“Safe money market accounts that do not fluctuate in value can be seen as a good alternative to keeping money in a savings account that pays little interest and has a negative real return after inflation,” said Gaines. “More than two months’ worth of living expenses in a savings account is too much given the ability to earn around 5% from easily accessible money market accounts.”

Money market accounts — not to be confused with money market funds — deliver yields that are typically higher than standard deposit accounts with some checking account features like bill pay and limited monthly check writing. By redirecting your surplus cash into more productive accounts, you can earn more on your money over time.

If your savings account is growing steadily but your debt isn’t shrinking, it’s time to reassess your finances. Holding onto cash while carrying high-interest debt can be counterproductive, especially when that money could be working harder to reduce your liabilities or build long-term wealth.

“With any extra funds, I’d first allocate that toward any debt,” said Bethany Hickey, a personal finance expert with Finder.com. “Then I’d consider some interest-only payments on my home loan, and then add any extra to another savings account if I’m preparing for a near-future large purchase.”

Once your debt is under control, Hickey suggested looking into investment options with higher returns than a traditional savings account, such as certificates of deposit (CDs) or index funds.

“Consider shifting some savings into diversified investments like stocks, bonds and real estate to grow your money over time,” added Lokenauth. “As your investment portfolio builds, you can reduce reliance on cash reserves alone.”

Saving may be important but so is tackling high-interest debt. By paying down debts and reducing the amount taken by interest, you can establish a stronger foundation for your future wealth.

Just remember that while it’s great to watch your savings grow, you can have too much of a good thing. Once your emergency fund is secure and your retirement accounts are maxed out, it’s time to think beyond the savings account.

“There is an opportunity cost to holding onto too much cash,” said Stroup. “Each year those dollars lose purchasing power as a result of inflation. The only way to outpace inflation over your lifetime is to invest excess cash in a diverse mix of stocks, real estate and other assets that generate returns higher than inflation.”

Saving is smart, but strategy matters. Don’t let fear or habit keep your money parked in one place. With a little planning, you can strike the right balance between safety and growth — and make sure your money is working just as hard as you are.

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This article originally appeared on GOBankingRates.com: 3 Key Signs You’re Losing Money By Saving Too Much