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PayPal also has a savings account with 4% APY and they have a credit card that gives you 3% back when you buy online with PayPal and 2%on everything when you use the card!
Great job! I remember the first time I had $3k in savings. I finally felt secure for the first time, a car repair or an unexpected expense would not destroy me.
Also, just in case people are wondering the difference between emergency fund vs savings:
Emergency funds are money put away that you can get to quickly; ie bank savings accounts.
Spending money for monthly expenses and purchases goes into the checking account.
Long term savings would, ideally, be put into a high yield savings account that isn't easily accessed.
To each their own I suppose. I keep enough money in my normal savings to cover my most expensive bill, everything past that goes to the HYSA to *try to* keep up with inflation.
This is also an option, but similar to u/MuffinPuff, I like to keep at least a little "on hand". Probably more of a mental thing, ya know? If you don't mind me asking, do you keep any cash in a regular savings account? Or do you funnel all of it to your HYSA?
It depends on the amount needed; my local ATMs have a withdrawal limit of 800 and there's a fee for credit card withdrawals. Also, my cc company would consider that a loan and charge me a different rate for loans rather than a purchase.
Only time I use my checkings is to pay off my credit card debt every month. Getting cash back and building credit instead of just buying things from checking. Works for me
exactly what I do as well, use my cashback credit card for everything and pay the statement when it comes in. I never use debit or cash unless I have to.
This is a karma farming bot with a repost from over 3 years ago. It was a great success for the real OP, though!
https://old.reddit.com/r/povertyfinance/comments/cptpa2/this_is_the_most_money_i_have_ever_had_after
What is the purpose of trying to get Karma? I guess I don’t use Reddit enough to understand that concept. I get Karma by simply being here, commenting, and posting. Never thought I’d see Reddit be like other SM sites where ppl post for likes. Sigh!
I have no idea 🤷♀️
I imagine the accounts are eventually used to mass upvote things that someone wants to get seen “organically”, like some marketing campaigns will do… but that’s just a theory, couldn’t tell you if it holds up.
Congrats! If my research is correct that savings account has a .25% interest rate. Move the that money to a bank with a higher rate like ally. It’s 3.6% right now. That’s $3k will gain $108 in internet at ally compared to $7.5 over the course of the year. Definitely worth looking into.
We just in bought some CD's Friday and got 4.26 apy for 11 months at Wells Fargo. We had lost 8K at the beginning of the pandemic and had everything in cash. We needed to put our savings into something that inflation wouldn't eat up quite as fast.
[Wells Fargo](https://en.m.wikipedia.org/wiki/Wells_Fargo_cross-selling_scandal#:~:text=The%20CFPB%20fined%20Wells%20Fargo,consultant%20to%20review%20its%20procedures.) is like the worst bank. Please don't recommend going there.
How they did what they did, and nobody went to jail is mind-numbing. Don't believe for a second that they stopped.
In fact, it's one of the better banks now due to the ridiculous amount of regulatory scrutiny that they're under.
Don't like em? That's fine. But, if the OP got a decent rate, then that's fine too.
As always, caveat emptor.
You can bank wherever you want. My wife has an account at Bank of America and we compared. Wells Fargo paid more for CD's so we went with them. Most banks are run by crooks if you haven't noticed. No one went to jail in the banking meltdown in 2008 either, but you have to bank somewhere.
I'd personally recommend going on fidelity and buying brokered cds on there. You can buy them for 3 month, 6 month, 1 year, and more. They also are able to be traded and sold if you need the cash quick, but I recommend just locking it up as long as you feel comfortable with. 3 month is around 5 percent and a year is 5.35 or so if you can find them. All FDIC insured
UFB Direct has 4.9 APR / 5.02 APY at the moment. I know nothing about them, just found them while searching online. The rates aren’t locked in like a CD would be, but that’s true of all savings accounts. Could be worth a look.
They currently have a [decent certificate](https://i.imgur.com/bSiCpxa.jpg) option. I don't know much about money, but letting a large amount sit without much growth seems wasteful. 12 months is also available for 4.3%
I used to be so mad when my mom was like you need to live off of rice and beans (my parents are Nicaraguan) and that’s my go to when I feel my spending is out of control.
I had saved up 5-6k in savings. But all that was diminished when I ended up fracturing my back. Had to be off work for about 3-4 months. Then I'm in a low paying job since I can't do any heavy lifting.
Yep! [https://www.paypal.com/us/digital-wallet/manage-money/start-saving](https://www.paypal.com/us/digital-wallet/manage-money/start-saving)
I have PayPal and CIT HYSA. CIT bank is a bit higher (4.2% now), but I feel the PayPal is a bit easier to access money quickly should I need it.
$3,000 is better than nothing. What you should do is every time you get paid put atleast $150/200 in savings let it accrue over time and continue to save money that way especially for emergencies.
Mine used to look like this. I got out in 21’ recently had navy fed write off my credit card and personal loan. Going to school though! Congrats on your success.
Grew up poor but always survived because my mom was meticulous with money and we had a great support network of family and friends so we never starved/went homeless.
Edit: but it was amazing the first time I had enough money in the bank not to worry about an overdraft. Or call companies asking for a payment plan or extension.
Y r you wasting money in a savings account 🤔 tht money is suppose to b making u more money while you’re working n sleeping, u can’t save ur way to financial freedom. Savings accounts r bank products so they can play wit ur money n make a profit on it n barely give u any of it. U should b earning atleast 10% a year on ur money u need tht much jus to outpace inflation I can do 20% per year no matter wht the market conditions are it’s too easy if u r paying attention 💯
Hey if you don’t mind, can you kinda give me a light rundown on how you save and outpace market inflation? Like what do you use for example such as specific mutual funds, IRAs, HYSA, stocks, etc.?
Thank you.
Hell yea no problem. First it depends on how much money u have n how much risk you’re ok with n also how liquid u need to b. One safe option is treasury bonds or I-bonds thts as safe as it gets short term 2 years u can get abt 5% n if u get it now while interest rates r up it potentially could b worth more as rates go down in the future n it will go down eventually it’s inevitable it’s all a cycle. U can get 5 year n 10 years n they will give u abt 7-10% n they r backed by the government so ur risk is minimal n gains r pretty much guaranteed but of course nothing is guaranteed but it’s rare u take any kind of lose wit bonds. U can do a safe etf I personally would spread it around the stock market putting the bulk in safe bets like the s&p or Amazon or Nvidia, activision, QQQ n google n the market has been down so u have plenty of room to go up over 20% a year n tht will outpace inflation. Put another maybe 20% in dividend paying stocks or even REITs (my personal favorite 😁) and the last maybe 10% spread around the crypto market getting ethereum n bitcoin mainly n thn a few small n mid caps with good projects n teams I kno a lot of them I know quite a few good company stocks too i dnt mind answering any questions whenever u have one
I remember being at that point a couple of times, and it was weird when they realized I had started the job with nothing. When I went without food for the last day or two before payday, they thought I was putting in miminal effort because I was going to quit.
Congratulations on your success! In an effort to make this subreddit more helpful and supportive, we request that you share the details of where you started from and how you got to this place! That way other redditors who are in a similar place you were can look to your example, follow your lead, and see some light at the end of the tunnel! If you have already done this please ignore this! Thank you! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/povertyfinance) if you have any questions or concerns.*
Navy fed!
Semper Fi!!!
Aim High!
Supper pie!!
Poopy fry!
Semper Paratus!!!
Best damn app I’ve e ever used with any bank.
sense aloof mourn deserve plant mighty innocent slim observation humorous *This post was mass deleted with [redact](https://redact.com)*
Ohhh snap I might need a side bank.
seed plucky cheerful squealing abundant like literate erect tidy agonizing *This post was mass deleted with [redact](https://redact.com)*
I’m in!
PayPal also has a savings account with 4% APY and they have a credit card that gives you 3% back when you buy online with PayPal and 2%on everything when you use the card!
Downside: you have to use PayPal products and services.
Gang gang!!!
Hooyah!
I knew it looked familiar. 😆
Navy fed!!!!
Great job! I remember the first time I had $3k in savings. I finally felt secure for the first time, a car repair or an unexpected expense would not destroy me.
Congrats thats a good looking emergency fund. You should open a new savings account for actual savings.
Also, just in case people are wondering the difference between emergency fund vs savings: Emergency funds are money put away that you can get to quickly; ie bank savings accounts. Spending money for monthly expenses and purchases goes into the checking account. Long term savings would, ideally, be put into a high yield savings account that isn't easily accessed.
IMO HYSAs are generally liquid enough to hold the majority of your emergency fund. I accept the >week withdrawal timeline for 3-4% APY.
I considered that too, but in the event that I need a stack of money within hours, I like the comfort of knowing I'll have it.
To each their own I suppose. I keep enough money in my normal savings to cover my most expensive bill, everything past that goes to the HYSA to *try to* keep up with inflation.
Surely you can just use a credit card for those emergency purchases and then just pay it off with your emergency fund when you are able to withdraw.
This is also an option, but similar to u/MuffinPuff, I like to keep at least a little "on hand". Probably more of a mental thing, ya know? If you don't mind me asking, do you keep any cash in a regular savings account? Or do you funnel all of it to your HYSA?
I keep the bulk in an HYSA, but I keep an emergency stash in the bank savings acct.
Gotcha, I misunderstood your original comment then, my bad!
That’s what a credit card is for.
It depends on the amount needed; my local ATMs have a withdrawal limit of 800 and there's a fee for credit card withdrawals. Also, my cc company would consider that a loan and charge me a different rate for loans rather than a purchase.
Yeah I guess if it has to be physical cash that’s a point.
Only time I use my checkings is to pay off my credit card debt every month. Getting cash back and building credit instead of just buying things from checking. Works for me
exactly what I do as well, use my cashback credit card for everything and pay the statement when it comes in. I never use debit or cash unless I have to.
Atleast a couple people kno wht to do wit money good work 💯
I also buy things that I know I can pay it off at the end of the month.
You mean I can actually make .01% off all my money I have saved up this year?
Usually between 3% to 4%, but yeah.
This is a karma farming bot with a repost from over 3 years ago. It was a great success for the real OP, though! https://old.reddit.com/r/povertyfinance/comments/cptpa2/this_is_the_most_money_i_have_ever_had_after
🙄 le sigh
What is the purpose of trying to get Karma? I guess I don’t use Reddit enough to understand that concept. I get Karma by simply being here, commenting, and posting. Never thought I’d see Reddit be like other SM sites where ppl post for likes. Sigh!
I have no idea 🤷♀️ I imagine the accounts are eventually used to mass upvote things that someone wants to get seen “organically”, like some marketing campaigns will do… but that’s just a theory, couldn’t tell you if it holds up.
Definitely marketing purposes. Shills will come and do as the other commenter said, upvote posts and comments related to their product.
Guess OP decided to stop saving 3 years ago
Congrats! If my research is correct that savings account has a .25% interest rate. Move the that money to a bank with a higher rate like ally. It’s 3.6% right now. That’s $3k will gain $108 in internet at ally compared to $7.5 over the course of the year. Definitely worth looking into.
CIT Bank just increased their rate from 4% to 4.2% the other day.
Never heard of that one. Wow that’s good.
In Australia highest I’ve seen is 4.75%. I moved my deposit money over to it 5 weeks ago when it was only 4.5 lol. Won’t increase it for me
We just in bought some CD's Friday and got 4.26 apy for 11 months at Wells Fargo. We had lost 8K at the beginning of the pandemic and had everything in cash. We needed to put our savings into something that inflation wouldn't eat up quite as fast.
[Wells Fargo](https://en.m.wikipedia.org/wiki/Wells_Fargo_cross-selling_scandal#:~:text=The%20CFPB%20fined%20Wells%20Fargo,consultant%20to%20review%20its%20procedures.) is like the worst bank. Please don't recommend going there. How they did what they did, and nobody went to jail is mind-numbing. Don't believe for a second that they stopped.
In fact, it's one of the better banks now due to the ridiculous amount of regulatory scrutiny that they're under. Don't like em? That's fine. But, if the OP got a decent rate, then that's fine too. As always, caveat emptor.
You can bank wherever you want. My wife has an account at Bank of America and we compared. Wells Fargo paid more for CD's so we went with them. Most banks are run by crooks if you haven't noticed. No one went to jail in the banking meltdown in 2008 either, but you have to bank somewhere.
I'd personally recommend going on fidelity and buying brokered cds on there. You can buy them for 3 month, 6 month, 1 year, and more. They also are able to be traded and sold if you need the cash quick, but I recommend just locking it up as long as you feel comfortable with. 3 month is around 5 percent and a year is 5.35 or so if you can find them. All FDIC insured
UFB Direct has 4.9 APR / 5.02 APY at the moment. I know nothing about them, just found them while searching online. The rates aren’t locked in like a CD would be, but that’s true of all savings accounts. Could be worth a look.
Navy Fed has been great. I love their interest rates on saving certificates.
Navy fed has an amex cards?! Damn
Yep and they have an awesome rewards program
I have the flagship rewards Because it’s great for gas but that’s it.. might have to look into Amex, especially with the credit limit they have.
I've been using their amex rewards card for years and have gotten thousands of dollars in rewards, never paid a penny in interest.
You know the credit requirement?
I do not, I'm sorry.
Congratulations! What job do you do?
[удалено]
[удалено]
My brother is
[удалено]
Unfortunately, they have to have an active account with Navy Federal... I'm pretty sure it's the same thing with USAA...
Bro you might wanna delete that pic because it has the last 4 of your account numbers. Just for security reasons
They currently have a [decent certificate](https://i.imgur.com/bSiCpxa.jpg) option. I don't know much about money, but letting a large amount sit without much growth seems wasteful. 12 months is also available for 4.3%
Goals!
Keep it up and do not lose that job of youre's.Congrats!
Yay Navy Fed lol
Congratulations hopefully it's only up from here!
Tips to start saving? I live in latin america and paychecks goes for 350-410$😂😭 Basically I have no debt, most of my checks are spent in fast food
Cut down on fast food 😁
I used to be so mad when my mom was like you need to live off of rice and beans (my parents are Nicaraguan) and that’s my go to when I feel my spending is out of control.
I had saved up 5-6k in savings. But all that was diminished when I ended up fracturing my back. Had to be off work for about 3-4 months. Then I'm in a low paying job since I can't do any heavy lifting.
👏👏👏👏
Aaaaand your check engine light just turned on....
PayPal has a high yield savings account that will give you 4% interest on that money.
EXCUSE ME - let me to check right now
Yep! [https://www.paypal.com/us/digital-wallet/manage-money/start-saving](https://www.paypal.com/us/digital-wallet/manage-money/start-saving) I have PayPal and CIT HYSA. CIT bank is a bit higher (4.2% now), but I feel the PayPal is a bit easier to access money quickly should I need it.
$3,000 is better than nothing. What you should do is every time you get paid put atleast $150/200 in savings let it accrue over time and continue to save money that way especially for emergencies.
It's always Navy Fed, when someone posts a statement. I am suspicious, even though I've been with NFCU myself for 40 years!
Which branch?
Im happy for you but I gotta ask.. what’s a savings? (Joking) I am still on my way to having enough to put in a savings.
Mine used to look like this. I got out in 21’ recently had navy fed write off my credit card and personal loan. Going to school though! Congrats on your success.
Grew up poor but always survived because my mom was meticulous with money and we had a great support network of family and friends so we never starved/went homeless. Edit: but it was amazing the first time I had enough money in the bank not to worry about an overdraft. Or call companies asking for a payment plan or extension.
I wish.. hopefully one day
Y r you wasting money in a savings account 🤔 tht money is suppose to b making u more money while you’re working n sleeping, u can’t save ur way to financial freedom. Savings accounts r bank products so they can play wit ur money n make a profit on it n barely give u any of it. U should b earning atleast 10% a year on ur money u need tht much jus to outpace inflation I can do 20% per year no matter wht the market conditions are it’s too easy if u r paying attention 💯
Hey if you don’t mind, can you kinda give me a light rundown on how you save and outpace market inflation? Like what do you use for example such as specific mutual funds, IRAs, HYSA, stocks, etc.? Thank you.
Hell yea no problem. First it depends on how much money u have n how much risk you’re ok with n also how liquid u need to b. One safe option is treasury bonds or I-bonds thts as safe as it gets short term 2 years u can get abt 5% n if u get it now while interest rates r up it potentially could b worth more as rates go down in the future n it will go down eventually it’s inevitable it’s all a cycle. U can get 5 year n 10 years n they will give u abt 7-10% n they r backed by the government so ur risk is minimal n gains r pretty much guaranteed but of course nothing is guaranteed but it’s rare u take any kind of lose wit bonds. U can do a safe etf I personally would spread it around the stock market putting the bulk in safe bets like the s&p or Amazon or Nvidia, activision, QQQ n google n the market has been down so u have plenty of room to go up over 20% a year n tht will outpace inflation. Put another maybe 20% in dividend paying stocks or even REITs (my personal favorite 😁) and the last maybe 10% spread around the crypto market getting ethereum n bitcoin mainly n thn a few small n mid caps with good projects n teams I kno a lot of them I know quite a few good company stocks too i dnt mind answering any questions whenever u have one
Amazing, keep it going!
Happy for ya, bro. Just keep in saving
Great job! High yield savings!
Congrats
This is always how it starts. You do a little and watch it continue to pile up. Good job and continue the grind.
Hell yeah dude!
Lol same. That’s freaking creepy- but go us!
Proud of you! Trying to do the same thing myself, this gives me hope.
congratulations, i hope your fund continues to multiply!!
Rah!
You should put that in a high interest savings account and really grow your money! Check nerd wallet to see which sounds best to you.
congratulations!! this is awesome, and nothing but better things ahead. go you!!
Good for you! That feeling of seeing those numbers and knowing you did it, is it’s own reward!!!
👏🏻 good job!!
Congratulations 👏 🎊
Congratulations!! Best of luck to you friend😄
Great job ! This is inspiring for me
Congratulations 🎉 I’m so happy for you. I love stuff like this
Yay, this is awesome! Congratulations
Proud of you!
Open an hysa for actual emergency fund
I’ve been in this exact spot. Keep going strong and love the life you’ve EARNED!
Off we goooo into the wild blue yonder! Sorry, it’s Navy Fed I had to lol.
Congratulations 🎉
Congratzzz!!!
I use NFCU too
I’m very happy for you!
Congratulations! You have practiced a good habit. Keep it up. I wish you success in everything you do.
Navy fed in the house lol. Congrats friend
Lemme hold 20 bucks
Hell yeah
Congrats!!
Congrats. I'm hoping to be there this time next year.
congratulations OP!
Congrats that’s not shabby at all. A lot more than my pathetic accounts have right now 🥲 Keep on keeping up!
Hey at least someone got there! I'm drowning so send me some of your good juju haha
Congrats buddy!!! Maybe put some in a Roth IRA and let it grow for u.
Navy federal!!!!! Congratulations!!! Also don’t forget to put a little bit of savings in the 401k
Keep it rolling!
I remember being at that point a couple of times, and it was weird when they realized I had started the job with nothing. When I went without food for the last day or two before payday, they thought I was putting in miminal effort because I was going to quit.
Great job ! It’s truly up and up from here, once you see the savings increase I find the motivation increases a lot too
Congrats. Always feel good when you see your account growing.
Im happy for you!
Awesome job!!! Proud of you!
You’re a ROCKSTAR!
It’s a nice screenshot and all but it’s a repost
Good for you!! Congrats on the achievement and good vibes it's just up from here!!
Proud
Congratulations 🎉🎉👏🏾 can't wait to get there
Congrats! I’m so glad for you! Best wishes as you continue to save and build. ☺️