STOP Hiding Money Under Your Mattress // How to Improve Your Savings

[@AlexQuinnYT]

I'm so sorry this video is a day late! I spent 6 hours trying to debug some rendering issues yesterday before giving up. 🙃 Hope you guys enjoy the video - I promise next week's video will be on time!

[@otherryan]

The Disney movie critiques in the beginning were amazing 😂😂 but there's so much truth to this. People think that hoarding their money will give them a sense of security, and while it's not a crime to have your money sitting, it isn't going to grow if it's just under your mattress. I feel that not a single penny should be saved after your emergency fund is fully loaded -- that money should be going right into investments afterwards. These are all great and actionable steps to manage your savings, thanks for sharing Alex!

[@AlexQuinnYT]

Yes definitely!! The only exception if you're saving for something big (like a down payment on a house). But otherwise you should be investing as much as possible!

[@HowDebbieSaves]

Alex Rae you are so right! We are consumer debt free and are now building up our emergency fund. We are saving 8 months of expenses because my husband's industry takes typically 8 months to replace his job in case he lost it. We are so close to topping it off. I can't wait so that we can have a new goal to crush! I'm so glad you found my channel because it helped me find yours. Nice job!

[@AlexQuinnYT]

I'm so glad you enjoyed the video! Good luck on reaching your goal - you're so close! 😊

[@JoshuaMackos]

The separate bank account is the best piece of advice. Not being able to immediately transfer it and spend it with a few key strokes prevents spending it on unneeded things

[@AlexQuinnYT]

Yes definitely! I found that really helped me cut down on frivolous spending, and it was a completely unintentional too.

[@NathanHQ]

hey Alex....the emergency fund is the number one thing people have to do first. sooo important. Thanks for sharing ...Like 29🙂

[@AlexQuinnYT]

Totally agree - thanks for watching!

[@lorenceman]

I want an emergency fund like that dachshund at 3:55. That guy is adorable!

[@AlexQuinnYT]

Haha I'm glad someone appreciated it! This picture showed up when I typed in "life jacket" and I knew immediately that I had to use it. 😂

[@Andyg2g]

Another really important point on the topic of physical cash is that is that it's value decreases with time due to inflation. Keeping your money in a HYSA is a great way to earn interest on your money that would otherwise simply decreased in value. Great video!

[@AlexQuinnYT]

Thank you so much for watching!

[@THRIVETradingInvestments]

Having your money kept in the bank is much better than hiding it in the closet. After funding my emergency fund everything gets thrown into investment accounts. Great Advice!

[@AlexQuinnYT]

That's an awesome strategy! Thanks so much for watching.

[@RhodesW]

This is so true, I find myself trying to convince friends to get their finances sorted out (getting money into a bank account and developing an emergency fund) waaaaay too often!

[@AlexQuinnYT]

It's so important! Budgeting + emergency fund is like step 0 of every financial goal.

[@GrowthMindsetProductions]

I like the way you think of emergency funds, 2 parts - short term and long term. I think most of us view emergency funds as a 6 month savings net, but really even having a short 1 month emergency fund is just as important.

[@AlexQuinnYT]

Definitely! I just group them together in one savings account, but I think of them separately. When I first started working, I made it a priority to build up a 1-month fund as fast as possible. The long-term fund was built a bit slower.

[@PierceJPeterson]

Wonder if anyone actually keeps money under their mattress lol. Great video thanks for sharing!

[@AlexQuinnYT]

I think it's more common in older generations but I've definitely heard of people storing cash in strange places and then forgetting about it.

[@DemetriPanici]

I had a fly come in mid podcast recording session the other day so I really feel this LOL

[@AlexQuinnYT]

It's the worst! My cat found it first and was derping out on the window trying to eat it (he did not succeed).

[@TradingWithCJ]

So true!! Start investing! Also your so close to 200 subs, keep it up!! 👊🏼

[@AlexQuinnYT]

Thanks so much! I've been trying to do a video every Wednesday but it's been more like every other Wednesday lately. :( Hoping to get back to a weekly posting soon!

[@TheSavingSecret]

Great content!! Just lost my job but with with an emergency fund i feel so much better

[@AlexQuinnYT]

Definitely! There are so many great reasons to have an emergency fund.

[@GrowWithWill]

I dunno what it is but the flies have been crazy this year!!!

[@AlexQuinnYT]

Right!? I think it must be the warmer weather. I live in 4-season state and I'm definitely excited for winter again, haha.

[@_Babbs]

This makes me wonder how much loose change is hiding in my couch that got there accidentally. I like using high yield savings accounts for my savings accounts. This video was great!

[@AlexQuinnYT]

Thanks for watching! And oh gosh... I don't even want to think about what's hiding in my couch.

[@AlexandraMinimalistMillennial]

Great information - I really liked your tip of keeping the emergency fund with another bank to make it harder to transfer over and make impulse purchases! Will def give that a shot!

[@AlexQuinnYT]

Thanks so much for watching!

[@TheDebtLessCrew]

Exactly, that emergency fund definitely can save you from burrowing money from those high interest loan places like pay day loans. Great information and video! 👍

[@AlexQuinnYT]

Absolutely! Emergency funds are so important. Thanks for watching!

[@stevenhoward1154]

New subscriber here. I agree with everything you just said here. Ironically, I had just finished a fully funded E.F. recently when my wife's Nissan had an issue needing repaired. Great video from a fellow creator 👍 🙂

[@AlexQuinnYT]

Unexpected repairs always suck but that's why emergency funds are so important! Thanks for watching.

[@BeatrixBetwixt]

I know this is an older video but don’t forget about Credit Unions. They can offer high yield dividend & APYs for their savings accounts.

[@EasyWealthBuilding]

Ok, I will clean out my mattress now. haha.... Never know, I may find some lunch money. Big blue 👉👍 # 6.

[@AlexQuinnYT]

Haha!

[@AkhilNova]

wait wait wait.... people actually hide their money under their mattresses LOL? I know this is a common phrase, but it would actually make me die laughing if people did this. I will say though -- watching Dave Ramsey is what got me to put $1000 away into my savings account as an emergency fund (just like you mentioned) and then from there on, I opened up a savings account with Capital One 360 and just aggressively put money away every month. PAY YOURSELF FIRST before anything. That was a lesson that took me a while to learn and remember. I also recommend reading "the richest man in babylon". Great video Alex, keep it up :)

[@AlexQuinnYT]

Haha I'm sure some people do!! Or at least other strange places around their house. 😂 I'll definitely check out that book - thanks for the recommendation!

[@InvestwithRavi]

I like how you put in short-term and long term. I call that Emergency fund and freedom fund. But all the same thing. Cover 6 monhts then have another fund to cover an additional 6-10 months. Only if this was required learning in college - where would we all be ?

[@AlexQuinnYT]

Those are really good terms too. Personally I keep them in the same account since I don't really see the point in spreading them out, but it doesn't really matter. And yes, I totally wish this was covered in high school / college.

[@financiallift6185]

Wait how'd you know I was keeping my money there? I've been hiding it there ever since I was 5 and no one's know it was there

[@AlexQuinnYT]

Haha! I also know where you're hiding the bodies... 😵

[@lorenceman]

Alex Rae - Personal Finance You guys hide bodies? Me too! 😂

[@joonjoung38]

But seriously, how did you know I had money under there... Great points Alex. Glad you got the video out. Better late than never!

[@AlexQuinnYT]

Sometimes you just need to take a break and start fresh in the morning! Rendering issues are the worst, especially when you can't figure out what's going wrong.

[@ofircohen1675]

I can't agree more! Great video Alex! Cash don't have to be in cash 😉! I'm using Ally bank and Capital one.

[@AlexQuinnYT]

Nice!! Those are some great banks.

[@hoodedhillhopper2408]

Hey Alex! Great video. Thanks for the advice on savings accounts. I'm going to move mine very very soon.

[@AlexQuinnYT]

Thanks for watching! And that's great to hear. :)

[@DaddyDebt]

Agreed, invest that money!

[@RoadtoFIRE]

Hahah get on Disney! I love that you made this video as you won't believe how many people still store their money in mattresses. Great video.

[@AlexQuinnYT]

Thank you!! And yes, that's what prompted me to make this video. :)

[@debtfreeF]

Been trying to convince my brother to move his money from his regular savings to a HYSA but he's not a risk-taker at all 😞

[@AlexQuinnYT]

Hahaha - my sister thought that a high savings account interest rate meant that SHE had to pay the BANK interest, lol! Why does he think a HYSA is risky? There's absolutely no risk involved, especially compared to a normal checking/savings account.

[@trevorhassel8296]

I am a big fan of high yield savings accounts. Glad you brought that up!

[@AlexQuinnYT]

Me too! There's really no reason to store your savings anywhere but a HYSA. Thanks for watching!

[@hakimpoetry]

I loved the introoo! I will jusr stop doing everything when i dooo, it's sooi annoying😂❤And loved how you made financial financeee sooo fun, I loved all exemples you provided, they are way helpful for saving money❤

[@AlexQuinnYT]

Haha thank you!

[@evangeliamintzai6302]

THANK YOU! AMEN! I literally go to every silly cash envelope video I see and comment about putting that money in a bank! Especially now with coronavirus cash can be an infection source. In the Netherlands businesses don't want to take cash anymore.

[@AlexQuinnYT]

Yes definitely!! I didn't make this point in the video because it's not applicable to everyone, but I don't really track my cash in the same way I track my "virtual" spending from debit/credit cards. So in a way, cash doesn't even feel like "real money" to me because it has no impact on my budgeting. I think people could do a virtual version of the cash envelope strategy pretty easily, it just takes a bit more willpower.

[@evangeliamintzai6302]

@@AlexQuinnYT I really cringe when I see all these videos. With so many budget apps and all the choices it's not that hard. I end up seeing cash as money to spend because it's not in my savings account or in my checking that could go to savings if I don't use it.

[@AlexQuinnYT]

Totally agree. I do think that everyone responds differently to certain strategies, so if it works for someone trying to get control of their spending, I'm all for it. I just don't see it as a long-term solution.

[@investingforthecommonman4533]

Haha, for sure! Hoarding large piles of cash is not very helpful towards building wealth. There are many superior mediums to hold your wealth in to safely allow your money to work for you.

[@AlexQuinnYT]

Absolutely!! Thanks for watching. :)

[@jonnya6738]

Emergency fund is a must! New sub!

[@runforlifetata]

Wow thanks so much for the tips

[@eudemonia1346]

Alex 🍵 Glad to know you here. Just fully watched your video. I really enjoyed it. Thanks for sharing and good luck to you !!! :) Here sending my full support to your youtube channel. Stay safe!!! 🍋

[@LifeWithVinceLuu]

I've been with Marcus/GS Bank for years now and can't complain! Literally 150 - 250x better than keeping it in my WF savings account!

[@AlexQuinnYT]

Yes, Marcus is what I personally use too! I just got an email that their rate dropped to 0.8% but it's still better than other savings accounts. :( I know the rates will go back up as the economy recovers.

[@AhmetKaan]

Just found your awesome channel. Awesome video and great content my friend. Your content is truly helpful and inspiring. Love it! As another small youtuber, I would like to support you because the best way to succeed here on KZbin is to have friends that will support you. Keep up your hard work. 👌👌

[@AlexQuinnYT]

Thank you so much!

[@KingMajors]

I feel your intro 😅 I was doing the same exact thing w/ a bee the other week. Great info and energy.. hope we can inspire one another, new Sub !!

[@AlexQuinnYT]

Isn't it so annoying when it happens during filming? Thanks for watching!

[@KingMajors]

@Alex Rae - Personal Finance Yes it is 😅 ! My pleasure to watch !

[@mindyross7866]

I love the begging 😂😂😂😂😂😂 good job! 😂

[@AlexQuinnYT]

Haha thank you Mindy! 😊😊

[@mindyross7866]

Lol

[@IsFIREforme]

Wait. I was excited for an Alex rant. That was just starting to get interesting. Lol.

[@AlexQuinnYT]

Hahaha! Maybe some day. :)

[@josevischi9180]

Whould you put your money in a bank if you live in argentina?

[@WisdomWealth77]

I rather put my money to work for me. Great tips

[@AlexQuinnYT]

Thanks for watching!

[@chrisadams4896]

Automatic transfers for savings is GREAT! Autopilot for paying bills is a trap! Just found you, will be back!

[@AlexQuinnYT]

Thanks so much for watching!!

[@Thetatraderz]

That hourly rate is real good. Also, I have a orange cat as well, maybe they can sneak in one of our videos

[@AlexQuinnYT]

Orange cat club unite!! I'll need to bring him on camera one of these days...

[@Thetatraderz]

@@AlexQuinnYT here's mine kzbin.info/www/bejne/mIOsaX-DpsefsLc

[@patricevictoria26]

nice tips!

[@arcaneknight9799]

Thoughts on becoming a writer for Medium?

[@AlexQuinnYT]

I've never been much of a writer but it could definitely be interesting. I think I've had a friend who's written for them before!

[@arcaneknight9799]

@@AlexQuinnYT It can be monetized, too.

[@FanaticalFinance]

Haha the intro! Great advice! Keep it up!

[@AlexQuinnYT]

Thank you!

[@thewongmindset451]

Wow all those Disney examples were rough 😂 Nice tips 👍

[@AlexQuinnYT]

Haha yeah they were pretty bad. 😂 Thanks for watching!

[@MhKara]

Cash is the worst asset you can hold. With all the money printing going around

[@AlexQuinnYT]

Definitely!

[@lamarold7253]

Yeahhh man get that emergency fund!🔥

[@spaghettilordfinancial2436]

instead of your mattress put it in a money market or invest it and cash is pretty much depreciating

[@AlexQuinnYT]

Definitely!

[@atlresale8097]

Haha loved the intro! Nice video!

[@AlexQuinnYT]

Thanks for watching!

[@chiaseyeuthuong4187]

Rat hay va y nghia

[@alexperoff-investingessent8367]

I think a little cash is good....just a little. Great job with the video!

[@AlexQuinnYT]

Yep, just a bit in case you need cash and don't have time to run to the bank!

[@TheAndrewLopezFinancePodcast]

Wait... I so shouldn’t use my emergency fund to blow during the next Gucci sale?

[@AlexQuinnYT]

Unless you consider a Gucci sale a true emergency, then by all means, go for it. 😂

[@themanileniosvlog5185]

nice content my new friend.sending my full support thank you

[@QuesttoFIRE]

Inflation is likely to go up, so definitely get that money invested people! 💪🏻🔥🔥 But seriously... I would like that new PlayStation tho. 😳

[@AlexQuinnYT]

Hahaha I had my boyfriend look at my video before I posted it and he said "Alex... you realize you put in a picture of the PS4 right?" I had to find a picture of the PS5 but apparently the design hasn't been finalized yet. I was never a console gamer - always PC!

[@datrc]

Hello my friend 🔔👍🤝🌹

[@_mamahena3925]

Nice

[@SUNSNROSES]

very informative really took a lot from this video! keep it up, the graphics and editing was on point. new subie #180 thank you for checking out my channel and awesome kitty too

[@AlexQuinnYT]

Thanks so much for watching!

[@MaricelLorenaVlog]

Hi pretty smashing Oneeighttwo hope u do the samewill c u around thank u for sharing learn something

[@ommaram615]

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[@DiegoMachadodimachadooficial]

Amazing content and thumbnails, I invite you to pass on my channel,, let´s help each other being followers :), sucess there !

[@CaseyBurnsInvesting]

You’re blowing up, not fast enough though. It’ll come.

[@AlexQuinnYT]

Thank you! I'm just trying to work on my editing/scripting process so that everything will be easier to scale in the future. Also, I created an Instagram! I'm working on adding a couple posts, I'll share it in my next video. 😊

[@evangeliamintzai6302]

We can make a marketing promotion team for Alex 😊!! She deserves it!

[@evangeliamintzai6302]

@@AlexQuinnYT I will follow you!

[@AlexQuinnYT]

Thank you!! :)

[@CaseyBurnsInvesting]

Alex Rae - Personal Finance 🤓

[@flavorsoflifeFOL27]

Hello! New to your channel. Your videos are informative and fun. I want to here from you as well. See you in my house. Thank you very much 😊

[@AlexQuinnYT]

Thanks!

[@flavorsoflifeFOL27]

@@AlexQuinnYT you're welcome! See you in my home.

[@AsiaCierraBudgets]

Working on step one now, i love your content, you have a great way of teaching in an interesting way. New subscriber, i hope you can check me out too. I love my capital one 360 account. Yes, budgeting is key!!!! Thanks for sharing.

[@AlexQuinnYT]

Thank you so much!

[@JcnHomeideas]

Wow nice..new friend here in Philippines sending my full support,hope you do the same.thanks see you.

[@marketingtips1802]

Alex Rae - Personal Finance £🍀 Nice content :) You wanna be friends with me ? 🍀 :)