CDs and savings again earning a decent return

For the first time in a good while, you'll finally be able to earn much better rates on savings. You can now actually keep pace with inflation!

5-year CDs are again earning over 5% -- that's after months of 5-year terms yielding around 2.5%. 1-year CDs, meanwhile, are in the steady 4% range. For the shorter term, Clark suggests you might want to look at an online savings account.

So how do you find these deals? Many of the best ones are at community banks and credit unions in your hometown. Look on billboards or signs when you're driving around. Just don't look at the giant monster mega-banks!

You can also get a good survey of rates around the country at BankRate.com.

No one knows where CD rates are going from here. That's why Clark recommends laddering your CDs. The easiest way to do that is to split your money into 3 piles -- a money-market or savings account; a 1-year CD; and a 5-year CD.

A more sophisticated laddering approach would involve a 6-tier setup. Splitting your money into 6 even piles, you'd have the following set-up: A money-market or savings account; a 1-year CD; 2-year CD; 3-year CD; 4-year CD; and a 5-year CD.

Then when your 1-year CD comes due, you re-up in a 5-year CD; ditto for your 2-year CD, your 3-year CD, etc. That way you don't lock all your money into a 5-year CD if rates go up or down.