Life Pro Tips

2613 readers

1 users here now

Tips that improve your life in one way or another.

founded 2 years ago

MODERATORS

Prince@lemmy.ml

LPT requests : Money savings (feddit.uk)

submitted 4 months ago by yewg85lcx@feddit.uk to c/lifeprotips@lemmy.ml

9 comments fedilink hide all child comments

Starting from payday, I daily move some money to a piggy bank, which helps for some short term requirements.

Any other short term saving ideas? long term also?

you are viewing a single comment's thread
view the rest of the comments

[–] Jimbabwe@lemmy.world 2 points 4 months ago

Something that has worked well for me: creating a Charles Schwab account and setting it up to automatically transfer x dollars from my regular checking to their account. Once that was setup, I configured it to automatically buy 0.9x dollars worth of their Schwab index funds every month. It has performed well through thick and thin since I set this all up a few years ago.

The remaining 0.1x I leave in there as a buffer/short term savings. I don’t have a convenient way to access that money (debit card, checking, etc.), so it’s a good rainy day fund that I can transfer to my regular bank account if I need it.