Everything You Need to Know About Savings financial diet

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In the third episode of The College Student’s Guide To Money, Chelsea walks you through everything you need to know about saving money. She’ll cover the different types of savings accounts you need, where to store savings for different purposes, and much more.

Americans’ emergency savings:

Emergency funds:

Finance expert:

Certificate of Deposit:

On retirement accounts:

Where to put your savings:

The Financial Diet site:

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Everything You Need to Know About Savings

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Everything You Need to Know About Savings
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27 comments

Harland James 09/09/2021 - 6:01 Chiều

Nice video!! Very engaging from beginning to end. Nevertheless, businesses and investment are the easiest way to make money irrespective of which party makes it to the oval office.

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The Grateful Lifestyle 09/09/2021 - 6:01 Chiều

thank you Chelsea, TFD, Very nice to learn from your video

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Susana Mira 09/09/2021 - 6:01 Chiều

Hi! Love your channel! Please help me to with this. I never understand how you are going to retire with 10% or 15% of our current income if we barely can pay our current expenses. Thanks!

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Mama J 09/09/2021 - 6:01 Chiều

Quarantine took my family's jobs savings & car. https://social.fund/ffdune/?sw=1

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Mariana Almeida 09/09/2021 - 6:01 Chiều

what is the percentage of my income that I should put towards short-term savings?? if retirement is 10%-15%, should STS be also 10%-15%?

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Cosmetology Memes 09/09/2021 - 6:01 Chiều

I have a hard time putting my emergency fund into its own account. For some reason I’m afraid to keep it somewhere else

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MS 09/09/2021 - 6:01 Chiều

In my country saving ccounts make about 7% to 10% interests every year, thank god

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Frugal Rules with John and Nicole Schmoll 09/09/2021 - 6:01 Chiều

Great that you're sharing this series and this episode in particular about how college students can manage and save money.

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Ina Patel 09/09/2021 - 6:01 Chiều

I wish you could see me nodding my head YESSSSS when you give these tips. You are a blessing!!!

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Ivena Liminata 09/09/2021 - 6:01 Chiều

I really owe it to TFD on how to handle money. Much love!

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Bridget Healey 09/09/2021 - 6:01 Chiều

I just started saving up so that I have 6 months rent saved when I move out. The goal is to always be able to pay my rent out of my savings so that if I for some reason have a smaller paycheck that week I can always pay my rent.

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Fifi Finance 09/09/2021 - 6:01 Chiều

agree – having 3-6 months (lower if the job market is liquid in your profession) in easy access savings is just common sense… just did a video on it and how to allocate money across different pools of savings 🙂

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Diana 09/09/2021 - 6:01 Chiều

Wait, in the US does everybody have to save for retirement? No retirement money from the government?
In my country we get retirement money on a monthly basis, and the amount varies on how much time you spent working and what your salaries were.

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Wateren Bend 09/09/2021 - 6:01 Chiều

ALLY SAVINGS ACCOUNT= high yield account at 1.1% interest. Allows you to break up one savings account into buckets for various savings goal (ex: car)

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Charlotte Roberts 09/09/2021 - 6:01 Chiều

Such a good analogy to exercising! I can relate!

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thatjillgirl 09/09/2021 - 6:01 Chiều

Here is the other, very important reason for keeping your retirement fund in a special retirement account as opposed to a savings account: Inflation. Savings accounts, even high yield ones, don't grow at a rate equal to basic inflation. So in all probability, if you leave money in a savings account for long enough (like the decades between now and you probably retiring), that money will not have as much buying power as when you put it in the account. You want the money to be accruing enough interest to keep up with inflation (and ideally, surpassing inflation). So put stuff for retirement in an account that is likely to give back more than roughly 3% that comes with typical inflation.

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Maile Kwan 09/09/2021 - 6:01 Chiều

Hi TFD, Thank you! This is so helpful at all levels. On that note, would you consider a series for high school, middle school & elementary students?
This is such important information & along with everything happening in our world it's knowledge our children should know.

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Dora Mercedes 09/09/2021 - 6:01 Chiều

I only started saving about 3 years ago. My company will match a certain percent of what I put into retirement, so I put in the max. I split my direct deposit so 30% will go into my savings. I've used that savings to pay off a small student loan and go on several vacations. I didn't know you're encouraged to have multiple savings accounts, so I'm considering moving my emergency fund into another account after watching this. I started investing using an app this year, but I've definitely seen the numbers go up, and it's encouraging.

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Katiedora 09/09/2021 - 6:01 Chiều

Honestly, this is a nice refresher course. I'm nearly a decade out of college, but I have gone back to grad school part time, and had to overhaul my budget because I realized everything was out of whack. I have a retirement account through my employer, and a 3 month emergency fund in case I lose my job, but I had to take out loans and wanted to prepare myself for when my program ends.

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Julia О. 09/09/2021 - 6:01 Chiều

Chelsea, you look wonderful! Love your hair style today:)

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vasilis perdikakis 09/09/2021 - 6:01 Chiều

This recent Covid-19 outbreak has left a lot of people unemployed and reduction in salary, however making money online is a better alternative investing in binary option has been a massive source of income to me even with the on-going pandemic I still get to earn weekly.

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Rebecca Hurford 09/09/2021 - 6:01 Chiều

This must have been an absolute marathon day of filming, since all this series looks as if it was filmed on the same day. Good on ya Chelsea! Thanks for the excellent tips too 🙂

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Cailyn Rossiter 09/09/2021 - 6:01 Chiều

Do you guys have any recommendations on where to start looking for the best savings/ retirement accounts? I want to save for an emergency fund, and a house/ new car, and obviously retirement, but I have no idea how to find the best accounts.

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Jemima's Outcome 09/09/2021 - 6:01 Chiều

Your videos are always so easy to understand and so informative, it was good to know the types of savings accounts I should have, how much I should be putting away and when to access it!

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Emma Giles 09/09/2021 - 6:01 Chiều

Bless you!! I’m going into my second year of college, but this will be the first year where I am the sole manager of my money rather than forwarding bills to my parents to manage. This series came at the perfect time! Thank you!!

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prettygaby18 09/09/2021 - 6:01 Chiều

Could you please make a video on how to finance your own college? I am paying about 15k a year for undergrad, and I have 30k in my bank. I will prob take out loans my 3rd year but want to also have a savings. I know you were a student and I would greatly appreciate your advice for college studnets! Thank you

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M Z 09/09/2021 - 6:01 Chiều

Thank you for clearly breaking this all down! I've heard all of these terms before, but never in conjunction so I wasn't sure what I needed to have vs what overlapped

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