a large online presence offer the highest rates,\u201d Caitlin said.\u00a0 \u201cHowever, before you pick a bank at random from the internet, it is wise to stick with companies whose names you recognize and have market history. Some banks offer higher yields on their money market accounts than their high-yield savings accounts, so it\u2019s important to do your homework.\u201d<\/p><p>Keeping your cash limited to the $250,000 FDIC-insured limit is important\u2014in the case of bank runs, like we saw earlier this year with SVB. The rule is $250,000 <em>per <\/em>depositor, so if you have a joint account with a spouse, that\u2019s two depositors and therefore your account is insured to $500,000.<\/p><p>\u201cSome banks have promotional rates to entice you to save your money with them,\u201d she said. \u201cDon\u2019t get caught in a market promotion where the initial rate drops after just a few months.\u00a0 \u00a0Your emergency fund account will have longevity, so look for a bank that provides a steady market rate.\u201d<\/p><p>Different banks offer a variety of options for their interest-bearing accounts.\u00a0 Below are a few items to review prior to opening your account:<\/p><ul><li>Is there a minimum account balance?<\/li><li>Are there check writing privileges?<\/li><li>Is there a limit on the number of transactions you can make each month?<\/li><\/ul><p>If you are a business owner, you should consider opening an interest-bearing business account to hold cash reserves in excess of normal operations.<\/p><p>\u201cBusiness owners usually carry cash in excess of their operating needs because they feel they may need it at any time in case of an emergency,\u201d Caitlin said. \u201cConsider opening an interest-bearing business account to hold these funds.\u201d<\/p><p>High-yield savings accounts can also be used to \u201cescrow\u201d cash you anticipate needing for a vacation, property tax bill, or other large purchases on the horizon. This is not a lifestyle account or an emergency account, but instead money that\u2019s designated for a purpose. For example, if your property taxes each year are $30,000, you can hold these funds in reserve in a high-yield savings account to earn interest and have easy access to the cash when you need it.<\/p><ol start=\"3\"><li><h5><strong>EXCESS CASH<\/strong><\/h5><\/li><\/ol><p>Sold your business? Received a large inheritance? Everyone dreams of coming into a windfall of cash, but what do you do in the short term with these proceeds?<\/p><p>A smart solution is holding cash that will be invested in the long term in a cash-managed account. This type of account is available through an investment broker.<\/p><p>Investors with a very low risk tolerance may already be familiar with this type of account, Caitlin said. It\u2019s for the preservation of capital with little growth.\u00a0 Historically, these investment accounts return slightly higher rates than interest-bearing savings accounts.<\/p><p>\u201cIt\u2019s an option for two different types of investors,\u201d she said. \u201cIt\u2019s for the investor who is very conservative, who has a cash threshold over the FDIC insured limit, and for the investor that needs to park a large sum of cash for a short period of time.\u201d<\/p><p>Your wealth advisor can help you strategically manage excess funds while keeping your short- and long-term goals in mind.<\/p><ol start=\"4\"><li><h5><strong>CASH IN INVESTMENT ACCOUNTS<\/strong><\/h5><\/li><\/ol><p>The last cash management strategy is lesser known, yet affects every investor with a brokerage account. Investors may notice a line item labeled \u201ccash\u201d in their portfolio allocation.<\/p><p>\u201cMoney managers sometimes hold cash in their allocation, so they have dry powder to invest when an opportunity arises,\u201d Caitlin said. \u201cAlthough the percentage can fluctuate, it\u2019s usually a small amount in the grand scheme of the overall portfolio strategy.\u201d<\/p><p>Fees and management expenses are also paid from the cash allocation of your portfolio. Other cash investors receive may come in the form of dividends and interest earned on an investment account.<\/p><p>\u201cSometimes, like in the case of needing to take a required minimum distribution, it may not make sense to reinvest these earnings in your account,\u201d Caitlin said. \u201cIt may be better to hold for annual distributions.\u201d<\/p><p>Regardless of your use for cash, having a plan in place to ensure you\u2019re getting the most bang for your buck will add value to your overall retirement plan. An investment advisor representative can help determine the best cash strategy for you, ensuring you always have cash available when you need it.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-28fed2ee elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"28fed2ee\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e0ba97 blue-box ae-bg-gallery-type-default\" data-id=\"6e0ba97\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b711896 elementor-widget elementor-widget-text-editor\" data-id=\"b711896\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>CWA can help you manage your money wisely and give you peace of mind that it is working to reach your goals.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7699307 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"7699307\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.cainwatters.com\/CONTACT\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">CONTACT US<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Delegate your cash to different goals, interests and needs Key takeaways Interest rates on high yield savings accounts are above 4%, which we haven\u2019t seen since the \u201890s, and makes them a great option for many cash needs. Your short- and long-term cash needs should drive the location of your deposits. For business owners, an [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":11385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16,41,18,27],"tags":[],"ppma_author":[48],"class_list":["post-11366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-news-feature","category-featured","category-financial-planning","category-knowledge-know-how"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Managing Your Cash in Four Different Strategic Ways<\/title>\n<meta name=\"description\" content=\"Traditionally, the term \u201ccash\u201d was used to mean real dollars physically in a person\u2019s pocket or wallet but nowadays people prefer to do business virtually. 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