I guess Im randomly asking but does anyone know of a tool to get back into an Instagram account?? I was dumb lost the login password. I would appreciate any assistance you can give me
1. Create 5 dedicated bank accounts for 5 specific goals for 20 dollars each 2. Take that 100$ and do a one day crash course with money 3. Officially start investing 4. Learn what your time is worth and pay for wasting it
I like the concept but I tried that and separate accounts for savings was a pain. We now have 1 savings account and I have a running excel spreadsheet with about 10-15 categories. This system has worked great and we have been using it for about 5 years now. It literally changed how we treat money. It feels great to look at the different $ savings for different categories and goals.
TFD, I was wondering if you could make videos about the best way for teenagers and young adults (I’m seventeen) to handle money, investing, and saving. I have big plans and I would like to know the best ways for someone my age to use their money.
Jenna Gilbreath one thing is definitely to get a student checking account. Under 18 I’m pretty sure needs to be tied to a guardian, maybe not. But I had a student Acct since middle school, my own Acct but my mom could deposit money.
Save your money and invest in thing that matter dont spend it on just makeup or clothes...buy higher quality instead of cheap ..ohh and be careful with credit cards!!!! learning to cook is a skill that will save you sooo much money .
Jael Sigala I feel like I’m pretty good at saving but I do occasionally buy food. I’m trying to save to go on a trip to South Africa this summer ;) www.gofundme.com/5jlv5fs But as far as cooking goes I’m awful. What is something easy and inexpensive to make?
If you plan to go to college, you are better off putting your money toward that so you don't have student loans or at least as much. You will do great!
Thank you for saying that having negative assets (ie, being poor) doesn't mean you're bad with money. I have not had a lucky adulthood. I've been poor most of my adult life, for various reasons; however, I'm very frugal, I read up on economics, and I understand money, including the various savings instruments available. Currently, my assets are non-liquid, but I'm super, super cash-poor. People bash poor people or people who are just down on their luck, and that sucks.
I love y’all. Chelsea your videos are not only organized and easy to understand and actually helpful to the average millennial, but also so soothing to watch. Also love Erin too!
Don’t open 5 bank accounts. For years I have been using Quicken to manage my finances. One of the best features for me is the Savings Goal accounts. You can simply create a virtual sub accounts. For example setting aside funds for a vacation, another for saving for a car, etc. As many as you want and remove them when no longer needed. You can view the amounts in all accounts including what is actually available in the non-savings part of the account. Also there are many excellent budgeting, and investment monitoring features, and reports with graphs. About $50 per year but for me it is an essential.
The part about multiple bank accounts is really useful. I switched bank accounts, cos they allow me to create sub-accounts and stash money away inside them. Makes it easier to roll up towards a bigger goal. Legit useful and makes sure I don't accidentally use that cash.
Instead of having 5 savings accounts which can get a little batty I find the virtual envelope system to be a little easier. All of your money is in your savings account (which will also help you get more interest overall) but you have a spreadsheet that divides your money up in the savings account to virtual "envelopes". So you may have a portion of that money in an envelope set aside for a new car, or loan payments, or a new cell phone, or a house down payment, money to move to a new apartment/house, in a general emergency fund, etc. Then every pay check you add a certain amount to each envelope and watch it grow. Then when your envelope reaches your goal you get to do whatever that original goal was.
I love having multiple savings accounts! I just started mine, but I have a travel fund, a car fund, and a home fund that I try to put extra money into.
I have USAA, which is the best bank in my opinion. They don't charge me anything to open or manage the account. I know that not all banks feature this option, but check with your local credit union. They usually have little or no fees for savings accounts like that.
I keep it simple with just checking and saving accounts. I keep a month’s requirement in checking and shift an overage to the savings. The latter is not a pile (so I don’t focus on the total); instead I track commîtted categories (savings, taxes [school, county], large annual payments [auto/home insurance], and things I’m saving for [home improvements, vacation]). IOW savings is mapped so I know how I’m progressing toward goals.
I do a version of the multiple bank accounts- I have one savings account, but I have a very detailed spreadsheet that itemizes how much money I have for a range of purposes. ex: $5000 in bank account = $4000 emergency, $300 vacation savings, $100 for gifts, $200 for bridemaid activities, $400 towards new car. Every two weeks when I get paid and do my budget, I update my ledger to reflect progress on savings goals. This works for me and I've been using this strategy for over 5 years!
SPANISH VIEWERS, HELP!! I've been watching this channel for years, discovered it when I was a student depending on my parents. The thing is that now, that I'm working and earning a decent salary for Spain, and I can actually apply a lot of the tips and knowledge I hear here, I'm stuck. The laws are different, the system is different and I know nothing! I don't know if I should go to my bank and ask for advice or if they'll trick me into services I don't actually need or benefit from. Wish there was a TFD for spanish residents, any suggestions???
Please make a video on “What to do when a Bill goes to Collections”. I’m trying to clear up debt... I have paid the companies directly and don’t know how that affects my credit report. I am not sure what to do when you have to deal with the collections agency.
You should look up cease and desist letters to send to collection agencies. It should tell them that you only want to be contacted by mail. It will make them stop calling you. It worked for me to stop the stressful phone calls. And
There are now microinvesting apps available, too. I use Acorns. That was very helpful for me, because I don't HAVE $100 right now and may not for a while yet, but every Monday, Acorns pulls $5 out of my checking account, so I don't have to worry about it, and I hardly feel that it's gone.
Thanks Chelsea. I thought about the multiple bank accounts before but never did it because I thought that wasn’t something people did. Definitely going to do it now!
You can do the first tip in YNAB without having to open separate accounts by setting goals for each part of your budget. Makes things a little less messy on the account side.
I like all the advice except the 5 separate bank accounts...I am already unorganized (I’m a hoarder here) and it would just be more stuff that I need to keep track in my life. But I’m sure it works good for other people!
Yeah I really don't get the multiple account one (retirment fund is best idea). I have a spreadsheet, where I keep separate saving buckets for emergency, loans, gifts, charity, vacation (I like to call them pseudo-accounts), but all the money is in one account. This allows me to have it all in a money market instead of a basic savings.
I have online banking so I’m not hit with any fees, I actually get interest paid on all my accounts. I already have different accounts for all my savings goals and I LOVE it. It’s all one bank, one snapshot. It helps keep me organized because I know where my money that’s coming from is directed towards. I highly recommend it.
Can't say I think no.4 is particularly great for mental health actually. I could see it going very obsessively, also I'm sorry but watching a show you don't like for an hour or so does actually teach you what you do and don't want to watch??? So how exactly do you define "time wasted"? Like right now am I wasting my time, because I should be editing? Or am I enriching my life and giving my brain a break? Sometimes wasting time is very healthy, it can truly relax our brains.
If you're enriching your life than it is not time wasted, you define what is wasted time. She's just giving the example of a tv show that you didn't enjoy because that's salient for her, not everyone of her examples has to work for everyone. Time spent relaxing or break is valuable, not wasted.
Chelsea can you do a video on the best banks to use to open multiple savings account in? Many banks like Bank of America will charge you fees for every new account you open and make you have a huge deposit in them and the interest rate is so low. Or maybe a video on how and where you personally Bank and budget? You don’t have to include numbers. Just a general breakdown. You are so logical that it makes it easy to understand. Hope you respond because this is literally the most hardest thing about money management for me! Like this so she responds!
I have an app called Qapital that takes that idea of multiple bank accounts for savings goals and puts it into an app, and it’s free and you don’t need any money to start get.qapital.com/1HswrrilpR
I like having a separate bank account in case if there's something wrong with the one bank, but most places I've gone require a $25 minimum. A budget book might be more effective
I work out my net worth every month by totalling balances of all my accounts on the 1st of the month, and also I work out my liquid cash (money I can withdraw fast if I need it) value every week on Sunday.
I have one checking for day to day and personal spending, one savings for my emergency fund and one checking for all bills. For additional savings I have cash envelopes (ex: car maintenance, gifts, vacation, Christmas, car registration) they are kept in a safe.
I get the ~concept~ of the first tip, but do banks not charge money to open up and maintain bank accounts? that seems kind of counterintuitive - you will need more than 100 dollars to set this up.
You're not truly opening new accounts, but merely subsections of your account. At my credit union they are literally called "Share Savings", "Share Saving 2", "Share Savings 3" etc. by default. I just needed to call them up and ask for them to open additional savings accounts. I am limited to seven at my credit union, since the last number determines what account it's for (1 for Share Savings, 8 for checking, 9 for credit), but most people won't use all seven.
You should definitely check your bank's rules, but most banks will let you create unlimited free savings accounts (it's checking accounts that tend to come with fees, or strict rules in order to avoid fees).
I was thinking this too and I definitely do not want 15 different savings accounts lol but I do think it's a very good idea, so I'm going to try it with cash envelopes instead.
You mention there are positive effects from watching your investments grow over time... How about when our portfolios are dipping because this economy is so erratic.
@@leilanidru7506 Just that the financial markets are dipping, just look at any big market atm. So saving is save, investing it now is fine if you do it for the next couple of decades, but if you want to earn something this year by investing in some stocks, you might want to be careful.
jadoei13 I watched an intro to investing video that said to start with apps like acorn, I’m not sure what that means but I’m doing it anyway🤷🏾♀️😅 is all investing in the stock market? And do u just start losing ur money when it dips? Can u move the money out of investment accounts, funds or whatever they’re called.
blessing B I wouldn’t use acorns. Their fee is $1 a month - if you only put $10 a month in it that’s a 10% cost. That’s huge for your investments - Robinhood provides free trading in stocks, vanguard offers free etf trading. There are way better services out there
Dear Chelsea Your videos are always inspiring. Although I admit I haven’t seen all your videos I would’ve really appreciate if you could give a full financial program or at least some tips for unemployed people with zero income like me. I am seriously struggling and the only ways I’ve seen to make money is through finding a traditional job selling or investing. But until then what? Thank you
Nellie thats awesome!I also share my budget on my channel. Stop by and ket me know what you think. Would like for you to subscribe ...contest coming soon.
I'm not sure how it works but here in Australia your employer pays 15percent to your retirement fund. This doesn't come out of your wage. Its a great way to save for retirement.
Having multiple accounts is interesting in theory but each will charge fees. This will eat into those savings. An easier method is keeping a list, spreadsheet, drawing, of the amounts you are saving in one account and what for.
So the reason I don't split up my money in different savings accounts is because it accrues less interest when split up into smaller sums. Is that sound thinking or is that crazy and flawed? when split up into different accounts with the same interest rates does the interest earned all individually add up to what it would be in just one account? Thank you
Wealthsimple is for UK residents only. Why do you recommend it if many of your viewers live outside of UK? I am from the Czech Republic and currently looking for a platform to invest though in ETF or mutual funds (have not found any). If anyone lives in EU and invests here, please share - I would appreciate any help! Thank you all!
i think i already pay for time that would be wasted by taking a cab sometimes. yes it costs more than walking or the bus/tram, but it's faster = i get places faster & more time to do the things i need/want to do.
Starting with investing. If someone tells you this is style is the end all be all of investing run. There are so many different investments out there. The -16% Solution- is a wonderful book and example of this.
What type of bank accounts would you use as your checking accounts? Online banks or banks that you currently have your primary checking account through? Also, what are the best online banks?
I definitely recommend looking into Ally Bank. They're completely online and available over the phone 24/7. I've found them to be very easy to work with. The APY for their savings accounts is 1.85%, which is pretty much unheard of these days. Online banks are able to offer higher APYs, though, because they don't have to pay to run any brick-and-mortar branches. It's also easier to do what you need because it can all be done from your phone rather than having to drive to the local branch, which is usually only open from 9:00 to 5:00.
Regarding the first point of multiple accounts. Doesn't each account consume bank fees? or maybe it works psychologically but is it efficient or just adding more fees to my budget?
Thanks for the tips. I’m unsure of whether or not my bank account would allow me to create multiple savings accounts but hey if needed I guess I could create an extra one somewhere else
you guys from the US are lucky that you can separate your savings account into different accounts and rename the account. I have to open savings account from different banks in order to do that. And definitely cannot rename the account.
I'm 26 and don't have a pension started and also happened to be a "millenial"... I just have a current account, an emergency fund and a regular savings account without a title as I'm not saving for anything in particular. I don't have 4 other things I'm saving for to have 5 accounts in total. I am thinking of setting up a travel fund, but that still leaves three...
Lava Yuki you can have a saving fund for a replacement car (they die faster than you anticipate), a savings account for a good index fund that has a minimum deposit (think Vanguard), a downpayment on a house, purchase of a TV/new phone/etc... just things that matter to you the most
@@alinawood8338 Thanks for the suggestions! I just got the new iPhone, but hadn't thought of a car fund. I have a Toyota Yaris at the moment but always wanted a Honda Civic-R with heated seats!
loved this video! but you definitely don't need to spend money to learn. I learned everything I know about money on RU-vid, podcasts, and books from the library.
Question on Wealthsimple - they only offer service to US, UK and Canada? I can see only these countries in dropdown menu of the registration form.... How about other countries?
buy a set of good quality watercolours and brushes and start to be creative. after work, I use it as a relax time. selling personal handmadr cards and postcards on etsy, made me 650 dollars so far. not a big deal considering 3 months, but hey, being paid for relaxing?
I was wondering if I could throw out a topic for a future video or if you could point me in the right right direction on resources for finding a good IRA/roth IRA provider. I am at a point where i want to start opening an IRA account, but I am not sure where to start it or what I should be looking for for a retirement account. Any help, tips, or guidance would be amazing! Even if its a quick brain picking, would help out a bunch!
Vanguard is a good bet. It has a broad range of very low fee exchange traded funds and target date funds, which are the easiest and normally best way to invest.
Does Bo Turner work for TFD? Her picture is in the thumb nail but she isn't in the video and has never been mentioned. Crazy coincidence that I went to school with her.
Isn’t opening up several bank accounts going to ruin your credit score? Let alone costing you more money, because banks usually charge you for your account unless your a student or something.
What banks allow you to have accounts with such low amounts to open an account?! Nothing in my boondock area ever would allow that and if you wanted less than $100 then you have to wait so long before pulling the money or you are going to be slammed with fees.
If you're just putting money into a regular savings account, you're actually losing money. When you factor in the low interest rates that banks are paying and the fact that inflation eats away any earnings you made.
So I just noticed that Tasha is the lady on bighappyfamily and her and her husband are 1mil in debt. But she sitting here giving financial advice. I’m confused.
This one I have, although I figured it out myself on accident lol long story. I find it's way easier to save with my savings separate from my checking, because I can't swipe and use my savings card. It's nice watching it grow just from putting in little extra money here and there. Also my grandmother gave me a couple of nuggets of wisdom that have always stayed with me, and saved me a few times. Since I'm already writing I'll go ahead and share them with you all. 1. Always keep cash on you even if you have cards. I always have at least $40 on me at all times. 2. If you bought a car and it's close to being fully paid off, when it is, keep putting what would have been your monthly payment in your savings. You aren't use to having that money anyway, so it's not going to hurt you.
Yes. 1. The best way to budget things is to have multiple accounts and giving them a purpose. Especially if you have the account at a different bank away from your main checking account. 2. Learning about money is the smartest thing you can do. I have not taken a class but I have invested money in books and time reading those books about investing and managing money. 3. Yes I invest, I have a Roth IRA and a general investment account. 4. I never did that specific example, but I did do something similar when I was quitting cigarettes. For every pack I did not smoke, I would put it into my savings. It was a great motivator to stay smoke free. I also cleanse from alcohol every few months nowadays and do the same. Edit: And just to add, I found these all super basic tips that most people should already be doing/have done... I am not sure why you find them unrealistic. Care to elaborate?
I have separate savings accounts but 5 is way too many of them. I have my current account (checking), instant access saving (emergency fund), and a tax free account called an ISA (longer savings goal. At the moment this is saving up for a long stint of travel)
I did label the different bank accounts in our banking app... so that when my husband checks the balances in the app, he sees “Bills account” or “vacation fund” & he wont touch those, only the “spending” account is for spending on random bullshit.
Curly Virgo I have multiple bank accounts. It helps me stay on track of goals, budget my money and save. I have a travel account, household bills, recreation accounts, a business and account used to pay off debts along with savings accounts
I like the videos and i ve found intresting the ideas on them, but as the time goes on i feel that the advices given here get more and more irrelevant for me. I especially cringe every time i heare you talking about investing, it may be something easy in usa or west europe, but here in Greece i dont even know if there is anyting wortth to invest in with so little money ...
