Welcome back to Money Made Easy, where we focus on simple ways to manage your finances and save money. In the latest installment of the series, CNBC Select Contributor and financial advisor Kristin Merrick walks us through her best tips for rethinking how you manage your money in 2023.
Check out the full interview featured on TODAY in the video below and read on to see some of Merrick's best strategies.
Review your accounts, and how they're growing
Reviewing your savings accounts early in the year can help you make sure that they're growing as much as possible.
Not only should you make sure you're meeting your savings goals, but you also want your money to grow as much as possible. Merrick suggests keeping your cash in a high-yield savings account. "You can actually earn some money," she says.
CNBC Select's top picks for high-yield savings accounts include Happen Bank's LevelUp Savings account, which earns a strong APY with no minimum balance requirements. To avoid fees, there's also Marcus by Goldman Sachs' High-Yield Online Savings account, which offers all the perks of a high-yield savings account without any monthly fees.
Happen Bank LevelUp Savings
Annual Percentage Yield (APY)
4.20% (with monthly deposits of $250 or more), or 3.00%
Minimum balance
None
Monthly fee
None
Maximum transactions
None
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Marcus by Goldman Sachs High Yield Online Savings
Annual Percentage Yield (APY)
3.40%
Minimum balance
None
Fees
No monthly maintenance, overdraft or excessive transactions fee
Maximum transactions
No limit to the number of withdrawals or transfers you can make
Checking account
No
ATM card
No
Terms apply.
Pros
- No minimum deposit, no minimum balance and no monthly fees, making it one of the most straightforward savings accounts to open and maintain.
- No limit on withdrawals or transfers, so you can move your money as often as you need without penalty.
- Earns a competitive APY with no conditions or hoops to jump through.
- Easy-to-use mobile app makes managing your savings simple from anywhere.
- Also offers no-fee personal loans through Marcus, a useful perk if you ever need to borrow.
Cons
- Higher APYs are available elsewhere, so it may not be the top pick if maximizing your rate is the priority.
- No checking account option, so you’ll need a separate account for everyday spending.
- No ATM access or debit card, making it best suited as a dedicated savings account paired with another bank.
Take a closer look at your spending
Review your subscriptions and expenses to free up extra money for saving and investing.
Start by taking a look at your credit card statements and your bank accounts. "If you're getting charged for something you don't understand, look into it," Merrick says.
For a more automated approach, using a budgeting app could help you trim your subscriptions. One of CNBC Select's best budgeting apps, PocketGuard, can find subscriptions you didn't know you had and help you cancel them.
You can also enlist the help of a bill negotiation service to negotiate down fees and subscription charges.
Check up on your credit
Having a good credit score can help you unlock the best credit cards, the best auto loans, and even help you save money on car insurance. You can track your credit score using different tools, including Experian's free credit monitoring, and CreditWise® from Capital One. Both of these services can help you understand where your score is, and help you find ways to work towards raising your credit score.
Experian Dark Web Scan + Credit Monitoring
Cost
Free
Credit bureaus monitored
Experian
Credit scoring model used
FICO®
Dark web scan
Yes, one-time only
Identity insurance
No
Terms apply.
Your credit report is equally important to stay on top of. A credit report is a statement with all the information about the credit you're using, your payment history, and all of your personal information. "Maybe somebody took out credit in your name, and you don't know," Merrick says. "This is how you know."
While there are a number of ways to get a copy of your credit report, annualcreditreport.com is authorized by federal law to provide your report for free.
Plan your summer travels and save
Prepping for the summer travel season ahead of time can help prevent stress and save you money.
Booking travel early could make your summer adventures cheaper. "Don't wait until the last minute," Merrick says. When booking, don't forget to use any travel credit card points, airline miles, or hotel perks you have to make the summer travel season more affordable. With airline prices on the rise, it might make sense to use the miles you've accumulated to save on your 2023 travels.
If you don't have one of the best cards for travel, looking into opening a new card to take advantage of welcome bonuses could help make your next flight or hotel stay more affordable. Two of CNBC Select's top picks include the Capital One Venture Rewards Credit Card, which offers no foreign transaction fees, and the American Express Platinum Card®, which offers up to $200 Uber Cash: Platinum Card® Members can ride or dine in style with $15 in Uber Cash each month, plus a bonus $20 in December after adding their Card to their Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction. (Requires enrollment) Plus, when you use the Platinum Card® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
The Capital One Venture Rewards Credit Card has a reasonable annual fee and earns flexible travel rewards, which makes it a great travel card for beginners or heavy travelers.
Highlights
- LIMITED-TIME OFFER: Enjoy $300 to use on hotel and vacation rental bookings through Capital One Travel in your first cardholder year, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening – that's more than $1,000 in travel value
- Earn unlimited 2X miles on every purchase, every day
- Earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Receive up to a $120 credit for Global Entry or TSA PreCheck®
- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Enjoy a $50 experience credit and other premium benefits with every hotel and vacation rental booked from the Lifestyle Collection
- Transfer your miles to your choice of 15+ travel loyalty programs
- Top rated mobile app
Balance transfer fee
$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
None
The American Express Platinum Card® is a premium card loaded with annual statement credits, entertainment benefits, extensive airport lounge access, elite status perks and more. (Enrollment required for select benefits mentioned)
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 175,000 Membership Rewards® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Get more for your travels with 5X Membership Rewards® points on all flights and prepaid hotel bookings through American Express Travel®, including Fine Hotels + Resorts® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel® on up to $500,000 on these purchases per calendar year.
- With over 1,550 airport lounges - more than any other credit card company on the market* - enjoy the benefits of the Global Lounge Collection, over $850 of annual value, with access to Centurion Lounges, 10 Delta Sky Club visits (subject to visit limitations) when flying on an eligible Delta flight, Priority Pass™ membership (enrollment required), and other select partner lounges. *As of 01/2026
- $200 Uber Cash + $120 Uber One Credit: With the Platinum Card® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
- $300 Digital Entertainment Credit: Experience the latest shows, news and recipes. Get up to $25 in statement credits each month when you use your Platinum Card® for eligible purchases on Disney+, a Disney+ bundle, ESPN streaming services, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV when you purchase directly from one or more of the providers. Enrollment required.
- $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
- $400 Resy Credit + Platinum Nights™ by Resy: Get up to $100 in statement credits each quarter when you use the Platinum Card® to pay for eligible purchases with Resy, including dining purchases at over 10,000 qualifying U.S. Resy restaurants. Enrollment required. As a Platinum Card® Member you have special access to reservations on select nights at participating sought after Resy restaurants in select cities through Platinum Nights™ by Resy. Simply add your Platinum Card® to your Resy profile to book your reservation.
- $219 CLEAR+ Credit: CLEAR+ helps get you to your gate faster by using your face to verify you are you at 55+ airports nationwide. You can cover the cost of a CLEAR+ Membership* with up to $219 in statement credits per calendar year after you pay for CLEAR+ with your Platinum Card®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- Start your vacation sooner and keep it going longer. When you book Fine Hotels + Resorts® through American Express Travel®, enjoy noon check-in, when available, and guaranteed 4PM late check-out.
- $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That's up to $300 in statement credits each calendar year. Enrollment required.
- $155 Walmart+ Credit: Get up to a $12.95* statement credit back each month after you pay for a monthly Walmart+ membership (subject to auto-renewal) with your Platinum Card®. *Up to $12.95 plus applicable taxes on one membership fee.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- $895 annual fee.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
N/A
Foreign transaction fee
None
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Bottom line
A new season means yet another reason to take a step back and check in on your finances. Merrick recommends checking in on your savings accounts to make sure they're earning and growing as much as possible. Next, take a look at your credit report and trim any unnecessary subscriptions. Finally, book your summer travel in advance, and take advantage of credit card rewards as you plan.
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For rates and fees of the American Express Platinum Card®, click here.
Information about PocketGuard has been collected independently by CNBC Select and has not been reviewed or provided by PocketGuard prior to publication.
