Tom Holtam | Source | Vice President, Senior Regional Delivery Manager at UMB Bank
Tom Holtam
Vice President, Senior Regional Delivery Manager at UMB Bank
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Tom Holtam is vice president, senior regional delivery manager in consumer banking at UMB.
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I’m a Financial Expert: Try This Overlooked Way To Save Money
When it comes to saving money, you’ll hear all sorts of advice: Automate your savings. Have a budget. Try a savings challenge. Admittedly, many savings strategies do work to varying degrees. However, the best one depends on the individual, their preferences and even — to some extent — their goals. But what are some often-overlooked way to save money? GOBankingRates spoke with three financial experts to get their thoughts. Here’s what they said.
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Creative Money Management: Leveraging Checking and Savings Accounts
Tom suggests using a second checking account for side hustles or separating bills from discretionary spending. He emphasizes the importance of budgeting to manage these accounts effectively. "Online banking has revolutionized account management," allowing users to easily move money, pay bills, and open new accounts for specific goals like emergencies or vacations. -
Financial Tips for New Parents: Budgeting, Saving, and Avoiding Pitfalls
Tom advises outlining all expected costs, including medical bills, baby items, and childcare. Avoid the mistake of not having an emergency fund. Major expenses include medical bills and childcare, while minor costs can be offset by baby showers. Save on childcare with dependent care FSAs and on healthcare with HSAs. Start a 529 savings account for college early. Prioritize retirement savings and use high-yield accounts. -
Debt Snowball vs. Avalanche: Which Strategy Suits You?
Tom explains, "The avalanche method saves money by tackling high-interest debt first, but may take longer. The snowball method offers quick wins by paying off smaller debts first, keeping you motivated." He advises considering your cash position and creating a savings plan alongside debt repayment for long-term financial health.