Where to Keep Your Money in 2023: A Guide for Student Loan Borrowers

For many student loan borrowers, saving money can be daunting. Knowing how to save and where to put your hard-earned money can be a difficult decision to make. Student Loan Advisors Dan Rooker, CFP®, CSLP®, and Ben Lacomis, CSLP®, are here to help you make the best financial decisions. Here's a sneak peek into savings rates, updated savings and contribution rates for retirement accounts, and other common savings buckets to watch for, as well as examples of where you could save in 2023.

In today's episode, you'll find out:

• The average savings rate in 2020 and why it was so high
• What Dan and Ben are looking forward to next year
• How Dan is approaching travel in 2023
• Ben's focus on financial planning and growth in 2023
• How to calculate your savings rate with student loan debt
• About the net worth calculator in our Student Loan Calculator spreadsheet
• The best place to put your money in 2023
• Savings caps for retirement, health-related savings, and education savings
• 401(k), 403(b) and 457 plan maximums for next year
• What is a health savings account (HSA)
• HSA savings caps for next year
• Why HSAs are the Holy Grail of investment accounts
• How the Secure 2.0 Act can help employees save for retirement
• How income-driven repayment (IDR) plans can improve your net worth
• When to recertify your income if you're on an IDR plan
• Why borrowers with Direct Loans can hold off on recertifying for now

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Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!