What is the Saver’s Credit? This Saver’s Tax Credit article has been updated with info for the 2024 and 2025 tax years. The Saver’s Credit (aka the ‘Retirement Savings Contribution Credit‘) is a lesser known, highly advantageous tax credit that the IRS offers to incentivize low and moderate income taxpayers to make retirement contributions to an IRA, 401K, 403B, 457B, or any other IRS recognized retirement account. What is nice about the Saver’s Credit is that it is an actual tax credit – not merely a tax deduction. If you’re not sure how the two differ, a tax deduction simply
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The post Earn Up to 5.0% APY (or More) – Top Savings Accounts for November 2024 appeared first on Club Thrifty.
Tired of earning next to nothing in your savings accounts? Me too.
Still, we have to save our money somewhere, right?
If you’re looking for the best spot to stash your savings, emergency fund, or vacation fund, consider using a high-yield savings account.
The best online savings accounts can provide exceptionally higher rates and much lower fees compared to those at traditional banks. Just take a look at these measly savings account rates from some of the most popular traditional banks:
- U.S. Bank – 0.01% APY
- Bank of America – 0.01% APY
- Chase – 0.01% APY
- PNC – 0.01% APY
- Wells Fargo – 0.01% APY
Yuck!
All the top high-yield savings accounts offer rates higher than these, and it’s not even close. Even better, just like traditional banks, they’re all FDIC (or NCUA) insured. That means up to $250,000 of your money is insured at each bank through the full faith and credit of the U.S. government.
We’ve created a list of the best high-yield savings accounts, and we update many of the rates daily! So, what are the best online savings accounts right now? Let’s take a look.
Summary of Top High-Yield Savings Account Rates
Here’s a quick overview from our list of the best savings account rates for today.
Disclosure: The offers that appear below are from companies from whom Club Thrifty receives compensation. This may affect the order and manner in which they appear. Club Thrifty does not include or review all companies or available offers.
| Bank | APY | Learn More |
|---|---|---|
| Platinum Savings |
4.70% APY $5,000 Minimum Balance |
Learn More |
|
High Yield Savings |
4.25% APY $100 Minimum to Open |
Learn More |
|
High Yield Savings |
0.61% APY No Minimum Balance |
Learn More |
| Updated: November 1, 2024 |
Best High-Yield Savings Accounts for 2024 – Our Picks
1) CIT Bank Platinum Savings
CIT Bank (FDIC #58978) provides online banking services throughout the U.S. They offer a host of checking and savings products, but our current favorite is the Platinum Savings account. In fact, we think it’s one of the best high-yield savings account on the market.
The Platinum Savings account is a straightforward savings account that offers excellent rates to those who meet the minimum balance requirement. You’ll earn a nifty 4.70% APY when you have a balance of $5,000 or more in the account. It really is that simple.
CIT Bank’s money market account also offers a nice 1.55% APY, making it another one of our favorite online savings products. Additionally, CIT Bank offers checking accounts, IRAs, and custodial accounts.
2) Quontic Bank High Yield Savings
Quontic Bank (FDIC #57807) is a digital bank that operates throughout the United States. They offer a full menu of personal banking options – including savings accounts, checking accounts, mortgage loans, and more.
One of our favorite products is their High Yield Savings account. The account earns a 4.25% APY, which we think is a pretty stellar rate in the current environment. This account requires a nominal $100 minimum opening deposit. It also comes with no monthly service fees and up to six withdrawals every statement cycle.
In addition to their High Yield Savings product, they also offer one of our top checking accounts. Quontic’s High Interest Checking Account currently earns a whopping 1.10% APY. That is a great rate for a checking account, helping it to land at the top of our rankings. Learn more here.
To top it off, Quontic Bank is one of only 3% of American banks to earn the Community Development Financial Institution (CDFI) Certification. This certification is given to mission-driven banks who provide financial services to low-income and underbanked communities. We think that is pretty cool.
3) Axos Bank High Yield Savings
Axos Bank (FDIC #35546) is an online bank offering a full slate of banking services – including personal bank accounts, business bank accounts, personal loans, mortgages, and more. The company has been in business since 2000, and they trade on the New York Stock Exchange under the symbol AX.
Although Axos offers a host of personal banking options, their High Yield Savings account is one of the best savings options you’ll find. In fact, its 0.61% APY is currently one of the highest interest rate on our list.
The Axox High Yield Savings account comes with no minimum balance requirements and no monthly maintenance fees. You can open a new account with a reasonable $250 minimum deposit. ATM cards are available upon request, plus you’ll have access to convenient tools like online banking and mobile check deposits.
More Online Savings Accounts
Looking for more high-yield savings account options? Here are some other online banks to consider.
Barclays
Barclays Bank (FDIC #57203) is probably the most widely known bank on this list.
A giant in the British banking scene, most Americans probably recognize Barclays for their credit card offerings. However, when it comes to rates, Barclays also offers one of the best online savings accounts around – which is why it ranks so highly on our list.
There is no minimum to open the Barclays online savings account and no hidden fees. Additionally, you earn the same rate no matter what your daily balance reads, making it a great choice for both new savers and super savers. Like the other banks listed, Barclays also offers online CDs with competitive rates and terms.
Live Oak Bank
Live Oak Bank (FDIC #58665) has been around since 2005. They offer competitive rates and good service, making them one of the best online savings accounts you’ll find.
With Live Oak Bank, there are no monthly maintenance fees. While Live Oak does have some miscellaneous fees, they offer a low minimum balance of $10.01. Fund transfers are done through another external bank account you can access your account any time through their mobile app.
Marcus by Goldman Sachs
Marcus (FDIC #33124) is the online banking option from Goldman Sachs.
Their best high-yield savings account offers a competitive APY, which you can claim with only a $1 deposit. Additionally, their online savings accounts have no fees and no minimum balance.
Marcus also offers fixed-rate personal loans and CDs. Unfortunately, they don’t offer a debit card or ATM card and you can only transfer funds in your account through a linked traditional bank account, direct deposit, or a wire transfer from another bank.
Synchrony Bank
Synchrony Bank (FDIC #27314) offers an savings account with no minimum balance required. Combined with the fact that they have no monthly service fees, and this is one of the best high-yield savings accounts you’ll find.
Part of Synchrony Financial, a Fortune 500 company, they are consistently found at or near the top of our list for their competitive rates and excellent customer service. In addition to their high yield savings account, they also offer money market accounts, CDs, and IRA options.
>> Learn More About Synchrony Bank <<
Ally Bank
Ally Bank (FDIC #57803) was one of the pioneers of online banking, which also makes them one of the most recognizable names on the list. They are known for their competitive rates and no monthly maintenance fees, and you earn their rate no matter your balance.
With their high-yield savings account offering the same rate across all tiers, Ally still gains high marks on our list.
In addition to its online savings account, Ally Bank also offers online interest checking accounts, CDs, money market accounts, loans, and more.
Betterment Cash Reserve
Betterment is well-known for their investment services and recently released a savings account with an interest rate of 2.25% APY.
The Cash Reserve account requires just $10 to open and unlock one of the top interest rates available in an online savings account. They don’t charge any fees, either.
Transferring money to and from your Betterment Cash Reserve is a breeze. You link an existing bank account to take advantage of the high interest rate. Best of all, unlike most online savings accounts, Betterment Cash Reserve doesn’t limit how many withdrawals you can make each month.
The money in your account isn’t invested like their other products, so there’s no risk. Your deposits are FDIC-insured up to $1 million.
HSBC Direct
HSBC (FDIC #57890) offers a Direct Savings account with a competitive interest rate. This account has no hidden fees and only requires a deposit of $1 to open.
As a Direct Savings customer, you’ll also have access to their Money Management Tools. These tools allow you to organize your finances, set up savings goals, and plan a budget. You can also set email alerts and watch your financial progress.
In case you’re wondering, you can also access your Direct Savings account 24/7 online or through HSBC’s mobile banking app.
American Express Personal Savings
American Express Personal Savings (FDIC #27471) allows you to link three external bank accounts to your high-yield savings account, allowing you to move money easily between accounts. There is no minimum balance required, no minimum opening deposit, and no fees.
Interest rates on their online savings accounts are competitive, although you can find higher rates elsewhere.
American Express also offers CDs, but no checking accounts.
Discover Savings
Discover Bank (FDIC #5649) offers an online savings account with a nice rate of 3.90% APY and no minimum deposit to open an account. There’s also no minimum balance for customers to worry about. If that’s not enough, how about no fees of any kind? All of this, combined with the excellent 24/7 customer service Discover is known for, makes this high-yield savings account one of the best around, ranking high on our list.
Customers can access their accounts anytime through the Discover mobile app available on Android and iOS. Through the app, you can quickly deposit a check by snapping a photo on your phone. Users can also transfer money between accounts. There’s also a quick-view option to see a snapshot of your account balance without logging in.
Discover is best known for its credit card options, but it offers popular banking options like checking, savings, money market accounts, and IRA CDs, as well. For college students, there are also Discover student loans to help cover education costs.
Discover’s online savings account can help customers save and earn quickly with its high interest rate. Read our complete review here or get started below.
PenFed Savings
Pentagon Federal Credit Union, or PenFed, offers high interest rates for its premium online savings account – currently 2.70% APY. Because the credit union is a non-profit, it can provide a higher rate as a way to give back to its members.
PenFed was established in 1935. Its accounts are insured by the NCUA to at least $250,000. The NCUA is similar to the FDIC, but oversees credit unions rather than banks.
The opportunity to open a savings account is only available to PenFed members. Membership is limited to members of the military, their families, and employees or volunteers of other associated organizations. If you qualify for membership, opening an online savings account with PenFed is an excellent option.
There’s a $5 minimum to open a savings account and there are no monthly maintenance fees.
PenFed savings accounts allow members to make free online transfers. However, its online savings account is not accessible from an ATM. PenFed members also receive top-of-the-line customer service with options to call, email, or chat online through its website.
PenFed has been working hard to help its customers for over 80 years. Its premium online savings account is one more way that PenFed provides value to its members.
VIO Bank
VIO Bank (FDIC #4063) currently offers one of the highest APYs you’ll find on this list. This high-yield online savings account requires a $100 minimum deposit to open, but you’ll find no monthly fees once you’ve deposited your money.
To put money in your savings account, funds can be transferred by ACH through external bank accounts. Vio also offers a free app, online banking, and live customer service agents you can speak with should you need help.
Citizens Access
Citizens Access (FDIC #57957), part of Citizens Bank, offers very competitive online savings accounts with some very nice average yields. You won’t find any monthly fees, but there is a kicker. Citizens does require a minimum $5,000 balance to keep their best rate. Dipping below the minimum will cause you to lose the rate.
Citizens Access doesn’t offer checking accounts and requires either an external bank account or check deposit to transfer money. They also don’t offer a mobile app, but their website is optimized for mobile use.
Pure Point Financial
Boasting a highly competitive rate, Pure Point Financial (FDIC #22826) is a good option for a high-yield savings account…if you have a lot of money to deposit, that is.
At Pure Point, there is a $10,000 minimum to open an account, which could obviously be a hindrance to some people. You’ll also need to maintain that balance in order to earn their top rate. Balances falling below $10,000 see their rate drop all the way to 0.10%.
With that said, the only fee Pure Point charges is a $10 excess activity fee for making more than six transactions a month. You can also access your account from anywhere via desktop, tablet, or mobile phone. So, if you’re looking to stash more than $10,000 with minimal fees, this might be your account.
Alliant Credit Union
As far as high-yield savings accounts go, Alliant (NCUA #67955) has a very nice offering. In fact, their current interest rate competes with some of the best online savings accounts.
Alliant customers can access their account anytime through their mobile app. If you elect to receive paperless statements, there are no fees. They also have a low-barrier to entry, with a minimum deposit of just $5 required to open a new account.
Additionally, Alliant lets you make deposits and withdrawals at thousands of ATMs nationwide. They also offer checking accounts, custodial accounts, and CDs. As a credit union, Alliant is insured by NCUA – which offers the same protection $250,000 protection as FDIC-insured accounts.
TIAA Bank
TIAA Bank (FDIC #34775) only offers a basic online savings account. There is a $25 minimum to open an account, and the account is actually IRA eligible – making it a great companion to TIAA’s basic checking account.
If you’re looking for better rates, you may still be able to find them here. TIAA Bank is best known for its Yield Pledge checking accounts, money market accounts, and CDs, which actually offer higher APYs than their savings accounts. Additionally, TIAA Bank also offers personal lending and investment options for customers.
Capital One 360
Capital One 360 (FDIC #33954) packs a very recognizable punch, but it doesn’t have quite as high of APY rates as many of the other online banks on this list. With that said, they do offer some flexibility that other banks don’t.
Capital One 360 savings accounts have no fees and no minimum balance. You can transfer money to your account by making a mobile deposit, setting up an Automatic Savings Plan, transferring money from another Capital One account or external bank account, or by wiring money into the account. Customers can also make a deposit at one of the 39,000 Capital One and AllPoint® ATMs across the country.
Fans of technology will also love that Capital One 360 offers an excellent mobile app.
BBVA
BBVA (FDIC #19048) offers their ClearConnect online savings accounts. Unfortunately, if you are looking for competitive APY rates, BBVA is pretty low on the list. You’ll actually find much better rates using BBVA’s money market accounts. (In fact, their money market accounts are extremely competitive when compared to the other high-yield savings accounts on this list.)
Be aware that ClearConnect savings accounts don’t have quarterly fees, but they do have other various fees. Check their terms and conditions for details.
BBVA also offers checking accounts, CDs, and IRA accounts, as well as credit cards, mortgages, and auto loans.
How Do High-Yield Savings Accounts Work?
So, why not just keep your dough in your checking account? Well, a high-yield savings account works differently, hopefully allowing you to get a better return.
For starters, most checking accounts don’t pay interest unless you have a high daily balance. And, per federal regulations, savings accounts are limited to six outgoing transactions per statement cycle, including transfers and withdrawals. This keeps you from using it as a checking account.
However, like checking accounts, a high-yield savings account with these banks are FDIC or NCUA insured, which means the bank insures your money up to $250,000. Depending on the bank, the interest you earn can be compounded daily or monthly.
Additionally, online savings accounts generally offer much higher interest rates than traditional savings accounts. These high-yield savings accounts are perfect for things like an emergency fund, travel fund, or any other special savings fund you’d like to create.
How are Savings Accounts Different from Money Market Accounts?
As you consider your options, you’ll notice some differences between savings accounts and money market accounts.
Money market accounts typically combine the best parts of savings and checking accounts. Additionally, money market accounts will often earn more interest than a typical savings account. With that said, interest rates for high-yield savings accounts are often on par (or higher) with money market accounts.
Money market accounts often are attached to debit cards and checks but are limited to six outgoing transactions per statement cycle, just like savings accounts. Additionally, these accounts often will have a longer waiting period after withdrawals. Still, most of the differences between money market accounts and savings accounts have to do with what the bank is allowed to do with those funds.
See Also: Best Money Market Accounts This Year
The post Earn Up to 5.0% APY (or More) – Top Savings Accounts for November 2024 appeared first on Club Thrifty.
The holidays are approaching fast! If you completed your Christmas Saving Challenge, it’s time to make that money stretch for fun and gifts. But even if you haven’t saved enough, there are plenty of ways to give heartfelt gifts without breaking the bank. Here are some tips to help you navigate your holiday shopping. 1. […] Read more…
The post 8 Ways to save this Holiday season appeared first on Budget to be Free.
Today we have a very special interview for Bitch Nation. Recently I sat down with the inimitable (and individual!) Kara Perez, author of the upcoming book Green Money: How to Reduce Waste, Build Wealth, and Create a Better Future for All.
Now, I don’t say this lightly, but… this book is giving me hope.
Green Money “shares a vision of how you can break free from outdated financial advice and live a fulfilling life that values community, sustainability, and financial well-being. Filled with real-world anecdotes, cutting-edge research, and hands-on money exercises, this book equips you with the tools needed to take immediate action towards a brighter, greener future.” Essentially, this is your guide to putting your money where your climate is—making financial choices to support a greener, more environmentally sustainable future.
For those of you squinting skeptically right now, I know what you’re thinking. But this is not another well-meaning finance guru offering individual solutions to systemic problems. Rather, Kara approaches the topic with the spirit of a community organizer and activist. Green Money is about our collective influence as much as it is our individual hopes for the future. It’s as optimistic and creative as it is ready to win this fight.
And I don’t know about you, but I will be putting on my thrifted boots and following this movement (via public transit) all the way!
Let’s get to the interview.
Activist-turned-author Kara Perez
You guys… we love Kara Perez.
We’ve loved her for years, in fact. She was one of our first friends in the personal finance space and over the years it has been an absolute thrill to watch her blossom into… well, this:
I haven’t seen that level of swag since we attended a financial media conference in bathrobes and sunglasses. She is eating.
Kara is the founder of Bravely Go, an award winning international financial education company. There, she teaches us how to make sustainable money choices that benefit us and our world, focusing on money as a tool, not an end goal.
And she has the millennial bona fides we use as a litmus test: she clawed her way up out of debt, student loans, and service industry jobs to eventually attain stability. She’s a Latina who grew up on food stamps, she adores thrift shopping (MY GIRL), and she’s an unrepentant progressive, intersectional feminist.
So I guess what I’m saying is… pay attention to what this woman is doing, ok?
Preorder Green Money today
Green Money by Kara Perez is coming out on November 13th from John Wiley & Sons. That’s just a few short weeks away!
But I’m not going to tell you to wait. In fact… don’t wait. One of the many factors that contributes to a book’s success these days is the number of preorders it receives before its publication date. You can trust me on this one—I used to work in book publishing!
So if you care about the environment and personal finance and the happy marriage between the two, I strongly encourage you to PREORDER your copy of Green Money TODAY. Sure, you can get buy it with one click through Amazon. And you can listen to the audiobook edition on Audible.
OR… you can immediately start practicing what this green money activist is preaching by preordering through Bookshop.org! This awesome organization works to connect readers with indie booksellers around the world. Every purchase made through their site financially supports independent bookstores instead of giant corporations like Amazon that don’t give two shits in a shirt about environmentally sustainable retail practices. Y’know… just in case you care about stuff like that.
Learn way more at Kara’s website, BravelyGo.
More Bitchtastic book reviews
We Bitches love to read. The taxes we pay to fund the public library is, like, 90% of our entertainment budget. Which is why we’re always thrilled when we get the chance to interview an author like Kara or review a fantastic book like Green Money.
Here are more of our Bitchtastic book reviews:
- Yanely Espinal Gets Real About Financial Strategy in New Book Mind Your Money
- Barbara Sloan’s New Book Dares To Suggest Service Industry Professionals Deserve Financial Stability Too
- Bitchtastic Book Review: Tanja Hester on Early Retirement, Privilege, and Her Book, Work Optional
- Bitchtastic Book Review: The Feminist Financial Handbook by Brynne Conroy
- Bitchtastic Book Review: Hand to Mouth by Linda Tirado
- Bitchtastic Book Review: Kurt Vonnegut’s Galapagos and Your Big Brain
- Bitchtastic Book Review: The Financial Diet by Chelsea Fagan
- The New Jim Crow, by Michelle Alexander: A Bitchtastic Book Review
- I Read a Book About Warren Buffett. Here’s What I Learned.
- The Best Personal Finance Books of the Year, According to Our Very Exacting Standards
- New Personal Finance Books for Your Bitch-free Summer Vacation
Got a money book you think we should read? Recommend it in a comment, my lovely little bookworms!
Full interview transcript (click to expand)
Jess 0:07
Hello Bitch Nation. This is Piggy AKA Jess coming to you with an exclusive interview with the one and only Kara Perez of Bravely Go. What makes it exclusive? Nobody knows, but we’re going to talk to her about her upcoming book, Green Money: How to Reduce Waste, Build Wealth, and Create a Better Future for All, which is coming out on November 13th from John Wiley and Sons. And I’m going to ask Kara all about this amazing book. I loved it. She wrote it. Kara, how are you?
Kara 0:38
I’m great, I’m thrilled to be here. Love the name Bitch Nation. Just everything’s a 10 out of 10 right now.
Jess 0:44
Great, love to hear it. Oh my gosh. First things first, you know, this book is about sustainability and using your money to create a better world, a better, a more environmental world. Why you such a tree hugger?
Kara 0:59
You know, great question. Born that way, hashtag born that way. Also #dependent upon the planet for life, as are we all. And I think it makes a lot of sense for all of us to care about where we live and our experience on the planet.
Jess 1:17
Absolutely. Yeah. We are kind of all stuck here together on this rock. So yeah, let’s make it a little cleaner. Let’s make it a little better. Will you—for those in Bitch Nation who don’t follow you and haven’t heard us extolling your virtues before, can you tell us a little bit about your background as a financial expert and how you started Bravely Go?
Kara 1:39
Yes, let’s go on a journey. So the year is 1988, I am born, everyone is excited and then we flash forward about a decade. My single mom is hella broke. She’s saying no to all the things I want to do with my life and I’m like uh, rude. I’m trying to get these name brand cereals. She’s like, if you don’t put that down, I’m going to beat your ass. Like my mom was very like, no. And so I just grew up low income in this single parent household and was very aware of—we don’t have money, that makes life hard. And then I’m the only one of my siblings to have gone to college, had to take out student loans to do so, and then graduated in 2011, which my fellow Millennials and Gen X will remember, it was not technically the Great Recession, but was very much so the aftermath of the Great Recession, right? Like companies had been slashed down to nothing. No one wanted to hire you unless you had a STEM degree and like 35 years of experience. So I remained very low income throughout my 20s, like throughout my whole 20s and still today I’m 36, I’ve never had a full time salaried job. I’m very much so that story of the Millennial who like made the gig economy work because no one would hire me.
And so when I was 25, I had my quarter life crisis like right on time, very prompt, where I was just like, oh my gosh, my student loans are ruining my life. I’m making 15k a year, 16k a year as a waitress in Austin, TX. I have to pay all my bills, like I am getting no family help. If I don’t figure out money, which has been hard my whole life, the rest of my life is going to look like this. Like there’s no way out except through. So I started getting very into personal finance and started blogging about paying off my student loans while on a very low income. And I kind of cobbled together 5 different part time jobs so that I could try and increase my income, which I did successfully from you know, $15,000 a year to $30,000 a year. Gross. Pre taxes. But I was like, I’m living large. And I blogged about it and I paid off the remainder of my student loan. So I had paid off about $30,000 in student loans and interest total in the 3 1/2 years after graduation. And then I was like, great, now I’m at zero. I’m not in the red anymore, but I still don’t have any money. So I kind of turned that attention into saving and investing and started holding events around women and money in Austin, TX because I was so into it and I loved talking about it. And things just kind of snowballed, you know, got on social media, got my own LLC, and I’m just very passionate about teaching people the language of money. And now with the book, helping people make that connection between the world we live in, the challenges of the world we live in, and how their money is a tool to not only improve their own financial lives, but the financial systems that we all live in.
Jess 4:46
Yeah, I mean, you were basically forged in the fires of adversity, which we love. Anyone who talks to us, they’re like, well, you know, my parents paid for college, so I didn’t have student loans. We’re like, whoa, whoa, that’s nice. But we we can’t do anything with you. That’s—you are not—
Kara 5:00
Cut the mic. Cut the mic.
Jess 5:01
Cut the mic. You are not speaking to our target demographic. There you were, you know, living this life that is, I’ve heard from so many of our fellow Millennials and Gen Zers, Zoomers, if you will, and sadly, Gen Alpha, which I hear is the kids these days, they’re the little ones, you know, they’re not having it much better. So like your position as this person who has like fought tooth and nail and never forgot your values as an environmentalist and as a Latina in your community, like you are the person that so many people should be looking up to, which is why I’m so excited about your book for one thing.
Kara 5:39
Oh my gosh, thank you!
Jess 5:40
I know, I know I’m just blowing all the smoke up your ass. Well, so let’s talk about how you held true to those environmentalist values and your activism while you were building this personal finance empire and teaching others ’cause I mean really like you do it all.
Kara 6:00
Yeah. So you bring up a good point of, in our world, right, like we live in this very complex and often times compromising world. And there’s a lot of people who want to live a certain way but can’t, right? Like a lot of people are like, oh, I’d love to like move to the woods, you know, and like live on a commune. But I can’t because I gotta like, pay off my debt and I have to save for retirement and I need to have a job, right, like these are—
Jess 6:26
And I have people depending on me, yeah.
Kara 6:27
I have people depending on me, right? Or like, I can’t actually move to the woods because I have a chronic illness. I need to be near a doctor, near a hospital. Or a lot of people who are like, oh, I’d love to be a full time stay at home parent, you know. There are these financial constraints. In my case, I started bumping up against the challenges of being an environmentalist in a single use world, right? And in a world built on fossil fuels. And I was just like, yo, you know what’s crazy is that fossil fuels are ruining the planet. And also I’m hyper dependent on them. Like I gas up my car. I have to use electricity to, like, heat the house, you know, oil is in everything, oil is in plastic, plastic is everywhere. What’s happening? And that was just like a tension that I think many people feel right of I want to do this. But because of the systems, I have to do that, right, or I feel boxed in. And I had been grappling with that for a long time, just, you know, throughout college and my early adulthood of I wanna do this, but I have to do that. And then I found this subreddit called Fuck Nestle.
Jess 7:36
Yes! I love a good subreddit and I already see where this is going because spoiler alert, I’ve read your book. But fuck Nestle indeed. Go on.
Kara 7:46
And okay, and yes, I also love a good subreddit. There’s a subreddit for everything that you want. And I just stumbled across this one and it’s just a bunch of people who hate Nestle and specifically they boycott Nestle. Like they won’t buy Nestle products. And they always have these infographics of like, here’s the companies that Nestle owns. Just a reminder, you know, it’s not just the chocolate or it’s not just the water, it’s all these things. And then also they just have detailed posts of like the crimes of Nestle. You can’t go to that subreddit and leave being like, I’m a Nestle fan. You’re like, we must burn them to the ground.
Jess 8:18
Yeah, I know. It’s like I have discovered the evil empire.
Kara 8:22
Exactly, but that was the first time that it kind of like light bulb moment for me of oh my gosh, here are people who are using their economic power as individuals to put it to a company, like to put the screws to this company and I love it. And they’re not only spreading the word, but they are taking their dollars out of Nestle. And that just opened this door for me of oh my gosh, how can I withhold my money from companies I don’t like? How can I put my money into companies I do like? And being the money nerd that I am, it started with personal spending, but quickly expanded into my investments.
Which bank do I use? Like, how can I find institutions that align with my values so that I can use my money as a tool for a better world? And so I share all of that in kind of a lot of detail. People are like, girl, we get it. But I think often when people are trying to make their money more environmentally friendly, or when people are just trying to shift into a values based way of living, money often feels like an obstacle. And I really want to invite people to think of money as a tool instead of as like a wall they have to get through. It’s the ladder to get you over the wall, right? Or it’s the hammer to help you knock down that wall.
Jess 9:38
Yeah, hell yeah. Great metaphor. Well, so let’s talk a little bit more about people looking at money as an impediment in the way of their environmental activism or, you know, values and activism of any stripe. Because, you know, I’ve heard people be like, oh well, I would love to eat all organic food, but Whole Foods is more like whole paycheck. Or, you know, I would love to shop for ethically sourced clothing and whatever, but they’re so much more expensive. Tell me about in your book and in your message in general, like how do you address those concerns?
Kara 10:13
There is this nefarious reputation that sustainability has that it’s like for the elites, it’s not for the regular people and it’s way more expensive and it’s not true. It’s just not true. Poor people, low income people, live way more sustainably than wealthy people. People with money live largely unsustainably. Think about the fact, like Kim Kardashian—I love to throw the Kardashians under the bus here—but she has like Italian marble floors in her house. And if like, they need to be cleaned by this dude that she flies in from Italy. Kim Kardashian lives in LA. Like she—
Jess 10:50
That’s ridiculous.
Kara 10:51
Exactly. And like, that’s the ability of money, right? The ability of money is to have excess and not having money means that you cannot have excess. So you are re-wearing clothes year after year, right? You’re like doing your own repairs. So when people are saying oh well, like sustainable clothing is so expensive. No, like handmade, highly skilled artisan clothing, yes, that’s going to be expensive. But if you want sustainable clothes, it’s going to be the dress that you bought five years ago that you still wear. That’s sustainable clothing.
Jess 11:24
Or it’s gonna be the dress that you bought 5 minutes ago at Goodwill that has been through 3 different homes.
Kara 11:28
Goodwill. Exactly.
Jess 11:30
Yeah, I’m so glad you put it that way because it really is, you know, when you are coming from a place of not having a lot of money and resources, you are sort of forced to get creative and really believe in that. Reuse, recycle, repurpose or no? What is it?
Kara 11:52
Reduce. Reuse. Recycle.
Jess 11:54
Reduce. Reuse. Recycle. Yeah, there it is. You sort of are kind of forced into like truly living those values, which I think, you know, when you do have extra resources, you can spend less time and energy like worrying about where you’re going to get things. So you might not like take the time to make such conscientious decisions. So I love in your book, you have this great example. You were—you spent some time in Cuba. I would love for you to talk about what that experience taught you about using what is available versus, you know, spending a lot of money on getting something that’s ideal.
Kara 12:31
Man, so Cuba is fascinating and I really want to encourage especially Americans to go because going to Cuba changed me to my core, really and truly. And it’s a fascinating place where because of the US embargo, we don’t trade with Cuba, but we, meaning the United States, we also prevent other companies, countries rather, from trading with Cuba. So Cuba doesn’t have imports, right? Like we here in the United States, we’re like importing things right and left. You know, we got French cheese, we got Canadian bacon, we got all this stuff that’s coming in.
Jess 13:03
And I love both of those things.
Kara 13:05
I mean, delicious. And Cuba doesn’t. So Cuba basically has donations and what’s already on the island. So when you’re there, you start to notice people are using things not only repeatedly, but they’re using things in ways they were never meant to be used. And it is an incredible act of creativity. So when I was there, my host took me out to a rooftop bar, which was amazing. And we are looking out over the ocean and it was like 85°. It was perfect. Drinking a mojito. There’s a lot of rum in Cuba. They make their own rum, so there’s always a lot of rum going around. They call it vitamin R, and I love that. But I’m looking around and I was like, oh my gosh, the lamp covers are blenders. Like instead of having like a normal air quotes, normal lampshade, the entire patio, every single light bulb had a plastic blender over it. Because they don’t have lampshades. Like they don’t have—they can’t just be like, I’m going to run to Target and pick up a bunch of new trendy lampshades. They are under this embargo and they have to use what they have. So the owner of that bar was like, yeah, I found a bunch of blenders and this is what I used, right? And their menus were a bunch of um, I wanna say CDs. But what’s the? What’s the bigger than a CD?
Jess 14:34
Oh the records, the record cases.
Kara 14:36
Thank you. Album covers and newspapers and stuff that they had had for years that were just around. And they’re like, oh well, we’ll just use that as our menu cover instead of like the laminated plastic stuff that we have here because they don’t have laminators at Kinko’s or at like, you know, Staples or whatever it is. And that to me, I don’t want to say like, we should all live like Cubans. We should all pretend we’re under an embargo or anything like that. But I do think that we should look at sustainable living as an exercise in creativity and ask ourselves, what do I already have that works? Because when we—we do here in the United States, live in a culture that is constantly reminding you of how terrible you are, of how lacking you are, and they’re constantly trying to sell you the solution. Hey, you smell bad. You should get deodorant and you should get perfume and you should get this scented shampoo, right? Like, hey, you have bad skin. You need a 15 step skin care routine. Hey, you wanna show people you’re successful? You need a car that costs 50 grand, not a car that costs 20 grand, right? There’s always more and bigger that you can do. And ultimately, that leads us down a road where we can never be fulfilled. And I think you see that with the billionaires who are constantly trying to hoard more money. It’s like you have $100 billion, you won capitalism. Like, why?
Jess 15:56
Those bastards. Yeah like what more do you need?
Kara 15:59
Yeah, like, why do you need more? You know, so instead of trying to fill this hole that capitalism creates that really can’t be filled, I encourage people to ask themselves like, what am I satisfied with? What do I have that already works? What am I good with? And living this more creatively fulfilling and financially stable life.
Jess 16:21
I think that’s really beautiful. And I think, you know, a lot of personal finance gurus say a lot, you know, live intentionally, use your money intentionally, live by your values, spend by your values. But you’re really putting paid to that, you know, your book is all about like saying, okay, if you could buy nothing else except food for the rest of your life, how would you make things work? And I love that aspect of artistry and creativity that you put in it because it really does like, it speaks highly of the practitioners of this way of life.
And I say this, the practitioners of this way of life as if you’re a cult leader, which you’re not. But girl, if you wanted to start one.
Kara 17:03
But maybe!
Jess 17:04
I will sign up! Well, so let’s turn to sort of the other aspect of the book. We’ve talked a little bit about, you know, what people can do in their personal lives to battle this American overconsumption. But I would love to hear more about what you recommend for activism and you know, political purposes in people’s lives. The Nestle boycott was a great example, but what else do you recommend people do?
Kara 17:31
Yeah, so a big push back that those of us in the sustainable space also get frequently is, well, nothing I can do as an individual matters, right? Like it’s a systemic problem. And yeah, it is a systemic problem. But guess what? You’re a part of the system and I’m part of the system. We’re all in it, babes, okay. So that means, as it has meant for forever, that collective power creates change. And so the final chapter of the book really is exploring stories of people who have pushed for environmental protections, environmental regulations, and who have created change on a systemic level. So if that’s something that you are interested in and you’re like, I am ready for the revolution, let’s go. First of all, meet you in the streets. Let’s do this.
Jess 18:20
Let’s do it. Where’s my molotov cocktail?
Kara 18:23
Right. Exactly. Second of all, look to the people that are already doing the work, right. Look to the people who share the same passions as you and the energies that they’re putting out. So a couple of organizations that I love that are nationwide, Citizens Climate Lobby, Strong Towns. There’s a lot of organizations that are doing things like advocating for bike lanes, planting trees, advocating for legislative change, and you can be a part of that. So all you have to do, literally it’s a Google search, you know, just like look up bike lane advocacy, you know, Austin, TX or bike lane advocacy St. Louis, like wherever you are. And I promise you, someone’s already out there doing it. And now it’s just a matter of joining them. So remember that you’ll never do your best work alone and you’ll never do your most impactful work alone. It’s always going to be with other people. And when we think about all of the major social political changes that have happened just in United States history, what was it? It was groups of people, right? The civil rights movement, the suffragette movement. So being a part of the movement that’s already underway is how we as individuals use our time and power for the greater good.
Jess 19:37
Well said. And I wanted to—to anybody who’s kind of like doubting what you just said there. I do want to point out like we can point to one of the major environmental catastrophes of the 90s was the hole in the ozone layer, which is anyone talking about how to stop the hole in the ozone layer anymore? No, they’re not because we stopped the growth of that hole in the ozone layer and we have started to repair the ozone layer. It was climate activists and people just like you and me who made a big stink about it and pressured world governments to put their money and their resources towards fixing the ozone layer. And we can do that again with other climate based and environmental problems that are happening. But we have to put our money where our mouth is. We have to, you know, put butts in seats and feet on streets and use our—no, but we have to, you know, use our time, our resources, and our money to make that change happen. And I think that your book is a great sort of primer for where people can start with that. Speaking of where people can start, where can they find you online, Kara?
Kara 20:48
Oh my gosh, everywhere. I’m very Googleable is what I always tell people. So obviously it is Green Money is the name of the book. So if you type that into Google, it’ll come up on Amazon, Target, Barnes & Noble, Bookshop, if you want to support an indie bookstore. And then I—
Jess 21:05
And we do.
Kara 21:06
We always do, right. Actually my publisher, this is a little tea—my publisher got a little upset ‘cause she was like, hey, I see that you keep using the Bookshop link, which is like so great, but we really need you to push the Amazon link because they use Amazon to like base the print run.
Jess 21:25
They do, they do. And I get that as a publishing professional. But here at Bitch Nation where we say if you want to eat the rich, stop feeding Amazon, we’re going to push that Bookshop.org link. We’re going to push Indiebound. We’re even going to push Barnes & Noble or your local bookstore. So in all of your other media interviews, you can push the Amazon link. But here we’re going to say look for Green Money by Kara Perez on Indiebound and Bookshop.org and find her on Bravely Go. Kara, I have one more deeply hard hitting journalistic question for you, and that is if this interview has inspired someone in Bitch Nation to use their money for the forces of environmentalist good, where should they start?
Kara 22:15
I’m gonna give a two-part answer. If you’re like, okay, I’m really just starting at like negative numbers here. I don’t know anything about this. I would encourage you to think about what is an issue that’s near and dear to your heart, because environmentalism and environmental justice encompasses a lot of things. We’re talking about food justice. We’re talking about clean air, clean water. We’re talking about like land back. There’s a lot that goes into that. So find something that’s passionate for you and just start learning more about that and become really fluent in the issues and the people involved in the history of it. And for me, that was recycling. When I first got into environmentalism as an adult, I was really into recycling because I thought recycling was the answer to all our problems. Turns out it’s not, but I wouldn’t know that if I hadn’t started looking into it. So just understand that becoming informed is a huge step forward.
And then once you’re feeling informed and you’re really ready for action, I want to encourage you to try and go one day without a car. If you live in New York, that might be easier, but for pretty much the rest of the United States, it’s hard to go without a car. And that will radicalize you real quick. And will also show you how deeply our world is built for things that are not humans, like the fact that a lot of cities don’t have sidewalks, that they don’t have even just like curb cuts. If there is a sidewalk, there isn’t a curb cut, which is where the curb opens. And it’s that like smooth part that meets the road. Yeah. For wheelchair users, like a lot of sidewalks don’t have that. And it will help you see, oh my gosh, I actually live in a really—I live in a world that’s very hostile to me getting around unless I opt into having a car. And I just think that’s a really good exercise for people to have their minds blown. And so I would say do your research and then try and go one day without a car where you’re not just like staying at home. You’re like, I’m trying to run errands without this car and see how easy or how difficult that is for you.
Jess 24:31
I love that. That’s great advice, and as a noted car hater, I thoroughly endorse it. Attentive members of Bitch Nation will know that I walk almost everywhere and I grumble and complain every time I have to drive, despite living in a major city where I shouldn’t have to. I love my bus pass.
The book, once again, is Green Money: How To Reduce Waste, Build Wealth, and Create a Better Future for All. You can see the gorgeous cover art over Kara’s shoulder. Thank you so much, Kara. Everyone should pre-order her book on Indiebound or bookshop.org or yes, Amazon.com before the book comes out on November 13th. Kara, thank you so much for joining us.
Kara 25:12
Thank you for having me and Bitch Nation, I can just tell that you are all smart and beautiful people. So shout out y’all.
Jess 25:19
It’s true. And they have great taste.
Kara 25:21
I knew it. I just knew, I could feel that.
Jess 25:24
Beautiful. Kara, thank you so much.
The post Kara Perez’s Debut Book “Green Money”: How To Use Your Money To Save the Planet appeared first on Bitches Get Riches.
In this digital age, the role of Artificial Intelligence (AI) has become more and more significant in revolutionizing processes and enhancing efficiency of various sectors. Particularly, AI applications pave the way in the development of real estate business especially in dealing with customers. Indeed, AI is a must for real estate companies to excel in […]
Both my husband and I grew up with frugal parents, so we come into frugality naturally and it has served us well. Carefully and intentionally minimizing expenses was a huge part of how we were able to pay off six figures of student loan debt in three years.
I love helping people learn to be more frugal. If it doesn’t come naturally to you, don’t worry! You can learn to be frugal!
Since my last Frugal Feats Flops and Funnies post, we’ve had some more frugal adventures to share!
Sometimes our normal money-saving endeavors go off without a hitch. I get excited about our savings and how they will contribute to whatever financial goal we’re currently working toward. These are our “frugal feats!”
Other times, life doesn’t go as planned and what we thought was going to be frugal isn’t. Sometimes we’re hit with something out of left field that derails our normal frugal nature. Money can be frustrating sometimes, so we like to keep it real. I call these situations our “frugal flops.”
I have found that having a relaxed, easy-going attitude helps us handle when things don’t go as planned. Laughter is the best medicine, so we try to see humor in the things that might otherwise just be frustrating. It also helps to be able to laugh at ourselves. We have done some crazy things in the name of frugality. And sometimes life just turns out funny. This is where I share “frugal funnies.”
Feats
Road Trip Food
For our recent road trip to Utah (which included two other adults who we’ve never traveled with) I handled all of the food in my normal frugal way. Planning food for road trips is kind of my jam. I love preparing snack bags for each person so they can self-snack for the whole trip (which makes life so much easier for the co-pilot). I bring most of our food along for meals so we don’t have to rely on fast food which gets really expensive for a big family.
For our breakfasts on this trip we had bagels with cream cheese, yogurt, granola, and lots of fresh fruit. For lunch we brought the makings for sandwiches, string cheese, carrots, and apples. On of our easy and cheap dinners on road trips is getting pizza at Sam’s Club ($8 for a large pizza), but we also often have sandwiches for dinner too. Here are more road trip savings tips (both for food and other aspects). Being able to save money on road trip food was definitely a success this month!
Vacation Savings
If you didn’t see my post about saving for a vacation without using our own money, check it out. Until I wrote that post, I hadn’t added up the total of all of the little (and big) contributions that points, rewards, and bonuses have made to our vacation fund over the past 11 months. It definitely adds up to something significant! Even though half of what we saved was free money, we wouldn’t have been motivated to “earn” it without the specific goal of saving for a trip. And the vacation savings from our earned income could have easily gotten lost in our budget and not made an impact anywhere.
Flops
Big Van Drama
About two months ago we got two new tires for our 15-passenger van. When I left the tire shop to drive home, the van felt weird. It felt very tippy, like it was fish-tailing. We needed the big van to go to my in-laws the next day, so I had Mike drive there to see how it felt to him. He agreed that the van was suddenly scary to drive.
We called the tire shop and took the van in again. They said there was no way that changing the tires could have caused this problem. They diagnosed it to be a front suspension issue and replaced the inner and outer tie rods, lower control arms, and idler and Pitman arms. It was a pretty penny ($2,553) to get it fixed, but we weren’t ready to give up on our big van, so we approved the work.
When we called, the next day about picking it up, the technician was out on a test drive. We figured that meant he was almost done, so we headed over to pick it up. The mechanic returned from the test drive dismayed. It turns out that expensive fix did absolutely nothing for the problem. The lead tech had looked at it and noticed the leaf spring bushings and the shackles in the back needed replacing too. He felt bad about the mis-diagnosis of one of his techs so he wouldn’t charge labor, but the parts still cost a whole lot. We drove it home and brought it back in a few days later when there was an opening. This cut the timing a little close for a trip to Utah that we had planned for the big van.
One of the parts came in the very day we were leaving and the shop worked their best to get the van done in time. We picked it up just after 5 on the evening that we were leaving on our trip. Mike drove it home and quickly decided that it wasn’t trip-worthy. Instead we drove two cars (Prius and Grand Caravan) on the trip, which actually saved money on gas, but required two people to always be driving and caused wear and tear on two vehicles.
After the trip we brought the big van back into the shop and insisted they change out the tires, since that was the only thing that changed just before the instability began. On their own and at their expense, they changed our the rear shocks and several other rear suspension parts, found it didn’t fix the problem, and finally put four new tires on. Please note that this was our initial observation and request from two months ago. Unsurprisingly, four new tires (at the shop’s expense) fixed the problem completely. The professionals denied that changing the tires could cause such a problem, so we spent $3,798 total at Big-O Tires to resolve a problem that was caused by defective tires they had installed. The shop also spent over a thousand dollars on parts and hours and hours of labor trying to right the wrong, not to mention a huge headache!
The silver lining on that dark cloud is that we now have four brand new tires and brand new front and back suspension on the big van.
Funnies
Owl Mirror
Lest you think I am a horrible person, let me start by saying the first part of this story isn’t funny. It’s sad. The funny part is at the end.
A few weeks ago, driving my sophomore to an early morning church class at dawn, an owl swooped down from a power pole and dive-bombed into the passenger side of the Prius with a huge thud (I was going 55 mph)! He took out both himself and the side mirror. My son was glad that he had his window up, otherwise the newly dead owl may have landed on his lap! (He’s a “tough guy” but will freak out if there’s a spider in his bedroom, so I’m sure a barely dead owl would have sent him through the roof with panic!)
We hadn’t had the Prius very long, and now, instead of a mirror, the passenger side had classy wires sticking out all over.
Not knowing if the mirror could be fixed (and not wanting to litter), I pulled over and (carefully) backed up to the scene of the crash. It was immediately clear that the mirror couldn’t be salvaged, but I took my souvenir anyway. I caught one final glance of the majestic creature and felt sorry for the circumstance of our meeting.
My handy husband Mike found us a replacement side mirror assembly on Amazon. Getting one that was white like the original would have cost three times as much as the basic black, so we stuck with black. Now, with one white mirror and on black mirror, our white Prius is easily identify from all of the others driving around town.
For some people, having mismatched mirrors might be a big deal, but “car cosmetics” isn’t one of our financial priorities so we didn’t event think twice about it. For me that’s exactly what frugality comes down to: cutting out (or simply reducing) spending on the things that don’t matter to you so that you can focus your funds on things that do!
It’s your turn!
Hey frugal friends! I know you’re out there living the frugal life too! Tell us about any frugal feats, flops, and funnies that you’ve had recently so we can celebrate, commiserate, or laugh together!,
The post Frugal Feats, Flops, and Funnies- Owl Edition appeared first on Six Figures Under.
The interest rates noted in this post were updated on October 28, 2024, but may change in the future. Here is a fully updated list of all the highest interest rates on savings accounts in Canada currently available. As you’ll note, these are all online banks because none of the brick-and-mortar big banks in Canada […]
The post High-Interest Savings Accounts in Canada 2024 appeared first on Jessica Moorhouse.
Does the holiday season leave your wallet feeling lighter than Santa’s sleigh after gift delivery? You’re not alone! Learning how to start a Christmas fund is your ticket to a merrier, debt-free holiday season.
Whether you’re tired of January credit card blues or simply want to be more intentional with your holiday spending, this guide will show you exactly how to make your Christmas savings dreams come true.
Let’s get started.
Key Takeaways
- Start your Christmas fund early by setting up a dedicated savings account and automating monthly contributions
- Save up to $720/year by auditing and canceling unnecessary subscriptions with Rocket Money
- Earn cash back on your holiday shopping through Rakuten (plus get a $30 bonus when you spend $30!)
- Create a realistic holiday budget using YNAB’s four-rule method to track every dollar
- Break down your total holiday expenses into manageable monthly savings goals
Why You Need a Christmas Fund (And Why Starting Now is Critical)
Let’s face it: The holidays have a way of sneaking up on us faster than kids running downstairs on Christmas morning.
According to recent studies, the average American spends almost $1,000 on Christmas gifts alone – not including decorations, food, and entertainment. Without proper planning, these expenses can lead to serious financial stress or, worse, holiday debt that lingers well into the new year.
The impact of holiday spending goes beyond just the immediate financial strain. Many Americans report feeling anxious and overwhelmed during the holiday season, with financial stress being a primary contributor.
By starting a Christmas fund early, you’re not just saving money – you’re investing in your peace of mind and emotional well-being during what should be the most wonderful time of the year.
Step 1: Calculate Your Total Holiday Budget
Before diving into saving strategies, let’s determine how much you actually need to save. Here’s a comprehensive breakdown of typical holiday expenses to consider:
-
Gifts
- Family members
- Friends
- Coworkers
- Service providers (mail carrier, hairstylist, etc.)
- Teachers and childcare providers
- Neighbors and community members
- Pet gifts (because furry family members deserve Christmas too!)
-
Decorations
- Tree (real or artificial)
- Ornaments and lights
- Outdoor decorations
- Wrapping paper and supplies
- Indoor decor (throw pillows, blankets, centerpieces)
- Special holiday linens and towels
- Storage containers for decorations
-
Entertainment
- Holiday parties (hosting and attending)
- Special events and activities
- Travel expenses (gas, flights, accommodations)
- Food and beverages
- Holiday movie nights and special events
- Family activities (ice skating, light displays, etc.)
- Holiday baking supplies
-
Additional Expenses
- Holiday cards and postage
- Charitable donations
- Holiday outfits
- Extra grocery expenses
- Holiday family photos
- Gift shipping costs
- Holiday tipping for service providers
Pro Tip: Review last year’s credit card statements or bank transactions to get a realistic picture of your spending. Add 10% as a buffer for unexpected expenses or price increases.
Creating Your Holiday Expense Tracker
To make your budgeting more accurate, create a detailed tracker with these categories:
-
Essential Expenses
- Must-give gifts
- Traditional family activities
- Required travel costs
- Basic decorations
-
Nice-to-Have Expenses
- Extra decorations
- Additional gifts
- Optional events
- New holiday clothes
-
Luxury Items
- Premium gifts
- High-end decorations
- Exclusive events
- Special holiday experiences
Step 2: Set Up Your Christmas Fund with YNAB
You Need A Budget (YNAB) is the perfect tool to kickstart your Christmas fund journey. Here’s how to leverage YNAB’s powerful four-rule system for holiday savings:
Rule 1: Give Every Dollar a Job
Create a specific category for your Christmas fund and allocate a portion of each paycheck to it. YNAB makes this process seamless by allowing you to:
- Set up a dedicated Christmas savings category
- Create savings targets based on your total holiday budget
- Track progress toward your goal visually
- Set up multiple sub-categories for different holiday expenses
- Monitor spending patterns and adjust as needed
Rule 2: Embrace Your True Expenses
Break down your total holiday budget into monthly savings goals. If you need $1,200 for Christmas and start saving in January, that’s just $100 per month – much more manageable than scrambling for $1,200 in December!
YNAB helps you account for these expenses by:
- Creating monthly funding targets
- Setting up automatic category funding
- Providing visual progress indicators
- Sending helpful reminders about upcoming needs
- Offering flexibility to adjust as circumstances change
Rule 3: Roll with the Punches
YNAB’s flexible system allows you to adjust your savings strategy as needed. Found an amazing deal on a gift in July? You can move money from your Christmas fund without disrupting your overall budget.
The beauty of this rule lies in its adaptability:
- Reallocate funds between categories as needed
- Take advantage of early shopping opportunities
- Adjust for unexpected expenses or income
- Maintain progress toward your goal even when plans change
- Learn from spending patterns to improve future planning
Rule 4: Age Your Money
By starting your Christmas fund early, you’re essentially aging your money – using last month’s income for this month’s expenses. This creates a financial buffer that prevents holiday spending from impacting your regular monthly budget.
Benefits of aging your money include:
- Reduced financial stress
- Better cash flow management
- Improved spending decisions
- Greater financial security
- More flexibility in your budget
Step 3: Maximize Your Savings with Rocket Money
Before you can build your Christmas fund, you need to find extra money in your budget. Enter Rocket Money – your personal finance detective that hunts down unnecessary expenses. Here’s how to use it effectively:
-
Connect Your Accounts
- Link your bank accounts and credit cards
- Let Rocket Money scan for recurring charges
- Get a complete picture of your subscription spending
- Review automated payments and memberships
- Identify forgotten subscriptions
-
Audit Your Subscriptions
- Review all active subscriptions
- Identify services you rarely use
- Calculate potential savings from cancellations
- Evaluate subscription overlap (like multiple streaming services)
- Consider seasonal subscription needs
-
Cancel Unwanted Services
- Use Rocket Money’s concierge service to cancel subscriptions
- Redirect the saved money to your Christmas fund
- Track your growing savings in real-time
- Monitor for any unauthorized renewal charges
- Keep documentation of all cancellations
Making the Most of Rocket Money
To maximize your savings potential:
- Set up bill monitoring alerts
- Use the spending insights feature
- Track recurring bill amounts for changes
- Negotiate lower rates on essential services
- Set savings goals within the app
Step 4: Earn Cash Back on Holiday Shopping with Rakuten
Smart holiday shopping isn’t just about saving money – it’s about earning money back on purchases you’re already planning to make. Rakuten turns your holiday shopping into a money-making opportunity:
Getting Started with Rakuten
- Sign up for a free account (get a $30 bonus when you spend $30!)
- Install the browser extension for automatic savings alerts
- Start your shopping through Rakuten.com or the app
Maximize Your Holiday Shopping Rewards
- Shop early to take advantage of major sales events
- Stack cash back with credit card rewards
- Look for special double cash back promotions
- Use Rakuten for both online and in-store shopping
Smart Shopping Categories for Christmas
- Electronics and gadgets
- Toys and games
- Clothing and accessories
- Home decor and holiday decorations
- Travel bookings for holiday visits
Step 5: Create a Smart Holiday Shopping Strategy
Now that you have your savings tools in place, let’s talk strategy:
Year-Round Preparation
- Start shopping early to spread out expenses
- Take advantage of off-season sales
- Keep a running gift idea list in YNAB’s notes section
- Track price fluctuations on big-ticket items
Holiday Shopping Tips
- Make a detailed gift list with budgeted amounts
- Compare prices across multiple retailers
- Always check for Rakuten cash back before purchasing
- Keep track of spending in YNAB to stay on budget
Step 6: Maintain and Grow Your Christmas Fund
Monthly Check-ins
- Review your progress toward savings goals
- Adjust monthly contributions if needed
- Look for additional saving opportunities
- Celebrate milestones along the way
Emergency Protection
- Keep your Christmas fund separate from emergency savings
- Consider opening a dedicated high-yield savings account
- Set up automatic transfers to prevent temptation
Bonus Section: Advanced Holiday Saving Strategies
Digital Tools and Apps
Complement your main savings tools with:
- Price tracking apps for gift items
- Coupon aggregators
- Cash back credit cards
- Digital gift lists
- Budget tracking spreadsheets
Psychological Tricks for Successful Saving
- Name your Christmas fund something meaningful
- Create visual savings trackers
- Set up small rewards for reaching milestones
- Share your goals with accountability partners
- Celebrate saving victories, no matter how small
Year-Round Money-Saving Habits
- Practice the 24-hour rule before purchases
- Use cash envelopes for certain categories
- Implement no-spend days or weeks
- Create a gift closet for year-round deals
- Start holiday crafts and DIY projects early
Conclusion: How to Start a Christmas Fund
Starting a Christmas fund isn’t just about saving money – it’s about creating a stress-free holiday season where you can focus on what truly matters. By combining the power of YNAB’s budgeting system, Rocket Money’s subscription management, and Rakuten’s cash back rewards, you’re well-equipped to make this holiday season your most financially successful yet.
Remember, the key to a successful Christmas fund is starting early and staying consistent. Whether you’re saving $50 or $500 monthly, every dollar you set aside now is one less worry during the holiday season.
Ready to start your Christmas fund? Sign up for YNAB’s free trial, connect your accounts to Rocket Money, and create your Rakuten account today. Your future self (and your wallet) will thank you come December!
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The post How to Start a Christmas Fund: 6 Steps to Holiday Savings appeared first on The Budgetnista.
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