Saving Money That Grows:

    We're almost through all my bullet points from my blog post, Generational Wealth And The Black Community. Today, we're touching on how to save your money in high yield savings accounts. A high yield savings account helps you earn money faster than your traditional savings account. A lot of these accounts are offered online and many are federally insured just like a traditional bank.  You should look for accounts that are offering a high interest amount. For example, some regular accounts may have an APY of 0.05% (about $0.50) and a high interest account may have a 1.50%(about $15.00) .  One would be earning you more money over time than the other. Some of these accounts do require certain deposit amounts, but it's worth looking into for short term savings goals or as an emergency fund. These accounts have online access and usually it's not too difficult to transfer funds when you need them. These accounts are a great way to increase your finances and a good start on having savings built up! Just explore your options online and see what's fitting for you. If you're currently not in a position to do this, please use your time to still research and educate yourself on these accounts so that you can utilize them one day. Some of these don't require any money to open so at least give it a try and don't get discouraged about your finances.  Good luck!

Until Next Time,

Dx3

Sources:
https://www.nerdwallet.com/article/banking/high-interest-savings-account

Investopedia

Comments

Post a Comment

Popular posts from this blog

What's Wrong With Black Women?

         Many people don't like labels. They say they don't like to be categorized. I listened to an interview of one of my former childhood role models Raven Symone and she discussed how she didn't feel like an African American fit who she was. She discussed how being categorized made her feel limited. This comment sparked controversy as well as other racial commentary she has made in the last couple of years. However, I pondered if I was offended. At first, I immediately was offended because all my ears heard was that she doesn't feel like she's a black person. After all, she publicly identified as black at the convenience of black households supporting her movies, clothes, and other Disney ventures. Then, I thought about what else she said and I realized I don't like labels either. I don't like the categories America shove blacks in or the stereotypes that follow. These labels are the only mainstream exposure our white and Hispanic counterparts know abou
Read more

Back 2 School Expenses You Didn’t Think About

 With schools back in, a lot of parents have been buying supplies and clothes to prepare for the upcoming school year. However, pencils and glue sticks may not be as expensive as you think compared to these items. Here’s a list of school expenses that it wouldn’t hurt to be prepared for: 1.) School Pictures: If you have multiple kids in school, this easily adds up to a nice amount of money. Although they have a basic package, purchasing two or three will certainly add up. Not to mention most schools have fall, spring, and class pictures taken. By the end of the year, you’ll be surprised how much you spent on pictures alone. 2.) Field Trips: It’s free to sign for, but it’s not free for them to go. Field Trips are a fun interactive way for kids to experience what they’re learning about but it comes at a cost. Varying by location and gas spent, field trips end up costing parents significantly as well. 3.) Teacher Appreciation Day I know it’s optional to participate and there’s even the op
Read more

Money Monday 💲💲💲

Everyone needs it, but everyone uses it differently! Today, we're discussing different types of money personalities. The way you perceive your finances affects your children, so financial literacy is overly significant. Money Hoarders just have to hold on to every cent. These individuals take pride in saving and budgeting their income. Money Monks take a moral standpoint on their funds. They don't want their amount of money earned to turn them away from their spiritual beliefs. "Money is the root of all evil," for money monks. Spenders like to throw all their hard earned money away. They are driven by impulse, and their wallets reflect it! Avoiders don't care for the responsibilities that come with money management. Lack of knowledge and confidence in their income causes them to be apathetic about their financial state. Amassers love obtaining wealth and multiplying it. They have entrepreneurial spirits, and desire to make their money into generational wealth. Wer
Read more