6 answers
Scote
Student
Shelton, Connecticut
1
Question
Asked
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How to increase saved money?
How do I increase my saved money
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6 answers
Doc Frick
Career Coach and Mentor
1585
Answers
California, CA
Updated
Doc’s Answer
Scote, if you have a part-time job or you have been saving up, you should open:
💰 ROTH IRA ACCOUNT
A Roth IRA is a retirement account you can put after-tax income into, you'll want to let this investment compound for 40-50 years and withdraw the money when you retire tax-free and there is no minimum students have to contribute to Roth IRA. You can also choose a Roth IRA where you can manage the investments on your own, or let it be managed by an automatic system. You can use the funds in the Roth IRA to invest in stocks, bonds, or cash (money market funds). A popular option for a Roth IRA is to invest in an index mutual fund. An index mutual fund is a fund that invests in multiple companies, managed by an individual or an investment company. The difference between an index fund and regular stock is that stock is an investment in only a single company, which has a large amount of risk. Whereas an index fund has stocks from multiple companies making up the index and normally moves with the market. Since the market theoretically will go up over time, you will eventually receive a return on your investment. However, this may not hold true depending on the fund you choose. Roth IRA accounts are available from investment firms like Vanguard of Fidelity for example
💵 HIGH-YIELD SAVINGS ACCOUNT (HYSA)
A high-yield savings account is the same as a regular savings account, but you get paid a much higher yield on your money. For example, many traditional banks like Bank of America, Chase, or Citizens Bank have near-zero Annual Percentage Yields, but the HYSA account can provide an amount that is significantly higher. With a higher interest rate, your money put into this saving account will accumulate and grow bigger over the long term. High Yield Savings Accounts are available from your local banks.
🪙 HIGH-YIELD CERTIFICATES OF DEPOSIT
A high-yield certificate of deposit or CD is an offering from a bank, similar to a savings account, but you must hold the initial deposit in the CD for a certain amount of time until it matures. The time period can range from 3 or 6 months on the shorter side to 12, 18, 24, or more months on the longer side. If you remove money from a CD before it matures, you need to pay a penalty of a certain number of months of interest, so it does not make sense to invest in a CD if you have a short-term savings goal. Some banks do offer a product called a no-penalty CD where you can take out your money before the CD matures with no penalty. However, the downside is that the interest rate is lower than a High Yield CD. Similar to High Yield Savings Accounts, High Yield CDs are available from banks like Ally Bank, Capital One, or Synchrony Bank and many others.
💰 ROTH IRA ACCOUNT
A Roth IRA is a retirement account you can put after-tax income into, you'll want to let this investment compound for 40-50 years and withdraw the money when you retire tax-free and there is no minimum students have to contribute to Roth IRA. You can also choose a Roth IRA where you can manage the investments on your own, or let it be managed by an automatic system. You can use the funds in the Roth IRA to invest in stocks, bonds, or cash (money market funds). A popular option for a Roth IRA is to invest in an index mutual fund. An index mutual fund is a fund that invests in multiple companies, managed by an individual or an investment company. The difference between an index fund and regular stock is that stock is an investment in only a single company, which has a large amount of risk. Whereas an index fund has stocks from multiple companies making up the index and normally moves with the market. Since the market theoretically will go up over time, you will eventually receive a return on your investment. However, this may not hold true depending on the fund you choose. Roth IRA accounts are available from investment firms like Vanguard of Fidelity for example
💵 HIGH-YIELD SAVINGS ACCOUNT (HYSA)
A high-yield savings account is the same as a regular savings account, but you get paid a much higher yield on your money. For example, many traditional banks like Bank of America, Chase, or Citizens Bank have near-zero Annual Percentage Yields, but the HYSA account can provide an amount that is significantly higher. With a higher interest rate, your money put into this saving account will accumulate and grow bigger over the long term. High Yield Savings Accounts are available from your local banks.
🪙 HIGH-YIELD CERTIFICATES OF DEPOSIT
A high-yield certificate of deposit or CD is an offering from a bank, similar to a savings account, but you must hold the initial deposit in the CD for a certain amount of time until it matures. The time period can range from 3 or 6 months on the shorter side to 12, 18, 24, or more months on the longer side. If you remove money from a CD before it matures, you need to pay a penalty of a certain number of months of interest, so it does not make sense to invest in a CD if you have a short-term savings goal. Some banks do offer a product called a no-penalty CD where you can take out your money before the CD matures with no penalty. However, the downside is that the interest rate is lower than a High Yield CD. Similar to High Yield Savings Accounts, High Yield CDs are available from banks like Ally Bank, Capital One, or Synchrony Bank and many others.
Khaled Salah
2
Answers
New York, New York
Updated
Khaled’s Answer
Thanks for asking this question! There are lots of ways to save money, and here are a few I've found to be particularly helpful:
1. Find some gigs that can help you earn extra cash like working a part-time job, doing garden work, babysitting, tutoring, etc. You could even check out websites like craigslist for open gigs in your community. Just make sure to do it safely by letting someone (like a parent or guardian) know about it before taking on an opportunity.
2. Avoid impulse buys by thinking about whether you really need something or if you'd rather save for something bigger. Sometimes waiting a day or two can help you decide if it's worth it.
3. Investing can be an excellent way to save money for the long term. If you're under 18, ask your parents/guardians to help you set up an app like Robinhood. You can invest a little bit of money regularly (as low as a dollar a day), and it's important to never touch it so it grows overtime. If you ever do decide to withdraw, keep in mind you may need to pay taxes on it.
4. Sell things you don't need. Look around for old things that might have some value like clothes, electronics, etc - you can sell them on websites like facebook marketplace to make some extra money.
5. Cut costs wherever you can. For example, cancelling any unused subscriptions, cooking food instead of ordering delivery, using coupons/discounts, buying used items vs. brand new.
If you focus on maintaining a saving mindset, cutting out costs wherever possible, and finding creative ways to earn and invest your money, you'll be well on your way to building a solid financial future. Happy saving!
1. Find some gigs that can help you earn extra cash like working a part-time job, doing garden work, babysitting, tutoring, etc. You could even check out websites like craigslist for open gigs in your community. Just make sure to do it safely by letting someone (like a parent or guardian) know about it before taking on an opportunity.
2. Avoid impulse buys by thinking about whether you really need something or if you'd rather save for something bigger. Sometimes waiting a day or two can help you decide if it's worth it.
3. Investing can be an excellent way to save money for the long term. If you're under 18, ask your parents/guardians to help you set up an app like Robinhood. You can invest a little bit of money regularly (as low as a dollar a day), and it's important to never touch it so it grows overtime. If you ever do decide to withdraw, keep in mind you may need to pay taxes on it.
4. Sell things you don't need. Look around for old things that might have some value like clothes, electronics, etc - you can sell them on websites like facebook marketplace to make some extra money.
5. Cut costs wherever you can. For example, cancelling any unused subscriptions, cooking food instead of ordering delivery, using coupons/discounts, buying used items vs. brand new.
If you focus on maintaining a saving mindset, cutting out costs wherever possible, and finding creative ways to earn and invest your money, you'll be well on your way to building a solid financial future. Happy saving!
Wodala Lowe
Insurance Agent
5
Answers
Covington, Georgia
Updated
Wodala’s Answer
To increase saved money, consider the following strategies:
1. Stick to a budget and create a new line item for savings.
2. Automate savings through paycheck deductions.
3. Deposit tax refunds and bonuses.
4. Sell unused belongings for extra cash.
5. Cut back on food costs (prepare meals at home instead eating out).
6. Start a side hustle.
7. Use "round-up" features for card purchases.
1. Stick to a budget and create a new line item for savings.
2. Automate savings through paycheck deductions.
3. Deposit tax refunds and bonuses.
4. Sell unused belongings for extra cash.
5. Cut back on food costs (prepare meals at home instead eating out).
6. Start a side hustle.
7. Use "round-up" features for card purchases.
Eva Majercsik
Chief People Officer
5
Answers
Bellevue, Washington
Updated
Eva’s Answer
Key elements to increase your savings are:
1. Don't spend more than what you have. Interest on credit cards compound very quickly.
2. Keep a separate interest bearing savings account that you promise you will not touch unless it is an emergency.
3. Leverage free money - company 401K match, benefits, etc.
1. Don't spend more than what you have. Interest on credit cards compound very quickly.
2. Keep a separate interest bearing savings account that you promise you will not touch unless it is an emergency.
3. Leverage free money - company 401K match, benefits, etc.
Craig Cuva
Employee Experience
3
Answers
Philadelphia, Pennsylvania
Updated
Craig’s Answer
Five key steps are often highlighted by financial gurus:
1. Establish a budget - it's the first step towards financial freedom.
2. Clear your debts - check out the 'debt snowball technique' online for a great strategy.
3. Set up an emergency savings fund in a high-interest savings account - it's a safety net for unexpected situations.
4. Take full advantage of your employer's 401k match - it's like free money for your future.
5. Invest in an Individual Retirement Account (IRA) - it's another great way to secure your financial future.
Remember, every step you take brings you closer to financial stability and independence. You've got this!
Do some research. Youtube has some fun influencers you can follow.
Talk to a financial expert that can guide you (someone you trust). Ask around your network.
Build good financial behaviors (e.g., no more credit cards until you have your debt paid off)
Have fun!
Be. Patient. This is not easy and takes time.
1. Establish a budget - it's the first step towards financial freedom.
2. Clear your debts - check out the 'debt snowball technique' online for a great strategy.
3. Set up an emergency savings fund in a high-interest savings account - it's a safety net for unexpected situations.
4. Take full advantage of your employer's 401k match - it's like free money for your future.
5. Invest in an Individual Retirement Account (IRA) - it's another great way to secure your financial future.
Remember, every step you take brings you closer to financial stability and independence. You've got this!
Craig recommends the following next steps:
Jocelyne Greco, MHRM
Human Resources
6
Answers
Katy, Texas
Updated
Jocelyne’s Answer
To boost your savings:
1. Set a small weekly or monthly savings goal—every bit counts!
2. Track spending and cut back on unnecessary expenses.
3. Automate transfers to your savings account so you save without thinking.
Small steps add up!
1. Set a small weekly or monthly savings goal—every bit counts!
2. Track spending and cut back on unnecessary expenses.
3. Automate transfers to your savings account so you save without thinking.
Small steps add up!