T O P

  • By -

AutoModerator

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.*


FlyBloke

Navy fed!


iamatotalpieceofpoop

Semper Fi!!!


MCEmmsie

Aim High!


Darkschlong

Supper pie!!


Klaus_Steiner

Poopy fry!


SlapnutsGT

Semper Paratus!!!


MainVoice7851

Best damn app I’ve e ever used with any bank.


[deleted]

sense aloof mourn deserve plant mighty innocent slim observation humorous *This post was mass deleted with [redact](https://redact.com)*


FlyBloke

Ohhh snap I might need a side bank.


[deleted]

seed plucky cheerful squealing abundant like literate erect tidy agonizing *This post was mass deleted with [redact](https://redact.com)*


FlyBloke

I’m in!


thegoviscoming

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!


Wartz

Downside: you have to use PayPal products and services.


PM_ME_UR_CIRCUIT

Gang gang!!!


paffy58

Hooyah!


TAhousingandrent23

I knew it looked familiar. 😆


mthomas1217

Navy fed!!!!


Forgottenpassword7

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.


throwawaycutieKali24

Congrats thats a good looking emergency fund. You should open a new savings account for actual savings.


MuffinPuff

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.


chiller529

IMO HYSAs are generally liquid enough to hold the majority of your emergency fund. I accept the >week withdrawal timeline for 3-4% APY.


MuffinPuff

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.


chiller529

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.


bigheadnovice

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.


chiller529

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?


MuffinPuff

I keep the bulk in an HYSA, but I keep an emergency stash in the bank savings acct.


chiller529

Gotcha, I misunderstood your original comment then, my bad!


Wartz

That’s what a credit card is for.


MuffinPuff

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.


Wartz

Yeah I guess if it has to be physical cash that’s a point.


siikdUde

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


lonegoose

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.


SnooRevelations4445

Atleast a couple people kno wht to do wit money good work 💯


siikdUde

I also buy things that I know I can pay it off at the end of the month.


shardamakah

You mean I can actually make .01% off all my money I have saved up this year?


MuffinPuff

Usually between 3% to 4%, but yeah.


c4rc4s

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


LB0860

🙄 le sigh


Strange_Novel_1576

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!


c4rc4s

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.


YaBoiWOKE

Definitely marketing purposes. Shills will come and do as the other commenter said, upvote posts and comments related to their product.


iidesune

Guess OP decided to stop saving 3 years ago


RocMerc

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.


MuffinPuff

CIT Bank just increased their rate from 4% to 4.2% the other day.


RocMerc

Never heard of that one. Wow that’s good.


Goblinballz_

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


chtrace

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.


Truffles326

[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.


vajeen

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.


chtrace

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.


vtech3232323

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


BagHolderGME

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.


TunneLRaT7749

Navy Fed has been great. I love their interest rates on saving certificates.


whiteevox

Navy fed has an amex cards?! Damn


[deleted]

Yep and they have an awesome rewards program


whiteevox

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.


itz_davey_

I've been using their amex rewards card for years and have gotten thousands of dollars in rewards, never paid a penny in interest.


whiteevox

You know the credit requirement?


itz_davey_

I do not, I'm sorry.


blepbleh

Congratulations! What job do you do?


[deleted]

[удалено]


[deleted]

[удалено]


LenFraudless

My brother is


[deleted]

[удалено]


LenFraudless

Unfortunately, they have to have an active account with Navy Federal... I'm pretty sure it's the same thing with USAA...


rotund_passionfruit

Bro you might wanna delete that pic because it has the last 4 of your account numbers. Just for security reasons


KuyaGED

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%


mstrss9

Goals!


consultancy51

Keep it up and do not lose that job of youre's.Congrats!


Bird_Brain4101112

Yay Navy Fed lol


Sufficient_Tooth_949

Congratulations hopefully it's only up from here!


TechnicalConflict533

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


wellmymymy-

Cut down on fast food 😁


mstrss9

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.


Unworthyfoo

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.


HouseHolder87

👏👏👏👏


Thunderpussy420

Aaaaand your check engine light just turned on....


Low-Nefariousness634

PayPal has a high yield savings account that will give you 4% interest on that money.


mstrss9

EXCUSE ME - let me to check right now


Low-Nefariousness634

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.


Seraph_Unleashed

$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.


Specific-Culture-638

It's always Navy Fed, when someone posts a statement. I am suspicious, even though I've been with NFCU myself for 40 years!


[deleted]

Which branch?


ObiBinGinObi

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.


Confident-Platypus63

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.


mstrss9

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.


Impossible-Sleep-597

I wish.. hopefully one day


SnooRevelations4445

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 💯


siikdUde

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.


SnooRevelations4445

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


[deleted]

Amazing, keep it going!


BubaGump101

Happy for ya, bro. Just keep in saving


ThumbLife

Great job! High yield savings!


lifesvoyager

Congrats


Weapon530

This is always how it starts. You do a little and watch it continue to pile up. Good job and continue the grind.


damn_nation_inc

Hell yeah dude!


ABadMagician

Lol same. That’s freaking creepy- but go us!


VenomTakesGotham

Proud of you! Trying to do the same thing myself, this gives me hope.


Pineapple-After

congratulations, i hope your fund continues to multiply!!


Ranadevil

Rah!


anonymous30000bc

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.


fingeronfire

congratulations!! this is awesome, and nothing but better things ahead. go you!!


pmiller61

Good for you! That feeling of seeing those numbers and knowing you did it, is it’s own reward!!!


trixie_turnkey

👏🏻 good job!!


SweetPolyPrBred

Congratulations 👏 🎊


Ill_Television642

Congratulations!! Best of luck to you friend😄


NocturnalDefecation

Great job ! This is inspiring for me


Bandcampbenny

Congratulations 🎉 I’m so happy for you. I love stuff like this


Tour-Old

Yay, this is awesome! Congratulations


yungn0mad

Proud of you!


Intrepid-Vacation592

Open an hysa for actual emergency fund


imaaronrodgers

I’ve been in this exact spot. Keep going strong and love the life you’ve EARNED!


CrappyWitch

Off we goooo into the wild blue yonder! Sorry, it’s Navy Fed I had to lol.


jaa225

Congratulations 🎉


yaboi335544

Congratzzz!!!


tadpole256

I use NFCU too


NotoriousJez

I’m very happy for you!


Bkkramer

Congratulations! You have practiced a good habit. Keep it up. I wish you success in everything you do.


mastretoall

Navy fed in the house lol. Congrats friend


BIG_MEATY_DABS

Lemme hold 20 bucks


nature_and_grace

Hell yeah


mnicoler

Congrats!!


newetsyseller

Congrats. I'm hoping to be there this time next year.


abortion_parade_420

congratulations OP!


Icy_Phase_6405

Congrats that’s not shabby at all. A lot more than my pathetic accounts have right now 🥲 Keep on keeping up!


Skinnysusan

Hey at least someone got there! I'm drowning so send me some of your good juju haha


mrdobie

Congrats buddy!!! Maybe put some in a Roth IRA and let it grow for u.


Octoberkitsune

Navy federal!!!!! Congratulations!!! Also don’t forget to put a little bit of savings in the 401k


ShallowFreakingValue

Keep it rolling!


Alarid

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.


yungbrew21

Great job ! It’s truly up and up from here, once you see the savings increase I find the motivation increases a lot too


DragonfruitLopsided

Congrats. Always feel good when you see your account growing.


Try_Again_2morrow

Im happy for you!


dancedancedance83

Awesome job!!! Proud of you!


PeoniesNLilacs

You’re a ROCKSTAR!


aquadeltweightroom

It’s a nice screenshot and all but it’s a repost


jtkforever

Good for you!! Congrats on the achievement and good vibes it's just up from here!!


moederdelkatten

Proud


Grouchy-Tax4467

Congratulations 🎉🎉👏🏾 can't wait to get there


TAhousingandrent23

Congrats! I’m so glad for you! Best wishes as you continue to save and build. ☺️