Stashing money under the mattress may work for some, but for us frugal folks, we want to make sure our hard earned cash is being stored in the right place! Here we’re talking about what to consider when it comes to savings and the best types of accounts for various goals. Listen in!
Sponsors:
- The Future of Frugal Summit! We are over the moon to announce our first frugal living summit, the first of its kind and the theme for this year is The Future of Frugal. We believe a frugal lifestyle is a solution to many of the problems we face today from overspending and overwhelm all the way to climate change and so we’re bringing together 20 speakers over 4 days for this FREE virtual event to help us explore what it looks like to choose frugality enthusiastically not just as a means to an end. Registrations opens June 25th but we wanted to announce some of our speakers today because we are so excited about them.
- Jen- Liz Thames of Meet The Frugalwoods
- Jill- Sarah Wilson of Budget Girl
- Rich Jones of Paychecks & Balances
- Emily Stochl of The Pre Loved Podcast
- Andy Hill of Marriage, Kids, and Money
- Allison Baggerly of Inspired Budget
- Nick Loper of The Side Hustle Show
- Christine Platt of The Afrominimalist
- And in addition to hearing from our speakers all attendees are eligible to enter nightly giveaways including a $500 cash giveaway from or sponsor Qube Money and annual memberships to our brand new accountability and social club which we’ll be revealing at the summit. So if you can’t wait head to frugallivingsummit.com now to get on the waitlist and be the first to know when registration opens.
Get more on this topic with these episodes!
Ep 101- Tips for being more intentional with your finances
Ep 108- Smart + Frugal Banking
Notable Notes:
What the Internet has to say:
This article from Nerd Wallet provides what to consider when looking for savings accounts while defining the difference between short, medium, and long-term savings goals
What Jen + Jill have to say:
- Factors to consider:
- Access to withdraws
- Interest Rate
- Length of time: how far away is your goal?…if it’s longer than 4-5 years shift mindset from ‘saving’ to ‘investing’
- Where to put short term savings:
- High yield savings
- Money market
- Cash Management account
- Where to store medium term savings (a year or more):
- Pretty much the same as short term but also consider CD’s (certificate of deposit) – choose one with a maturation date just before the timeframe you hope to withdraw (know there are penalties if withdraw sooner or get a penalty free CD)
- Where to store long term savings:
- Investment account
- 529 college savings account – modernfrugality.com/backer
More from the Internet:
This article from Business Insider give more tips on what to look for in a good savings account
More from Jen + Jill:
- What to look for:
- Good interest rates (most brick and mortar banks offer 0.01% – while online high yield accounts are not as great as they once were they’re still better than this measly percentage!)
- Easy transfers – to/from linked accounts should be a breeze!
- No fees for regular use
- If theres a companion checking account that’s a bonus!
We currently like Axos Bank; it meets all those requirements and has a .61% APY. And if you open an account with Axos at frugalfriendspodcast.com/axos then you support the show at no cost to you.
BILL OF THE WEEK –
- Thank you Hannah for sharing your bill about celebrating your husband who shopped around for better car insurance
- Thank you Kendal for sharing your bill about saving money on home repairs
If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill
Thank you Quince Shopping sponsoring this weeks bill! To shop Quince essential products with low design costs, and the highest production standards, fair wages, safety and sustainability go to OneQuince.com/frugal. AND get free shipping & 365-day free returns.
Lightning Round
Where are you saving your money?
- Jill- Checking and savings, about to open a high yield for the money I stash away for taxes
- Jen- In checking and savings. Currently transferring cash to a conservative investment account at M1 to save for real estate.
Wrap-Up:
Thanks so much for listening! Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to frugalfriendspodcast@gmail.com. AND share our most recent episode on social for a chance to win a copy of the Frugal Friends Workbook!
Thanks for listening! See you next week!
