🔥 ^{Hot off the press: Here’s what’s burning up our news feed.} 🔥

• Could the U.S. Default on its Debt on June 1st? 🫣

• Is Basic Health Care Becoming a Luxury Item?

• Cash in with these 7 Banks: Unlock Generous Rewards for New Accounts 💵

Let’s Chop It Up…

1️⃣ The Ceiling Might Cave In, but Your Money Doesn’t Have To

Is it just me, or does it feel like every other week I’m struck with panic about just how long this economic spiral we are in is going to continue? Just when we thought things couldn't get more thrilling, we've got a potential U.S. debt default on our hands. Like a season finale cliffhanger, the U.S. government is playing beat the clock, with a June 1 Deadline hovering ominously over us.

Discussions are looking more like an endless game of ping-pong between lawmakers. Janet Yellen—Treasury Secretary—predicts Uncle Sam might be reaching into empty pockets by early June unless Congress decides to raise or suspend the debt limit. And let’s not forget our other battles:

• The general consensus of economic uncertainty

• The unflattering interest rate landscape

• And the potential of being in a full-blown recession by the end of the year

If you weren’t adulting in the 2008 era, you might be asking “Where should I put my money in times like these?” Two great options are rising right now: high-yield savings accounts and certificates of deposit (CDs). With interest rates on these puppies rising like a good sourdough, they're becoming an attractive refuge in the middle of this economic storm. But, as with all things, there's a catch. The rates are variable and subject to change, meaning that the attractive rate you see today might not stick around for the long haul.

🔑 Salt’s Key Takeaways:

Here's your Salt-branded advice, served up straight, no chaser.

1. Befriend High-Yield Savings Accounts: In this not-so-rosy economic climate, high-yield savings accounts might be your new BFF. We're talking interest rates as high as 4% to 5%. Now, let's be real - the rates are variable and may wobble around. But even if they do, these accounts are a solid bet, mostly immune to economic turmoil.

2. Get Cozy with Certificates of Deposit (CDs): Much like high-yield savings accounts, CDs are enjoying the interest rate glow-up, too. If you can stick to the term and resist the urge to withdraw your money like it's a game of Jenga, CDs are an excellent way to protect and grow your dough. Just remember, the term is fixed, so you gotta commit.

3. Diversify, Diversify, Diversify: Despite the fear-mongering headlines, the sky is not falling. Yes, you heard it here first. It's essential to remember that while high-yield accounts and CDs are attractive right now, they shouldn't be your entire financial plan. Spread the love, folks. Keep a diversified portfolio with stocks, bonds, maybe even a sprinkle of gold. Remember, all your eggs in one basket only works if you're making an omelet.

4. Shield Your Traditional Savings: If there was ever a time to consider a defensive strategy for your savings, it's now. Consider moving a chunk of it into a high-yield account or CD. You'll safeguard your money and grow it at a rate that your regular account can only dream about.

2️⃣ Health Care on the Chopping Block?

Here's a bitter pill to swallow: More Americans said "nope" to doctor visits last year because their wallets cried, "We can't do it, boss!" This not-so-pleasant bit of news comes straight from a Federal Reserve Survey released on Monday. And, well, the findings aren't exactly the medicine your financial doctor ordered.

The plot thickens when you look at who's dodging the doctor. According to the survey, folks bringing in less than $25,000 per year reported a lower rate of good health (75%) compared to those raking in $100,000 or more (a healthy 91%). Sounds about right – having cash generally equals better access to health care.

The culprits? Our “good friends”, inflation and a cut in COVID-era stimulus cash. Like a hot knife through butter, they slashed through Americans' healthcare spending in 2022. Unsurprisingly, dental visits were the first to get the ax, followed by doctor visits and prescription payments.

Adding salt to the wound, the survey found that 35% of Americans felt their financial situation worsened in 2022 compared to the previous year. That's a record low folks – the kind of record we don't want to be making. Leaving many of us left wondering: Will more Americans give healthcare the brush-off in the coming year?

🔑 Salt’s Key Takeaways:

This is a difficult time to navigate in America. Pepper and I have definitely taken a few hits and had to rework our family budget numerous times. But one thing we always make sure we prioritize is health. Yes, that means setting aside money for routine check-ups but it also means making time for physical activity and prioritizing healthy foods so doctor’s visits don’t come up as often.

Outside of that, here is some other guidance on how to work through these rising healthcare costs:

1. Health Care: The Luxury Item?: Here's a bitter fact — Health care has become more of a luxury item than a fundamental right. Especially for lower-income folks, skipping doctor visits is becoming as common as ignoring spam calls. And that, dear friends, is not a trend we should be setting.

2. Dentist - The First Casualty: When money's tight, it seems the first healthcare professional to get the boot is the dentist. But before you cancel that appointment, remember this: oral health is a significant part of overall well-being.

3. Stimulus & Medicaid: The Band-Aids: Stimulus checks and expanded Medicaid coverage were like financial band-aids during the COVID era. But with those band-aids being ripped off, expect some stinging in the form of reduced healthcare visits. Just remember, band-aids are temporary solutions. It's time we look for a more sustainable cure.

4. Inflation: The Invisible Culprit: Yes, inflation is playing the invisible villain here, making healthcare unaffordable for many. But remember, skipping healthcare is not a long-term solution. It's like not changing the oil in your car to save money – you're just setting yourself up for a bigger repair bill down the road.

3️⃣ 7 Banks Offering Cash Bonuses 🤑 

A significant number of banks are currently offering cash bonuses to attract new customers. These bonuses can range from $500 to as high as $3,000 for opening a new personal or business account. Qualification criteria generally involve depositing a certain amount of money, completing a specific number of transactions, or meeting other specified conditions within a particular time frame.

However, existing customers or individuals who have opened the same type of account with the bank in the past few months are typically not eligible for these bonuses.

Banks and Their Offerings: 

Chase: up to $3,000

• For opening a Chase Private Client Checking Account.

• Qualification involves transferring $150,000 or more in new money or securities and maintaining the account balance for 90 days.

Citi: up to $2,000

• For new customers opening a Citi Priority or Citigold package.

• To qualify, make a deposit of $10,000 or more in the first 20 days and maintain the account balance for at least 60 days.

Huntington Bank: $600

• For opening a new Platinum Checking Account and depositing $25,000 or more within the first 90 days.

Wells Fargo: $525

• Bonus for opening a consumer savings account and depositing $25,000 or more within the first 30 days.

BMO Harris: $500

• Cash bonus for opening a Premier Account and making qualifying direct deposits of $7,500 or more during the first 90 days.

Huntington Bank (Business account): $1,000

• Cash bonus for opening an Unlimited Plus Business Checking Account and depositing $20,000 or more in the first 30 days.

U.S. Bank (Business account): $750

• For new business checking account customers who open an account and deposit at least $5,000 (for $500 bonus) or $15,000 (for $750 bonus) within the first 30 days.

PNC Bank (Business account): $500

• For its Treasury Enterprise Plan and Analysis Business Checking with an account opening and maintaining a $30,000 average ledger balance for the first three monthly statement cycles.

Chase (Business account): $500

• For new business customers who open the Chase Business Complete Checking account and deposit $2,000 (for $300 bonus) or $15,000 (for $500 bonus) within the first 30 days.

🔑 Pepper’s Key Takeaways:

When considering these banking incentives, ensure they align with your current financial situation and future goals. These offers are beneficial if you're already looking to switch banks or open a new account and can comfortably meet the required deposits and minimum balances.

Prioritize your needs and services over one-time bonuses and ensure your chosen bank is accessible and can facilitate a quality banking experience, especially for long-term relationships like business accounts.

Always read the terms and conditions carefully to understand all requirements and avoid any unexpected fees. The decision should primarily be based on the suitability of banking services and costs, rather than the allure of bonuses.

Buckle up for some real talk. Our candid, no-nonsense advice may not win popularity contests, but it sure gets results.

Having chewed through the meaty topics of college costs, inflation, debt ceilings, and soaring car prices, it's time to dish out some wealth-building tips. Like a culinary master turning simple ingredients into a gastronomic feast, let's turn these economic topics into financial wins.

1. Spice up Your Skill Set (Without Breaking the Bank): Higher education can pay off, but it doesn't necessarily mean a four-year college degree. Trade schools, vocational programs, and online learning platforms can offer valuable skills without the weight of hefty student loans.

2. Drive Smart in the Auto Market: Car prices got you spinning? Remember, new isn't always better. Consider pre-owned vehicles with good maintenance records. And when purchasing, avoid unnecessary dealership packages that promise moonlight and music but deliver little value. This could save you thousands of dollars.

3. Inflation-Proof Your Investments: Inflation may seem like a solo act, but you can make it a duet with inflation-protected securities (TIPS). These can help your investment portfolio keep pace with inflation, rather than losing purchasing power.

4. Make Debt Ceiling Knowledge Your Power Move: Understanding how the debt ceiling works can help you anticipate potential economic impacts, like fluctuating interest rates. This can guide your decisions about when to borrow and how to plan for the future.

The Latest Articles from Salt & Pepper

For More In-depth Personal Finance Topics

_{Disclaimer - Any content produced by Salt & Pepper Brands is intended for informational use only. When it comes to managing your funds, we love to provide high value to our readers and give actionable tips. However, you shouldn’t construe anything here as legal, tax, investment, financial, or other advice.}