4 Types of Savings Accounts *EVERYONE* Should Have⎟PERSONAL FINANCE TIPS⎟How to Save Money
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- čas přidán 24. 07. 2024
- How to save money & personal finance tips // Here's a look at "4 Types of Savings Accounts Everyone Should Have." Whether you have a little money or a lot of money, these accounts can help you hit your money saving goals sooner.
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No doubts , A good way of growing and saving your money is through investing . You don't need to have much before you can invest. "That little money you have now can make you millions if you invest it wisely". I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.
Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated
@Phyllis Richards That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@Alexedmartin Hey martin,look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where their located
@@georgekent1342 I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
I opened my first forreal savings account yesterday 🎉
Yeahhhhh 💖Happy for you!
Congratulations Sis.
That’s awesome 😎
Thank you guys 🥰
Nice job!
I set up additional savings accounts and re-named them all last night :)
Everyday or immediate savings
Online high-yield savings
Goal savings
Automatic savings
You’re the real MVP Eric
This was the exact comment I was searching for 😂
I love people like you
I saw you, you said two words, and I subscribed! Beautiful, soothing voice and great info ❤️
Thank you for the compliment and for subbing!
That's perfect!
I was tired of not having enough money to pay my quarterly taxes and so I set up a savings account called TAXES and I took 25% every two weeks into that savings account automatically and now I have the money for my quarterly taxes!😉🙌
Yes, having a separate account makes a big difference! Thanks for watching!
I dont have any impuse control issues but the automatic saving account is new to me. Imma check that out. I already had acorns. Its good. But they stopped working with my bank i assume because its a small credit union . Not being able to use my debit card kind of ruins why I had acorns in the 1st place. so I gotta either find a bank they rock with or let them go and stop using it. But if acorns works with your bank its good i was it it about a year
Absolutely! When I put a name on it, I Will nourish it like a seed.
Yes! I like that description. Thanks for watching!
Very nice video. Acorns costs $5 each month. Can't spend more than it save me. And wells Fargo, welp 😅
I have 10 saving accounts for different goals and you are so right. It keeps me focused on my goals. Having 1 account was so stressful as I never knew if I reached a goal or how far I am from reaching a goal. Now I know exactly where I'm going financially. I loved this video.
Do you mind sharing what the accounts are for?
@@rasharstubbs3805 kids education, house renovation, vacations, car, emergency fund, retirement, health, my general account etc
Loved it!!! So much confirmation for me!!!
You really know your content. I really enjoy your channel.
Thank you so much 😊
your videos are awesome ! I will put it to use much love from Sweden
I went from living in a trailer with holes I could see the grass growing under to now being my own bank for most of my needs. Be frugal, only buy what you need. Pay your credit cards in full each month. I save 10% of all my income for years rain or shine. Buy a decent safe and keep some of your money at home. Do not trust banks especially nowadays. Banks are in trouble and can declare bank holidays at any time. A bank holiday means they shut down and you cannot access any money. And when you get to be your own bank, save but save in the form of precious metals like gold and silver. Good luck y’all!
I remember when the high yield savings offered 4% and now it's down to 1%.
Yes, the good ole days! It would be nice to see those rates again. Thank you for watching!
seriously
HMbradley is currently at 3.0%
@@thebrokenwallet Yes, it's going to be awhile before we see those rates again! I'm with Ally and they're only offering 1.00%
@@jasonfulcher204 There's always a catch. They want you to have direct depost!
Love your necklace! And great video, thank you for the info. Love your channel, please keep making videos! 💕
Thank you! Will do!
We started with Capital One 360 last year around this time of year. We have several and some are sinking fund accounts. I love being able to save for different things. I love naming these accounts. Great video!!!!
Thanks for sharing!
What are your rates?
How do you set up multiple accounts? I have the 360 as well
kay vallez You just go into setting ls in your account and add accounts one by one.
Me too!!
Not the biggest fan on the way to save/round up. But I'm glad it's an option. But auto saving helps and commiting to pay yourself.
Hi Ashley, Thank for sharing! 😀
I did the same thing with my checking account when actually writing checks was needed instead of a debit card. In the personal register I entered the actual amount, but rounded up in the tabulations column..Each page I added up the "round ups" and divided by three.. 1/3rd went into savings, 1/3rd went towards the CD Ladder, and 1/3rd stayed unseen in a slush fund to protect me from overdrafting
I really enjoy your content! ❤️
Glad you enjoy it! Thank you for watching!
I have three different types of savings so far. You can tell me if I need to change anything;
-Cash stuffed away in my personal vault. Used for misc shit like food and gas in case I'm low in checking.
-Savings account with my main bank. Used for cushion and maybe buying a game or tickets to a concert (which obviously Covid helped save me more lol)
-Savings account through a credit union. Not touching unless my car breaks down or need a refrigerator replaced. Enough to cover 7-9 months living expenses.
Each with a different purpose. Although I'm thinking of making a fourth savings for the ultimate emergency back up.
Looks good! If you do consider another one, you might look into an online high-yield savings to get a higher return.
Thank you so much, I now know where to save my money and how. I already have an automatic saving account. Every month $20 goes from my checking account to my savings account. Although this particular saving account is an minors account for my youngest son Johnathan. I will be getting the other accounts soon. I also will set up another automatic saving account.
Love your videos!! So much great information!!
Thanks so much!
This is the first video of yours that I've watched. I'm subscribed now because your video was really well done. I look forward to seeing more of your videos.
Welcome aboard! Thank you for watching!
I just opened a high yield and the highest I could find was 1.05%. Still better than the 0.01 on regular savings.
Yes, it is!
Who was it with? I recently found CiT at 0.55% and I thought that was a great rate (comparatively) lol
@@margal3120 they dropped it to .60 like two weeks later and so did everyone else. well they went to .80 first and then a few days later went to .60. i was very sad, but I looked again and couldn't find better. it is with Marcus.
@@mandlerparr1 thank you for your response! Yes I feel that once I learned about the benefits of a higher savings account yield APR they all dropped them! Lol supply and demand I guess lol. I’m going with the CiT bank at 0.55% - way better than Wells Fargo! 0.01%
Hi, I just came across your channel and like the information that you are giving. Will you do an video on IRA's and retirement? I will be looking into opening up more saving accounts, thanks for sharing your knowledge with us. I just subscribe to your channel as well.
I always had my fears about currency trading, but a colleague next door referred me to Mr. Samj Avi. The result shows that you know what you are doing and your strategy is top notch. Mr. Samj guided me directly to financial success, he is trustworthy, the broker is regulated, and withdrawal is fast. $ 15200 in two weeks with an investment of up to $ 1100, for me, it's great. You can contact him in his official Whats app (+12063177288). It seems to be the favorite now, highly recommended also if you want to recoup the lost investment.
Yes, I plan on having more content on retirement in the future. Here's a recent video, in case you missed it: czcams.com/video/9yFxg86H9wU/video.html
This online high yield savings amount can it be opened by people outside the USA
Would you recommend someone to save through some policy (Insurance)where you save a particular amount of money
Hi, if you're referring to a whole life policy that earns a cash value, yes that is also an option. You can borrow from the cash value of these policies, the downside is that they tend to be more expensive compared to term policies.
My high yield online account is automatic withdraw from my everyday saving. I find that having 2 saving and 2 checking is plenty to juggle. I would like to have a goal saving too one day....for travel and etc with my son.
My savings
Some cash, some coins, savings account, gic,another savings account, chequing account, another savings account and gic.
Great advice :) Thank you!
You’re welcome!!😀
I like your backdrop!
Thank you!
Accounts you need to have: -Money market Savings acct.
Thank you for sharing!
I have 4 one checkings ,saving or bill account then tax free or retirement account one and a registered education one for my son I need to open one for a house downpayment and student loan
Do you have a 401k type plan through your job or you’re letting your retirement account cover all that ?
We like to have separate accounts for each goal too. We have 6 savings accounts.
Yes! I find it makes a big difference. Thanks for watching!
So you all dont touch green money at all? Just plastic?
Through different banks or the same bank?
Wells Fargo😑 loved the rest of the video
Thanks for watching!
I would add a HSA healthy savings account in conjunction with a high deductible health insurance policy
Thanks for the tip!
@@thebrokenwallet You're welcome, great video by the way
Why high deductible health insurance policy ?
& any recommendations? I’m trying to find an affordable insurance plan
@@Kassiex5 czcams.com/video/INEACePopzs/video.htmlsi=ivhdi524LdnW5zGQ
HSA’s have triple tax advantage, and can be invested like brokerage accounts. Decide if having a high deductible plan is worth the investment opportunity. Check out their other videos. The decision can be a bit, technical, but worth mentioning.
those are some great tips! thank!!!!
You are so welcome!
Love your u tube💞
Thank you!
Glad I found you
Thank you! Glad you like the videos!
I will never link my checking and savings... dangerous combo in my opinion for some people. Thank you for explaining your thought process it is good to hear your mindset
This Should State in the Title in USA 🇺🇸
what about multiple currencies savings accounts?
Hi, this account is great for those who need to hold balances in a foreign currency.
Thanks! Just turned 18, so I’m new to savings and banking. You make things much easier to understand!
Happy to help! Thanks for watching!
I've been really enjoying your videos! So helpful :)
Awesome! Thank you!
If you use Ally, why do you use multiple accounts instead of its Savings Buckets option?
We use the saving buckets too.
@@thebrokenwallet great service from Ally and great video by you!
This is great advice
Thank you!
Accts 1 - 3 are great! the 4th is irrelevant and counter productive to a budget which you should have. Also,. anything more than 6 month emergency fund is not necessary, even in an online high yield account. Reason being is lets say 6 months is 10K......10K in this account at even 2% interest is way less than 10k being invested properly at a return of 8% or higher....then add up the interest over years and you start losing thousands.
Hi, Thanks for sharing and watching! 😀
My 4 are
House Savings - immediate
Tax Savings - for Quarterly bills
Insurance Savings- term life yearly pmt
Retirement - highest yields long term savings
Great video! 😍😍
Thank you! 🤗
@@thebrokenwallet love the videos. To the point
What are some good online high savings accounts
Hi, I've heard good things about CIT Bank, Ally and American Express Savings, but there are so many options.
Where do you go where they dont charge for a savings account? And do you like. Wells Fargo?
Try So FI. They have vaults so you can save in different accounts. And they can do automatic savings
Personally, I haven't had issues with Wells Fargo. Most banks will waive the monthly fee if you maintain a certain balance or meet other conditions (such as one direct deposit into the account or automatic transfer)
You and I think exactly alike. I have 9 savings accounts and my written budget has me contributing something to each one every one. I've been able to save for everything I do.
I just found your channel and I have been loving your videos! Im currently on a savings journey and these are very helpful tips💛
Thank you, I'm glad you like the videos!
This has been an eye opener thank you! More power to your channel 🥰
You're so welcome!
Great advice
Thank you!
I have what I call a "working" CD Ladder as my Emergency Fund..
If you don't think about money(currency)9:08, you shouldn't have any. Learn how to save, spend, and become wealthy. She is telling you to track the balance in so many accounts you will loose focus. One checking and one savings account is all you need, other than a desire to succeed.
Most savings accounts around my area is 0.01 lol
I know right, makes it so hard to grow a balance. Thanks for watching!
For the online high yield savings account can they work for people outside the USA? ( can I use a USA online savings account when I don't reside in US?)
Your country may have some. Here in the U.S. we have FDIC insured savings accounts so if the market crashes our money is still safe.
Maybe you can even open an account online here. Ally bank has a good savings account.
Thanks very much Tara. I will definitely do some digging and find out more.
Hi, to my understanding you can, although it's a little more complicated. Each bank has its own requirements. Some might require a US-based address or a SSN (or an ITIN for a foreigner). Hope this helps!
Ally dropped from 1.5 to 1.1% 😩
Yes, I got an email about that this week ☹️ AMEX DROPPED too. Hopefully it’ll rebound soon
I had NEVER thought about putting my self-employment taxes into a savings account. Mind officially blown.
Thank you
You're welcome! 😀
I thought I was the only one who gave my accounts nicknames
I have a savings for everything that I love doing and have to do. It works like a charm and so freeing. She is correct and I have shared this with so many people and they love it. It really isn't that hard to keep up with.
So refreshing so see such simple concepts in action along with experience as proof. Im going to use your links to get Acorn and start that up. Hopefully you're getting something from it because you were quite articulate and now that i got my big lump sum unemployment check I'm gonna put your 4 savings strategies into practice.
I'm glad the video was helpful! Thanks for watching!
Savings account has 0% interest, so there is no point. Other options have them locked in for some time and that doesn’t work for emergencies. Earning a couple of pennies for minimal amount of $1,000 doesn’t do it for me. Anyway, great tips and thank you!
You can look into high yield savings accounts/sinking funds. Just to save your “go to” money. Then invest the rest.
Thanks for the info!
Actually some are but only at 0.01% which is a 10th of a percent...
Build yourself a CD Ladder..That $1000.00 could be split into10-$100.00's..Yes there are institutions that offer CDs for as little as $100..The trick is to build the CD Ladder to 60 months, and as the shortest term mature roll them into the longer term..Another option is to have the "interest payments" paid directly into your typical savings account..I do this and have about $7.00 a month paid into my savings with a $5000.00 CD Ladder.. And yes I have had to access the CD Ladder to pay for emergencies..That is part of the benefits of the ladder is you take only what you need, if you need, and don't affect the untapped CDs
Does she know that Wells Fargo preyed on black hopeful homeowners by leading them to risky loans when a lot of them qualified for safe conventional loans? This deliberate targeting caused the black community's wealth to be decimated during the financial crisis of 2008. I am not even mentioning the other terrible and dubious activity they have participated in over the years. Why choose to bank with a company that is known to be awful to its customers and stakeholders?
Oh god -_-
The thing is the more interest you earn the more income taxes you need to pay
I opened the Way2Sav in 2006 or so back when it earned 2% interest, I still have it, it's helped me when funds we're tight, it's also been able to grow a little, yes 2k a year or whatever you might save isn't much, but honestly, it's nice to have some localized savings for a small splurge or small unexpected bill! I still use cash some and keep a change jar which has proven fairly successful still (less so during this pandemic). Great video as always, one caveat I've recently learned, double check with your employer with any self managed brokerage accounts such as Acorn's parent company, I had to close one of mine because it wasn't with an approved broker for my new job in finance/new employer. Paying down some debt and rolling the rest to where my retirement accounts are.
I have a Way2Save too.... It was my first automated savings account.
@@thebrokenwallet yup. I heard in the video. I have a credit union and online high yield savings accounts too. The chequing account I’ve had since 2006 as well.
So the Goals accounts are high-yield online savings accounts? But, you're just naming them after the goals you want?
Yes, these can be separate high-yield accounts (nicknamed after a goal). Another option is using Ally. You can open a single high-yield savings, and then separate your money into "buckets."
@@thebrokenwallet Thank you for your comment. :)
Ahh I was wondering if there were apps that could do something like that. So, one bucket could be named "Land" (if you want to save up to buy land one day), one could be (Travel), etc.
I like the idea of having an HYSA, but also building CD ladders. These two seem like the safest way to save money without having to worry about risks, while also looking for some long term growth.
However, what about someone with a regular checking//savings, an HYSA account and a few CD ladders. More specifically, someone who will make 40-50k for a few years. Then expect to make 80-100k later on. In a field, where people don't often work for the same company for years.
Would you recommend Dividends for people who want to take some risks and watch the market? But, aren't ready for individual stocks?
I have only one account because I love seeing the big number😍
Your methods and strategies are too complicated, stressful to manage, and too much work for very little return imo.
you can automate most of them. and set them to your needs and lifestyle. Obviously, if you rent and don't own a car you are not going to need a house maintenance account or a car maintenance account. You could just have an emergency savings for urgent needs like you were sick for a few days and didn't earn income and you need to pay rent. regular savings. Then you have your super emergency savings, for when the %^&&* hits the fan and you need to get large amounts of money but don't need it that same day.High yield savings. then you can do the goals one if you like, but if you don't want a bunch of separate ones, just have a checking account, a savings account, and a high yield savings account. I would rather just put all my money in a high yield, but if I have an expensive car repair, I want to access that money that day. plus, my husband doesn't like waiting for things and doesn't tell me in advance that he is going to do repairs on the house, so I need to have money in his savings that I can transfer into checking immediately. But, I am earning more than 10 X what I was having just one regular savings account. it is a $40 dollar difference per year. I earned 6 pennies in interest on my savings. my high-yield savings is going to give me $3 this month for half the amount. I can cook a meal for 2 on $3.
mandlerparr1 👍🏻
not practical dear ...