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Money evaporates in my checking account. Sure, I could put it in a savings account and make 0.4% interest, but I'll end up transferring it back into my checking account anyway.
Put a quarter of that paycheck into an index fund like the Fidelity 500 Index Fund making an average of 14.68% interest on those hard earned dollars and you won't be tempted to transfer it out. You can finally save up for that SSENSE espresso machine you've always wanted.
Related Recs
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Open a high yield savings account - you get an, obvs, super high interest rate, which is a great incentive to put money in there. Either direct a percentage of your paycheck in there, or transfer money in there immediately after you get paid. Great place to house your emergency fund (3-6 months of expenses) because it’s easily accessible.
There are lots of books on saving for retirement- I recommend the simple path to wealth because it’s easy to understand, required very few action items, the author crunches the numbers while he’s explaining things, and you don’t have to be someone obsessed with savings and personal finance to benefit from it, like me!
Mar 7, 2024
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it's hard, I know, but just take 10% out of your paycheck immediately when it hits your account and Zelle or transfer it to an account that isn't as easily accessible. Savings accounts are good too, but you'd be surprised how fast it grows out of sight out of mind
Jan 27, 2025
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if you have the option to divert a % of your paycheck directly into savings, do it!
get a high yield savings account with a different bank (I recommend Marcus) that requires that you transfer money out of the bank where you have your debit card—takes a few business days to transfer which means you can’t spend it willy nilly but it’s there when you need it
Dec 2, 2024
Top Recs from @diego
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Yeah I need to meditate, workout, and eat healthy to maintain my sanity, but why don’t I try a new guided meditation, a different type of workout, and a new dish?
Feb 8, 2024
Are there clear skies? A couple waves? A storm?
My friend said she felt like she was in a storm, but could see the sun peaking from the clouds.
Feb 1, 2024
Feb 3, 2024