The 4 Savings Accounts Everyone Needs | The Financial Diet

[@thefinancialdiet]

Now that you know how to use multiple savings accounts, increase your saving habits by checking out this video: kzbin.info/www/bejne/gqmlq6xnZa2Ya9E.

[@folasadeadedapo]

What do you do whe you have nothing to save for? I literally want for nothing. I save for emergencies but that's all because I have no idea wht to save for. I also have a 401k through my job so I'm saving there.

[@13Jerred]

@@folasadeadedapo Depends on what you want out of life, but some people save for: Early retirement, Taking care of a loved one in old age, Going to Tokyo, better house later on, rennovate the kitchen, heck even a sizable donation to charity that gets your name on something. If you end up with a surplus of savings, you could quit your job early or switch to working part time, which can bring a lot less stress.

[@MoumitaKarmakar1190]

But with all the money being put away for savings how to clear our debt?

[@amiras7945]

@@MoumitaKarmakar1190 some people suggest getting your emergency fund together, then focusing on your debt (and during this time only meeting the match requirement for your savings). Once you can get a sizeable amount of your debt gone or all of it, start back saving agressively.

[@fannishfanning160]

1. Emergency savings 2. Retirement savings 3. Short-term savings 4. Long-term savings

[@smashthepatriarchy]

Thank you

[@21minute]

So the only type I don't have is retirement savings.

[@l1fe1s0dd]

Whoa!!! Spoilers!

[@arleneaugustahair8393]

21minute you definitely need to start on it immediately.

[@georgiang7577]

have i told you that i love you?

[@TheBemused]

“Savings are not just dollars sitting in an account. They are options, they are freedom, and they are your future.” 🔑

[@cherrytung]

money is just a tool to gain freedom :)

[@stephaniecook9212]

I learned this the hard way after being in a car accident and finding out my work disability doesnt kick in UNTIL 6 MONTHS later

[@TheBemused]

Stephanie Cook Yep, that’s typical. That’s part of the reason why 6 months is typically what you’ll hear as the goal for a solid emergency fund. -Akeiva

[@jgtv6269]

Saw u guys on Grahams channel 😀🙌🏼🤑

[@TheBemused]

jesse garcia Hey! Haha I’m surprised you picked up on that! -Akeiva

[@thecelloboy]

Personally, this is what I have and have found to be very helpful. Liquid Accounts: 1. Emergency Fund 2. Short-term Savings 3. Long-term Savings 4. Vacation Fund Non-liquid accounts: 1. Health Savings Account (HSA) 2. Retirement Accounts (401k, 401a, 403b, IRAs) 3. Investment Accounts I feel that this helps cover all the bases.

[@kevinakinsipe3558]

What percentage of your income donyounput in each one?!

[@PaperRaines]

I don't think I agree that HSA's aren't liquid, they're almost closer to being checking accounts than they are savings accounts (they typically give you a debit card with them). You just have to limit their use to medical expenses, which is surprisingly wide and sometimes vague I could also argue that 401k's are pretty liquid to an extent too, but I wouldn't argue too hard. It just depends on your program and your job, at some places you can "borrow" money out of it and pay it back per paycheck, but the balance never goes down and it keeps accumulating interest. So there's literally no penalty or financial consequence for doing so. It's just takes some effort to activate that mechanism

[@d_konja]

Not gonna lie, I barely make 400$ every two weeks and have some passive income that keeps me safe, but this vid inspired me to set up an auto save of 20$ every two weeks. Thank you. Also we miss your pool of pillows.

[@blackbarbei7429]

Good for you on starting a savings 👏🏾👏🏾

[@sparksoffyou]

Good for you. I’m lucky, I make more now and have good saving habits. But one of my biggest regrets is not scaling back and saving when I was young and just starting off. Your future self will be so thankful to your past self for doing this.

[@michellewright99]

That is great! Every bit helps. That is $40 a month, $480 a year MORE than you'd have if you didn't save. Forming the habit when income is low makes it easier to save when your income increases. If you keep saving at least 5% of your income that is a good start.

[@asuniaminat1151]

Hackfrakedbest@gmail add money to my bank account am so happy to meet him .

[@lastnamefirstname2390]

Good job!

[@d14551]

I went down to the basement this morning and found standing water. It's annoying and a pain, but it's Not a disaster because I have a substantial emergency savings account. Best thing I ever did.

[@betsywilliams3666]

I'm sorry that it happened to you, I hope that you don't have to start over to much in your emergency savings account.

[@d14551]

Thanks, @@betsywilliams3666

[@alora6969]

Happened to me Christmas Eve and I had just finished my emergency savings so I had the money for it too. Yay emergency fund!

[@michaelcarter266]

Yeah I have been there and done that.

[@ArielLVT]

Please talk more about investing! How to start, bonds vs. stocks, how to open a brokerage account (if you even need to)...etc. You guys haven't done an in depth investment video on this channel so far!

[@ilenastarbreeze4978]

i would love this kind of advice

[@jgtv6269]

Watch Graham Stephan he has awesome content!! 🤑🤑

[@smukkeputtemiin]

Read unshakabke by Tony robbins ore how to get ritch af.

[@Luumus]

I fully agree and they still haven't done one yet either. Which I mean seems like a pity. There's countless hours of content there.

[@bascoaful]

Just get low cost index funds from vanguard. Or look up low cost index funds and then decide. The idea behind is, you invest in many different companies over a long term sonic one company goes down there will be no negative impact as you have so many other investments that at the same time companies a good down company z goes up ;)

[@iluvshanedawson1234]

Currently I have 3 wealthsimple accounts - an RRSP (for retirement, duh), a TFSA (intended for things I wanna buy in 5-15 years, like a wedding and a car, and later for retirement), and a Smart Savings, in which I'm saving up to go to Europe next year! I also have my emergency fund in a savings account at a local bank. Truth is, I probably wouldn't have any of these accounts (except maybe the Europe one) if I hadn't started watching this channel. TFD seriously changed my life, and I am so grateful for your practical and compassionate guidance

[@zangetsu284]

Thank you for sharing! You along with this video game me the encouragement and ideas for savings accounts and what I could use them for!

[@97indianuk]

I agree. I’m in the UK so the info doesn’t always apply to me but I’ve watched them for a year now and the videos have seriously helped with my confidence and self esteem with money.

[@violetalemus2310]

I started saving 10 to 20% of my paycheck soon after I started to watch TFD videos. Soon after moving, I ended up having emergency spinal surgery. Insurance covered for some of the expenses, but not all. I had about 5k in savings that I’m still living off as I am still not able to work. Thank you!

[@DA-bm2mj]

get well soon!

[@danidtv5823]

Great saving tips. I recently did a savings challenge and was able to save $1300 a month by cutting down my monthly bills and "frivolous" spending. Keep up the good work!!!

[@jefferyfelix1416]

I was at a job that was so stressful it was starting to make me sick. I had some money in savings and realized “hey between that and unemployment I can take some time and find the right job. I’m goin to give my 2 weeks.” Was such a relief. I didn’t have 3 months but I had enough to be ok for a small amount of time.

[@kristendecaires5920]

I love having different savings accounts for different things! It's so helpful. My husband and I also have one for our dog in case he ever has any major vet bills.

[@SeychelleSunshine]

That's an awesome idea. Healthcare can get expensive quickly so it's great to be prepared.

[@cherylT321]

Kristen DeCaires. That’s a good idea, having savings for pet care!

[@theorganizedbudgeter1655]

I just had a $1,500 emergency. I have been working on my emergency fund for 9 months and had a little over $1,600 in it. It was a heart breaking set back on my 3 month expense goal. However, and this is big, this emergency fund saved me from falling back into debt or worry of not being able to pay my bills.

[@oliviaknight1123]

You did great! You had your emergency fund and it worked out for you. I know it's a bit crappy that you had to use it, but you had it and it saved you! Just get saving again and hopefully no more emergencies for a while. I'm sending you good vibes and happy saving 😊

[@lionessrising]

I have 11 different sinking fund accounts in online savings bank accounts. Best decision I’ve ever made. Now if I spurge I don’t feel guilty about it because I most likely planned for it🤞🏾

[@Kunyazaforever]

What does each account represent?

[@readingmama4052]

I need a video on how to find a good financial advisor/planner, like what kind of questions can I ask and what kind of answers I can expect to ensure they have my best interests at heart instead of selling me on products, and to ensure they are knowledgable and capable.

[@stupidsmartperson]

Mayra Rosas the number one most important thing you need to ask is “are you a fiduciary?” And the answer needs to be yes and they should be able to show you their certification. A fiduciary is bound by law to serve your best interest. Any financial advisor who is not a fiduciary is legally able to advise you poorly just to line their own pockets.

[@jclyntoledo]

They need to be FDIC insured

[@skoopqueen.]

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

[@Alexedmartin]

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

[@ugojazzy7812]

@@Alexedmartin My experience has been amazing & trustworthy. Time to time valuable advise from my financial consultant always maintained my confidence which ultimately made my portfolio achieve my financial goals. Finding a right financial consultant is as important as finding a right life partner, as they both play a make or break circumstances in your life. I am very happy that i have the right financial consultant, it has helped me in achieving my financial goals from education to nearly retirement.I recommend the services of Regina Louise Collaro, a US based financial advisor and consultant. She works with an international organization ,she has been very good to my financial journey as she is providing full & continues support till my financial goals has achieved.

[@skoopqueen.]

@@Alexedmartin I recommend the services of Regina Louise Collaro, a US based financial advisor and consultant. She works with an international organization ,she has been very good to my financial journey as she is providing full & continues support till my financial goals has achieved.Finding a right financial consultant is as important as finding a right life partner, as they both play a make or break circumstances in your life. I am very happy that i have the right financial consultant, it has helped me in achieving my financial goals from education to nearly retirement.

[@skoopqueen.]

@@Alexedmartin My experience has been amazing & trustworthy. Time to time valuable advise from my financial consultant always maintained my confidence which ultimately made my portfolio achieve my financial goals. Finding a right financial consultant is as important as finding a right life partner, as they both play a make or break circumstances in your life. I am very happy that i have the right financial consultant, it has helped me in achieving my financial goals from education to nearly retirement.I recommend the services of Regina Louise Collaro, a US based financial advisor and consultant. She works with an international organization ,she has been very good to my financial journey as she is providing full & continues support till my financial goals has achieved.

[@Alexedmartin]

@@skoopqueen. 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?

[@smserralta]

Hi TFD. I noticed this video didn't have any captions. Would you be able to add those for those of us that rely on captions for viewing videos online? Thank you :)

[@MsBerich]

KZbin has the option to use CC as so do phones

[@ashleykayejournals8284]

@@MsBerich those aren't always accurate and it's very frustrating to be watching a video and for the captions to not make sense.

[@angelakelley3332]

Thank you for all your advice Chelsea! I'm a college freshman working two jobs and I just got enough to open a retirement account! I wouldn't have even thought about making one this early if it wasn't for your channel. (Next step: padding up the emergency fund)

[@Joycelyn]

Angela Kelley congrats!

[@MicahRion]

Way to go, Angela!!

[@katenoelle7774]

I feel like Chelsea is the big sister I always needed: guiding me through all my finances

[@gisselleayala8092]

I’m 19 and didn’t have a job for 2 months. My emergency fund saved my ass. I’m so greatful for this channel!!

[@Kimamiyaya]

I’m not american but i love watching chelsea’s videos,thank you for all your advises! Love from malaysia🙆🏻‍♀️💜

[@nickkeyp]

Same!!!

Same here... Brazilian watching from China

[@lifeinseoul3468]

🇨🇳 Chinese watching from South Korea 🇰🇷

[@LauraPalmerD]

Can you talk about retirement accounts for freelancers?

[@RealLifeMoney]

Building a savings account is the first big step everyone needs to do for themselves 😃

[@TheEntrepreneurChannel]

the freedom a savings provides is often undervalued and overlooked!

[@aoibhinquinn7310]

I've just finished saving up for the Riverdance Academy, and I'd like to thank you guys for helping me learn how to get better with money so I could stop going overbudget and dipping into that account

[@dylongarrett4779]

In order of importance I find it necessary to have an emergency fund while slowly building a long term investment account. With an emergency fund a long term investment account is useless because you’ll just be forced to sell at a profit or loss to cover short term needs.

[@RonJohn63]

That last sentence makes *zero* sense. Did you mean *"Without* an emergency fund a long term investment account is useless..."?

[@madisonmcknight2591]

My savings are all in a bank that I do not touch and is not connected to my bank with my debit and credit card. This is the best savings strategy I have come by and recommend it to everyone. I learned to do this through TFD a few years ago and it's been great for me. Thanks TFD, you are helping people!

[@glowbyglo]

So I'm planning a trip to Europe in 3 yrs: should I keep it on a regular savings account or should I invest it until I'm ready to use it?

[@Vinegarissweet]

Look into High Yield Savings account

[@RonJohn63]

*Save it* because the stock market might fall between now and then. For example, the markets dropped in December 2018. You'd have been well and truly screwed if you had to sell investments at a loss to pay for the vacation.

[@lorenaegusquiza8004]

If you are following a 50/30/20 budget, do you pay your credit card from what of the 3 mini budgets do you pay it?

[@christinamariemoney]

I’m just about to film a money saving video for my channel and this was the perfect motivation! Thank you financial diet 😍

[@greghilinski6571]

Good video but put it into perspective, people often spend $5 a morning at Starbucks. Look at the potential for saving by eliminating high priced nice to haves. A key thing to remember is that a dollar today will double in 10 years.

[@RonJohn63]

10:39 It's 2019 not 2009. Scheduling automatic regular transfers from one bank account to another is trivially easy, and much more flexible than frequently going to your employer's HR dept and adjusting the dozen different accounts your paycheck gets distributed to. Overall, I agree with this list.

[@englishclass1134]

How much should you be putting in your retirement fund if you're in your mid 20s?

[@arleneaugustahair8393]

Danza G if you can put the maximum in it, then definitely put it in there!

[@tracymarks5628]

Also for long-term goals it's important to save for the maintenance of your home if you have one. To put a new roof on nowadays is a small fortune. And there's a multitude of things that could go wrong on your property. Lot of people get into these homes and don't think about upkeep. I mean emergencies happen. I've seen it way too many times even with people that do plan well. But if you're going to have to put a roof on that today would cost you thirty thousand and you've got ten years left on that roof you're going to be paying much more. Things like wooden fences fall apart over time. You get the picture. These are good things for long-term savings accounts

[@RonJohn63]

"Home maintenance" should be one of your sinking funds (fancy term for "dedicated savings account"). Auto maintenance is another one.

[@sasukesarutobi3862]

Even if you have an emergency fund, would you still recommend putting the cost on a reasonable credit card and using the emergency fund to cover any shortfall on the card repayment?

[@hollylockhart9423]

If you get rewards from your credit card (cashback) I don't see why it would be a bad idea to first pay the emergency with a credit card and then pay off the credit card in full with your emergency fund. If there are no rewards associated with the card I don't see a benefit.

[@AmandaGallagher]

Finally bit the bullet after watching this video, went into my HRIS system and added my savings account to my payment elections. It’s just too easy to look at the amount you want to put away in savings and say “nah I’ll buy something with this instead”

[@RonJohn63]

Just as simple to set up repeating automatic transfers from one bank to another.

[@marinarasaucey]

You should make captions available for your videos. Thank you!

[@MattsTechCorner]

Good stuff. We currently focus on having simply 2 accounts. 1 high yield savings account and our retirement savings. With our high yield savings we stay intentional with how it’s allocated. Our strategy has been to keep things as simple as possible.

[@shaylaahava6413]

Exactly. Makes sense!

[@duffeemaddox6557]

Has TFD ever made a video about how to move to a new city? I live in NYC now and I really want out. But I want to do it in a responsible way.

[@iamme50]

She’s very smart. Very easy to follow.

[@tasiatyler4662]

I am 55 and I have an emergency savings account that I just started. I have a 401K with my employer that is fully matched. I am very behind in a lot things financial. I’ve had to deal with illness and other issues. However things are getting better and moving forward. What should I do at my age to help myself be a bit more “caught up”? I know I need a side job but there must be other things that can help me get money into savings faster. The only debit I have right now are a couple of credit cards that once paid off will be shut off. It is very very expensive where I live so that doesn’t help and not really any where in the state is it affordable to live. I continue to look for cheaper housing but so far I can’t find anything. This puts a burden on my paycheck as well. Thanks for the video and thank you Chelsea!

[@FreelanceArcher]

How much money do you think it is appropriate for emergency funds? Thanks💝

[@acelyne]

3-6months of expenses

[@jessica8739]

Thanks for the video! Could you guys please put out some numbers or percentages that people should aim for? Or what you personally use?

[@arrietty12]

A good start would be putting aside at least 20% of every paycheck toward savings. Maybe at first you put all 20% to an emergency fund, then once you have 3+ months of expenses saved, you can start putting 5% toward retirement and 15% toward other goals, etc. So much of saving has to do with your personal goals, so it's hard to throw out exact numbers

[@Drudog62]

Thank you for always releasing great content I'm a high school graduate that will be starting college next semester and I took a gap year to save and videos like this are so helpful!

[@zincwell6503]

Good for you! Enjoy your studies :-) good book if you like reading and thinking about your future is Designing Your Life by Bill Burnett and Dave Evans Something to keep in mind for when you're working, contribute to a pension fund as soon as you can. I'm still relatively young but have already missed out on thousands because of not starting a pension account sooner. I thought I had loads of time and already feel like I have a lot of catching up to do!

[@lukesnedecor]

Great video, thanks! What do you think about making an emergency savings account an investment account?

[@monsterbride4615]

Thanks to TFD, I already had an emergency fund in place yesterday when I had to take an emergency trip to the dentist and was able to get all the work I needed done 🤑

[@jordanruth0809]

Hi! I’m a new subscriber and first time watching you and I must say this video is an answer to my prayer today! Thank you!!!!

[@nerdlingeeksly5192]

Consumer based societies consume so much they hardly save

[@RealLifeMoney]

Nerdlin Geeksly very true. Most consume and...that’s it haha

[@nerdlingeeksly5192]

@@RealLifeMoney yep all those ads tempting people with all those luxuries they don't need, even as kids were introduced to this with toy and sugary cerial ads; were conditiond from the start to want, want, want, and spend, spend, spend.

[@RealLifeMoney]

Nerdlin Geeksly all mind control haha

[@gracedlazydaisy3129]

Or cost of living is more than what they are making when incorporating student debt and health care plans...

[@donaldmoore2193]

My emergency fund really came in handy when I owed the IRS 2k after my divorce...Thanks Chelsea

[@RonJohn63]

Did you forget to fill out an updated W-4? (I got a healthy refund because of alimony payments to my ex-wife.)

[@LilannB]

I like to keep things simple. So I have a checking account with a debit card that I use as a hub for my other accounts. I have an online savings account that I label short term savings. In that I keep emergency savings and any other short term saving. My long term saving aka retirement savings are kept in a Roth IRA. I should be debt free next year and I will then open a brokerage account and start investing.

[@RonJohn63]

Out of curiosity, how do you keep emergency funds segregated from other short term savings in one big account? (I use a spreadsheet.)

[@vylet2292]

It's not a fun 3 months 😆. I love your raw honesty Chels. This world needs more like you.

[@lirisa1869]

I put both of my paychecks in my savings account, I plan my monthly budget around the withdraw limits I allow myself four. I keep basically nothing in my checking now that I use the same bank for checking and savings I let my money build as much compound interest as possible. I use credit cards and pay them off before the statement date.

[@letsjazzitup]

I dont have 4 different savings accounts. I just have a bunch of money I saved in different banks. Only 2 accounts have an actual name to it for something. Maybe I should open another one and just start feeding it I put a minimum 34% of my check into a savings account

[@annettedominguez7509]

I’m pretty good with my savings account. Only touched it twice. But, I like the idea of having multiple accounts to separate money goals, like short term and emergency funds. For retirement, you mentioned some employers offer the 401k, but assuming I don’t stay in that company, what other retirement savings programs are there? I’m considering opening separate savings accounts to track goals more easily by seeing the amounts separately. I agree with another commentary on learning more about investing; I’ve heard some people reading about it, but this channel is sparking my curiosity! Thank you, Chelsea, for your advice and efforts with this channel; I learn a lot from watching your videos! =]

[@TheAugurRose]

As a free contractor having seperate savings accounts is a life saver! A liquid savings for emergency and a short-term for taxes. I don't know what I would do if that money was mixed together.

[@my5cent264]

definitely agree.. before i even know about these types of saving. i always saving a portion of money for buying my wants or wishlist. thanks for sharing!

[@ComedyGlor]

i'm looking for a savings account in which i can put my money into and get interest for it, and then be able to pay standing orders FROM the savings account INTO my main one. Does such a thing exist?

[@vickyjansen3544]

I was told recently there is not enough hours because the online sales aren't enough. I have a lot of vacation so I'm using it right now to float. Just incase we open somewhat at the beginning of June. I'm lucky I do have a 6 month emergency fund and in the May there is a 3 week paycheck. The second paycheck I might put in my emergency fund to raise the level. I don't get charge for my checking account because I get direct deposit . The savings if I transfer 25 dollars a month I won't get charge. To making this story long........Should I take less vacation and start pulling out a balance out off my emergency fund. So I can still receive check thru some of my vacation time to not rack up bank charges. Trying to get thru this.....Thanks Vicky

[@amg1591]

This came out in perfect timing for me! My fiancée and I are just trying to figure out where we want to put our savings for a home

[@chocolatechick729]

Best feeling is when an emergency comes up and you have the money ....you thank your past self for saving. You literally SAVE your own ass. Lol

[@TheBudgetSavvyBride]

Those US Saving Stats are scary AF.

[@riagupta7670]

Should you still invest in 401K if there is no employer contribution?

[@rhbustos4878]

For me, yes. Because it is a savings account for your retirement.

[@LifeIsAMovieSoSMILE]

It somewhat depends on what funds are available and what the fees are. I personally prioritize more money towards a Roth IRA (with after tax dollars) because I'm in a lower tax bracket and would rather have the most impactful compound interest accruing on money I can take out tax free in my retirement. After I am able to consistently max that out every year ($6,000 starting in 2019 and onward), then I would consider contributing to my pre-tax accounts (I have access to a 457 account, which I would prioritize over my 401(a))

[@StefanieOConnell]

Love how you are breaking down what savings accounts everyone needs! It's not enough to just have one general savings account. Great info!

[@dredheadluna420]

How much money should one have in their checkings account, on average?

[@Ljungcrantz]

How much procentage of the savings should be put in these acounts? If I have 1000 dollars per month to save, how much should I put in the emergency savings, how much procentage to short and long term etc? Or should a person "fill them up" from 1-4 (retirement not included since it should always be filled every month).

[@trabajarhablar]

After focusing on building up my savings balances over the last couple of years my stress levels have halved.

[@markbernier8434]

I would appreciate it if you acknowledged that your series is US centric and that citizens of other countries may have different rules/accounts. Also, a question, as savings accounts pay basically nothing and you can get funds out of the market in 3 business days, how much money would you leave in a plain vanilla account?

[@kaitlynkilpatrick36]

For someone who lives on loans, how much money should i take out for savings?

[@RonJohn63]

You can't know that until you track your spending, analyze it *and yourself* to discover *why* you live on loans.

[@authenticallytrish]

I saved all of my money as a teen. At 18, I had $7k in savings. Then, I blew it all in a very short few years. If I had known about investing at the time, oh man. #regret

[@RonJohn63]

I was in the same boat, having $10K at 17 when that was a *lot* of money. Less than half went for college tuition, and partied through the rest. More importantly, *I knew* about investing, but I wanted to party more than be responsible.

[@authenticallytrish]

@@RonJohn63 Youth is wasted on the young! XD

[@cherymarykids8775]

Genuine and uncomplicated advise, thanks Chelsea!!

[@pauliw8212]

Are you wearing jewellery??? And this big? Who are you and what did you do Chelsea?

[@emiliabolsas]

Paulina Katarzyna Wójcik And a logo clothing item from a higher-end brand...!

[@sofiavera687]

I was thinking the exact same thing! Lol

[@km1dash6]

Wouldn't a health savings account also be a good idea?

[@aurorarising1945]

Thats emergency, like medical emergency i guess

[@km1dash6]

@@aurorarising1945 The emergency fund is supposed to be in a savings account and be fully liquid.

[@jarmainidoles4553]

the main tips for banking-thank you

[@StephanieLuff]

High-interest savings: run to Ally!

[@LillyNotFlower]

Ally is only 1.90% APR now. Discover is better 2%

[@shayslay3416]

@@LillyNotFlower not anymore

[@bonitahaitian_2939]

both discover and ally rates went down

[@tonysteel1377]

If someone has a Roth IRA, that individual is allowed to withdrawal the post-taxed dollars contributed, but not the gains, depending on that person’s age. 📊

[@bonniea8189]

What do you think of using a money market account to hold your emergency savings? At present I'm getting better dividends on my MMA than I was in a regular savings account. Yes, it's only FINRA protected, not FDIC, but is that important on an emergency fund savings account? (IIRC, the difference is how much is insured.)

[@excaliber009]

I personally don't like the idea of having a different account for each savings category. What I do instead is for my emergency fund/short term savings is use an Excel document to track each category as a separate fund within the account. For example, in my online savings account I have a fund for vacations, general emergency fund, car insurance, etc. That way I can take a look at the Excel document to know exactly how much I have for each category, but I don't need to manage multiple accounts. Of course, your mileage may vary, but thought this may be useful to someone else.

[@RonJohn63]

I also use a spreadsheet, finding it simpler, more flexible, and lets me drive one "account" (really a spreadsheet column) temporarily negative without incurring overdraft fees.

[@6lu5ky86]

You're so incredibly helpful. I'm looking at my bank and wondering how I avoid excessive fees upon opening a second savings account. My emergency account is growing well and I'm proud of myself for buckling down and building it but I want to make an investment in camera equipment buy saving up a good down payment and I don't want that money to be interlaced into my emergency fund. Would it also be a good idea to open a savings account at another bank in order to achieve this? I've only ever worked with one bank.

[@colettemcwilliams1325]

Why would your bank charge a fee to open an additional savings account? If that is the case open it at some other bank.

[@janinearmstrong8797]

I wished I knew about investment accounts. I worked fulltime for 4 years before going back to school for my doctorate. An investment account would have helped with the costs that my assistantship didn't/doesn't cover.

[@sheldonpon9141]

My mom loves listening to Dave Ramsey, which I hate lol. I wonder what you think of him. He also emphasizes the importance of emergency funds.

[@arleneaugustahair8393]

Sheldon Pon there is nothing wrong with a multi millionaire telling people how to save and get their lives together. You can also pick and choose which advice to take. The only thing I disagree with him on is stopping retirement investments to pay off debt. I only disagree because you cannot get those years back. Yes he emphasizes having an emergency fund and he’s correct because if you borrowed the money or used a credit card, you end up paying back a lot more money because of interest. It also depends on the person and their debt to income ratio. I personally would rather get a second job to pay off debt.

[@RonJohn63]

DR is strident, absolutist and wrong about credit cards being the root of all financial evil. He is, though, right about many things.

[@grlegrl]

I have the first three and I'm looking into the fourth. I just can't decide what kind to do. I may end up doing two.

[@jeffreydunford9251]

Love your videos. I would like a video on what is the smartest way to spend your money. My family has about 40k in savings - we contribute to our pension to the max (don't have extra retirement fund yet), we are aggressively paying off our house (no other debut) (but we could make one time yearly payments), we want to renovate two bathrooms in our forever home (but are okay waiting), kids don't cost us much cause we buy used stuff, we put 2.5k a year into each kids education fund. What prioritization would be the best for us financially? Maybe to make the video more relatable you could break down the benefits of spending your money differently.

[@TunesbyJoey]

this helped me turn quite a bit of overwhelm into a more actionable approach to start my savings accounts. Thank you so much!!!!

[@htaltidor1069]

I've started on my emergency and retirement saving. Short term saving is more so on a whim. Should all these savings accounts add up to the general thumb of 20% of my income? (50/30/20)

[@RonJohn63]

That 20% is for *long term savings* like retirement, whereas saving for relatively short term goals like auto insurance are a *Need* and saving for a vacation is definitely a *Want.*

[@darknight_1373]

Do make these savings account in the bank or online. And if you by chance give some examples of banks or sites that I can use for my preference than that would be swell.

[@TheLadynecromancer]

Can you do a video over a 401k vs a Roth IRA in depth

[@Erinknitsalot]

Such great advice! There’s something I’ve always wondered though and maybe this question is only for a small niche of people but what would you say is the best bank for people who travel a lot and/or best bank for people who may leave the country for long periods of time. I’m leaving the country for 2 years possibly and am trying to plan right now

[@Sygness]

Is it free to open many savings accounts in the US? I have accounts with two banks and pay more in fees every month because of this. I was looking into consolidating into one bank soon. Is it possible to not pay these fees?

[@RonJohn63]

In the USA, some banks charge monthly fees and others do not. The Internet makes it easy to find such banks.

[@mouseluva]

Itching to get saving after this video! Chelsea looks different to her usual look in this video and I love it! Every look she does is fabulous and it's great seeing all her wardrobe tips come into action with the same pieces surfacing in totally different ways in different videos.

[@lashtastics]

Love TFD for practical and easy to digest financial advice

[@UniqueAmerican]

Very good video and I took notes ✍🏾,thank you for this video, keep the good work up.

[@krystalbeauty2234]

Ur videos are always amazing and teach me great things! Yesss my “savings” have not been reaching my savings acc latelyyyyy :’/ nice vid to keep going !:)

[@sparklevibesgaming]

Mine haven't either, because I always need it for something else. So I've started looking for a different job that better suits my needs because I currently have an "income" problem, not a spending problem. This channel and their website has helped me soo much, and I've realized that my job is what needs to change. Good luck to you on your savings goals!!

[@krystalbeauty2234]

Claire Mercado Ahhh thank you!! I just figured out I can transfer funds from checking to savings on the mobile app, so no need to actually go to the bank! Now I’ll hopefully keep this going! Goodluck to you as well!!!:)

[@sparklevibesgaming]

@@krystalbeauty2234 That's great!! That makes it so much easier. And thank you!!

[@sarahjoyabejar1748]

Hi Chelsea! I always watch TFD videos, but I am not an american so sometimes the tips can't apply to me, but most of them are very useful to me. Thank you and I hope TFD continues making great vids!

[@BenShutUp]

Hey TFD, y’all are awesome. Thank you for encouraging me. Please continue to encourage us as money is sometimes anxiety inducing (despite hearing great advice here). This video was tough to watch but I felt a little encouragement. That goes a lone way so please do more.

[@gearyessentials973]

I love your idea of keeping a savings account at a totally separate bank! That would def help me from just dipping in there.

[@roseanncanoy3107]

Can retirement account be the insurance?

[@SW-wf3gy]

I wish I had encountered your channel years ago! This is so good!

[@GloXum]

Best and most helpful video I’ve found on KZbin, thank you 🙏

[@edenrunyon9104]

Wow, how relevant is this now during this pandemic.

[@jocelynbulger]

In less than 2 months, I will graduate college with $80K in debt and a full time job making no more than $30K/year. Should I save while I pay off my loans, or just throw all my money at the loans (Dave Ramsey style)?

[@acequeen4881]

You should save 3-6 months of expenses first just to be on the safe side. Then focus on paying off loans and maybe have side jobs if possible.

[@RonJohn63]

@@acequeen4881 I *completely* disagree. That $80K will be compounding interest the whole time she's saving up that much money.