Do you find saving money to be a difficult task? Do you need help keeping cash in your accounts? Well, it’s time to commit to saving money for your future.
Welcome to the Elite Savers of America (ESA), where we value saving our money in a High-Yield Savings Account (HYSA) to protect our futures from calamities and pandemics.
Why do we need to save money? It may surprise you that many people need help understanding the concept of saving money.
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We save money to protect our immediate future from going off track during emergencies. Having an emergency fund is essential before moving into the investing phase of our lives.
Money equals time; therefore, the more money you save, the less time you spend worrying about the future.
I divide money and time into three categories: Debt (past), Savings (present), and Investing (future). It’s vital to save money to create the lifestyle you crave and help navigate your kids with conviction.
Why save $10,000? I chose $10,000 because it may seem like a lot of money to you. Many people earn $10,000 monthly or more, but can they save $10,000 in an HYSA?
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Dave Ramsey suggests saving $1,000 as quickly as possible (I agree). Here is my method to save $1,0000 in 30 days.
From there, it’s not about adding money as much as keeping it in your HYSA. Your $10,000 emergency fund isn’t there for you to use.
I haven’t used my HYSA this entire year; I just keep adding $200 monthly. I’m at $9,200, so I will reach $10,000 by the end of 2023.
I will keep adding $200 and growing my fund while doing everything in my power never to use this account.
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Using your emergency fund is the easy answer. The better question is how to survive your emergency without using your HYSA.
A sample emergency scenario. If you commit to never using your HYSA, you will actually create more ideas to survive your scenario.
Let’s say you have $5,000 in your HYSA and a $1,000 dental emergency. You decide to use your credit card to pay for the $1,000.
However, you also commit to selling some Blu-ray Discs and video games to pay off your credit card. By avoiding using your HYSA, you eliminate some old junk to pay off the emergency.
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That’s the power of avoiding using your emergency fund. I have had some crazy scenarios happen this year, but I never wanted to extract money from my HYSA.
I used each scenario as a lesson on thinking critically under pressure. Knowing I have $9,000 helps alleviate the direct stress, but I use the situation to create more options for myself.
Why use a HYSA? A High-Yield Savings Account is the best way to save your $10,000. Once you get past $10,000, you can use tools like certificates of deposit and savings bonds.
Although we never plan to use our HYSA, it will be a major emergency if we do it. We will need the cash at that moment.
I linked a Discover Debit Card to my Discover HYSA. I can instantly transfer money from my savings to checking if I need money quickly.
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My debit card also has a cashback feature that deposits my rewards directly into my HYSA every month.
I earn 4.30% interest on my HYSA currently. I wish these rates lasted forever, but I believe rates will drop over the next twelve months.
If I want to lock in 4%+ rates, and I have $10,000 saved, I can turn to 30-year Treasury Bonds that are currently yielding 4.30%.
Believing in yourself. If you watch too many social media videos, everyone will say that saving money is impossible in today’s inflationary environment.
In the end, saving is a personal choice. As soon as you stop making excuses, you’ll start saving and investing more money than you can imagine.
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About four years ago, I used to think that $10,000 in a savings account was a lot of money. I would dream of having that much money to protect my interests.
Today, $10,000 pales in comparison to my $240,000 dividend portfolio. I also have $12,000 in Treasuries and $11,000 in Fundrise.
The moral of the story is that I stopped making excuses about my pay and how expensive everything has become.
My wife and I got roommates, paid off our debt, kept our cars, invested in dividends, started writing, and traded options.
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In short, we become extreme toward our financial dream. That’s the only way to save $10,000 in your savings account.
The world runs on cash flow. Working a job and saving money seldom works. The world runs on cash flow, so your priority should be to increase the revenue coming into your home.
Cash flow is the difference between your income and expenses. Two ways to increase cash flow are to lower expenses and increase income.
The bigger the difference between your income and expenses, the faster you can save $10,000.
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How much do you spend on food, entertainment, and utilities every month? How much is your mortgage?
How much do you make from your job? How much do you make outside of your job? If you lost your job today, what income streams would remain?
Conclusion. To save $10,000, you must think outside the box. Can you rent your car on Turo? Can you get a roommate or move in with a family member?
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The world is brutal, and it’s only becoming more challenging every day. Those who see the writing on the wall are taking massive action to save and invest.
It’s time we seriously consider lowering our standard of living until we can reach our savings goals. We all want to have nice things and provide beautiful memories for our kids.
However, the people with the money will keep their families together throughout their lives. The middle class will lose their families because they spend their lives working under someone else.
It’s time to take our future back into our hands. We have a unique chance to join the Elite Savers of America and show our kids how much we value saving for our future and theirs. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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