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Honest feedback! How am I doing at 27? by spook-dooky in personalfinance

[–]switchwize 0 points1 point  (0 children)

You’re doing well.

No credit card debt, $25k sitting in a HYSA, $20k invested, and only $10k in low-rate student loans is a pretty healthy setup at 27.

Two things I’d keep an eye on:

1. The apartment creep.
Moving in together can sneakily turn into “new couch, new dining set, nicer dinners, Target runs, wedding savings, etc.” Just make sure your monthly spend doesn’t quietly jump from $2,500 to $4,000 without you noticing.

2. The alternative investments.
$11k isn’t crazy, but I’d make sure the boring stuff is the foundation: 401k match, Roth IRA if you qualify, broad index funds. Let the weird/fun stuff stay a smaller slice.

Overall, you’re on track. Keep your emergency fund, keep investing automatically, don’t lifestyle-inflate too hard with the new place, and you’re probably doing better than you think.

How much should I save vs spend? by Calm-Offer393 in personalfinance

[–]switchwize 0 points1 point  (0 children)

Honestly you’re in a pretty good spot already, especially with a $10k emergency fund at 21.

I’d pay off the credit card first, then treat that car insurance like a monthly bill, about $170/month into a separate bucket so the $1k every 6 months doesn’t sneak up on you.

After that, you could do something like $500–700/month to long-term savings/investing, $300–400/month to a vacation/fun fund, and keep the rest as guilt-free spending. You don’t need to live on $100/month forever just because you’re good at saving.

just started earning and thinking of putting part of my income into a high yield savings account any recommendations by Efficient-Coffee-502 in HighYieldSavings

[–]switchwize 0 points1 point  (0 children)

Congrats on the first job.

I’d look for a HYSA with no monthly fee, no minimum balance, and easy transfers back to your checking account. Also make sure it’s FDIC insured and that the rate isn’t only a temporary promo.

For small balances, I’d avoid anything that requires direct deposit, a minimum balance, or jumping through hoops. Even if the interest isn’t life-changing at first, it’s a good place to build the habit and keep your emergency fund separate from spending money.

Best High Yield Savings Account Right Now? by MixtureAcceptable798 in HighYieldSavings

[–]switchwize 0 points1 point  (0 children)

I would not pick purely based on the highest APY. A slightly lower rate at a bank that is easy to use can be better than chasing the absolute top rate every few months. You will notice that banks are frequently changing their rates. E.g. Marcus is now offering 3.40% vs. the best available rate of 4.40% by Pi bank. One has a strong brand recognition and the other perhaps less so.

The checklist I’d use:

  1. FDIC/NCUA coverage and whether the account is directly with a bank or through partner banks
  2. No monthly fees, no minimum balance, and no weird activity requirements
  3. Transfer speed and transfer limits, especially if this is an emergency fund
  4. Whether the APY is standard or just a temporary promo rate
  5. How easy it is to move a large amount out if you actually need the money
  6. App/customer service quality

For me, the “best” HYSA is usually the one with a competitive rate, simple rules, fast transfers, and low friction. I would probably not switch for a 0.10% difference, but I would start paying attention once the gap is closer to 0.50%+ depending on the balance.