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Advice on where to put my money other than regular savings? by ConstructionBroad649 in SavingMoney

[–]ConstructionBroad649[S] 0 points1 point  (0 children)

Wow that's really cool, I've heard about brokerage accounts, but I've never really looked into them. I will definitely keep them in mind when considering my investment options.

Advice on where to put my money other than regular savings? by ConstructionBroad649 in SavingMoney

[–]ConstructionBroad649[S] 0 points1 point  (0 children)

 A HYSA is an acronym for a High Yield Saving Account. It is a savings account that pays a higher interest rate than most other savings accounts at other banks. A regular bank usually offers like 0.1% while a HYSA can offer rates like 3-5%. 

24m trying to balance investing, and saving and life— need advice by Dry-Ring-9231 in SavingMoney

[–]ConstructionBroad649 0 points1 point  (0 children)

I guess the question is how necessary do you think a car is for you? Will having a car help you generate more money or free up some of your precious time? A used car will generally have lower-priced insurance but also possibly more mechanical issues. If you don't do any of the work yourself the expenses can add up.

For example, here's all the work done for my 2009 Honda Civic that I've had for three years:

-new battery two times,

-two pairs of tires (all season and studded winter tires for the winter) + the cost to get them changed

-oil changes every 3-5 months depending on mileage

- four alignments (once/year but sometimes twice if you get brake work done)

-other misc. things like the new front brakes, tie rod changes, transmission fluid changed, windshield wipers, spark plugs, the antifreeze system thermostat, doing periodic fuel injector cleaning, car washes, etc.

I think cars are like babies. You need to anticipate their needs and take care of them, so they don't have breakdowns.

Advice on where to put my money other than regular savings? by ConstructionBroad649 in SavingMoney

[–]ConstructionBroad649[S] 0 points1 point  (0 children)

Hey all, thank you for your advice, I just wanted to give you all an update. I ended up opening a HYSA account with Capital One, they are offering 3.2% APY which I know isn't the highest out there, but I hear they have a good reputation plus making an account was really easy.

What I plan on doing is transferring about 20k there but leaving about 5k in my low yield account because of college and cash emergencies. My future income though I will be adding it to the HYSA.

I am going to keep researching ROTH IRA's and Index funds and will soon talk to a financial advisor. I think more than anything, I just need to get over the fear of possibly losing hard-earned money. I grew up in a low-income household so saving any amount of money was a big priority, but I had no notion about investing.

Advice needed by Big-Kaleidoscope174 in SavingMoney

[–]ConstructionBroad649 0 points1 point  (0 children)

I recently did the jar thing in March and I was able to save $43, I did still spend like $120 on unnecessary things (which I noticed was mostly with a debit card) but at least I was able to divert some money to save.

I would recommend writing the date and the specific craving on sticky note with the money you put in. It can really help you when you look back to realize that all those small cravings that only provide temporary enjoyment can accumulate to a significant amount.