I just created a savings and debt repayment plan and I have to say the hardest part is patience and consistency. Thank you for the reminder that although it’s not easy, it’s doable.
I'm currently saving to pay off my student loans which is $32,888.52. I don't have to make payments, so I'm just direct deposing it into a HYSA with my second job paycheck as well as any tips that I make. I currently have $14,327.07 save and I wish to pay it off before my 35th birthday in October. I average $1,500 a month with that job, so to achieve this goal I know I will have to pick up a few extra shifts. I could also use my main job to contribute a little. So, I'll need $2,600 at least a month to pay off my loans. I didn't factor in my tips or my earnings from the hysa. Fingers crossed I get it done without burning out. 😉😊
I did this exact method last year to coincidentally save $6,000 last year to put towards a future house down payment. It really gives you peace of mind when there is a plan!
My short term goals are to get my emergency fund to 10K (halfway there), save 5K for my 40th birthday trip (halfway there) and 2K for my bucket list (just started, no timeline really on this). Medium term goals are to save more towards my bucket list (not sure yet how much), invest more in my retirement savings, get my emergency fund to 20K and maybe already pay back my mortgage in full within 5 years. Long term goals: put enough into retirement to be able to retire faster.
I’m saving for taxes 😭 $2500 = $500/week every week of March on DoorDash during the weekends so my regular full-time income can remain committed to its current goals. I can do it!!😅
Ever since you introduced me to flow charts I use them all the time. Im saving for a year for my 2 main goals Pay my car off for $3000 =$250 a month and Moving Fund $6000=$500 a month. Also looking to increase my income and go back to school in that same time frame 😭🤓
My goal is to build my emergency fund back up= $11,000 (18% of the way there) but I'm prioritizing paying off my student loans which should be paid off by the midway point of April 🤞🏾
I spend $3600 per month in a LCOL area. I invest twice that amount per month, have two dogs, a cat, and a horse. Once I left NYC saving money became A BREEZE.
As a viewer that’s on this side of finance UA-cam I can assure you you weren’t going too fast 😅 and thank you so much for sitting down and putting this into our minds and in perspective for us!! Yes it’s so much easier said than done but it feels great to finally face the fears and start chipping away at them. Love the video as always 🧸🌸🎀🩷💕
This video came at the right time for me, I’ve just booked my first (and probably only) trip to Las Vegas from Ireland for myself and my boyfriend!🎉🎉🎉 This is going to be amazing for helping me save my spending money! 🙌🏻🙌🏻
thank you sm for this! i've been following your videos since you were still paying off your school debt and i appreciate the knowledge you share about financial literacy and just being realistic with money!
I am saving for a greenhouse/orangery, a cuttinggarden infront and a stone wall on one side. The other side already has a stone wall. I think we can build the wall in a year and the house in 4 to 5 years. The cutting garden will be build as extra money comes in between when the wall is done and the house is build. I drew a glass jar with 500 for each month/ payment. We just finished saving for an elektric car and for that I drew a car with 1000 for each part! So fun! All inspired by you! 🙏👏💫
Loved this vid - youre the only financial content creator I know who makes content thats helpful for folks TODAY and in real life, not just conceptually or hypothetically. ❤
@@thirteenwolfies I'm aiming for 14 days and paying to bring my parents along because they've never been out of the U.S. I'm also using points towards the flight and hotels.
I just finished paying off my debt, so this vid just dropped in time for me to continue consistently put what was my former monthly debt payment as my now hysa monthly amount. It's going to take me 4 years to fully fund my emergency account of 24k.
you lost me at tell me someone with less than 3500 in expenses... I make less than that a month. this video is not for me but I know this is valuable for the right audience 😅
Same, I make 2800 and my expenses are about 2200, so I'm pretty far from the ''extra 1500'' to put in debt and savings 😅. We can still get there though! Just much slower lol
Thank you so much for this video! It really helped let me know I’m on the right track and not being too realistic vs more hopeful (I guess) with knowing that it may take 1+ years depending on the goal.
Well, i do it differently, but i got your point, i take an annual trip to my country, Honduras, i only get $1,060 a month in my soc sec check, in order for me to go to my church annual event every year, i save $6,000 a year, i save $500 a month, kind of thigh,but it achievable, i always come thru with it, the problem is,that there's is always somebody asking you for financial help, and if you keep on helping out like that, you never going to reach your savings goals, becuase there's always someone asking for help, no wonder a lot of people once they reach here in the U.S, they don't share their phone nombers with anyone, becuase they always asking and begging for help!!
I’m currently trying to save 6k for my emergency fund. It’s going to take me a few years though bc I only make 40k a year before taxes. I owe like 15k in credit card debt though so should I be funneling all my extra money into paying that off or building my emergency fund?
It depends on what works for you. Lots of people suggest a small emergency fund first (like $1,000), and then debt next, and then bigger emergency fund. But credit cards have very high interest. Might work better for you to put at least more than minimum into the debt, until your $1,000 EF is done, then up it even more. It all depends on how well you can mentally handle having to increase your debt again if you have an unexpected emergency.
@@KayKayBayForever thank you! That sounds like good advice. I think I will stop at $1000 for my emergency fund for now. Luckily most of my credit cards don’t have interest til next year bc I did balance transfers but I think paying them off should probably be my focus right now, just for my mental health bc I’m stressing about them 24/7. I think I’ll build a bigger emergency fund afterwards.
I don’t understand the second method. Will I be allowed to get the $6k out of my Roth IRA or are you suggesting this money will stay there? If so how do I use it? I’m confused.
Try searching Ally Bank for HYSA. It has individual buckets that you can create under whatever category you want. I believe they allow up to 20 categories.
How many months worth of expenses would you recommend in a emergency fund? During this bad economic times that is very uncertain. Miss your weekly vlogs about your life btw
@@AjaDang I have not started a IRA yet because I am currently fully focusing all my income into paying off my mortgage ASAP first, then open a IRA at the age of 38-40 years old when I am financially free. Is that too late? I rather use all my money towards my mortgage because the future right now is very uncertain. I rather focus my efforts into the present rather than the later.
@mrobanyaki7294 IRAs and retirement funds are powerful when they are given time to grow. You'd get a much higher return starting an IRA sooner rather than later.
I just created a savings and debt repayment plan and I have to say the hardest part is patience and consistency. Thank you for the reminder that although it’s not easy, it’s doable.
you got this!
I'm currently saving to pay off my student loans which is $32,888.52. I don't have to make payments, so I'm just direct deposing it into a HYSA with my second job paycheck as well as any tips that I make. I currently have $14,327.07 save and I wish to pay it off before my 35th birthday in October. I average $1,500 a month with that job, so to achieve this goal I know I will have to pick up a few extra shifts. I could also use my main job to contribute a little. So, I'll need $2,600 at least a month to pay off my loans. I didn't factor in my tips or my earnings from the hysa. Fingers crossed I get it done without burning out. 😉😊
Good on you! You can do this!
I did this exact method last year to coincidentally save $6,000 last year to put towards a future house down payment. It really gives you peace of mind when there is a plan!
My short term goals are to get my emergency fund to 10K (halfway there), save 5K for my 40th birthday trip (halfway there) and 2K for my bucket list (just started, no timeline really on this).
Medium term goals are to save more towards my bucket list (not sure yet how much), invest more in my retirement savings, get my emergency fund to 20K and maybe already pay back my mortgage in full within 5 years.
Long term goals: put enough into retirement to be able to retire faster.
I’m saving for taxes 😭 $2500 = $500/week every week of March on DoorDash during the weekends so my regular full-time income can remain committed to its current goals. I can do it!!😅
Ever since you introduced me to flow charts I use them all the time. Im saving for a year for my 2 main goals Pay my car off for $3000 =$250 a month and Moving Fund $6000=$500 a month. Also looking to increase my income and go back to school in that same time frame 😭🤓
All this financial content are making me super happy ❤️
My goal is to build my emergency fund back up= $11,000 (18% of the way there) but I'm prioritizing paying off my student loans which should be paid off by the midway point of April 🤞🏾
I spend $3600 per month in a LCOL area. I invest twice that amount per month, have two dogs, a cat, and a horse. Once I left NYC saving money became A BREEZE.
Love this! I love the satisfaction of breaking down the goals into boxes and filling each one!
As a viewer that’s on this side of finance UA-cam I can assure you you weren’t going too fast 😅 and thank you so much for sitting down and putting this into our minds and in perspective for us!! Yes it’s so much easier said than done but it feels great to finally face the fears and start chipping away at them. Love the video as always 🧸🌸🎀🩷💕
Lukie jumping in to budget with you 🐶
This video came at the right time for me, I’ve just booked my first (and probably only) trip to Las Vegas from Ireland for myself and my boyfriend!🎉🎉🎉 This is going to be amazing for helping me save my spending money! 🙌🏻🙌🏻
I’m 36 I started at 33 to save for my 40 😂, been able to saved a little over 3 k a year.
So far so good.
thank you sm for this! i've been following your videos since you were still paying off your school debt and i appreciate the knowledge you share about financial literacy and just being realistic with money!
I am saving for a greenhouse/orangery, a cuttinggarden infront and a stone wall on one side. The other side already has a stone wall. I think we can build the wall in a year and the house in 4 to 5 years. The cutting garden will be build as extra money comes in between when the wall is done and the house is build. I drew a glass jar with 500 for each month/ payment. We just finished saving for an elektric car and for that I drew a car with 1000 for each part! So fun! All inspired by you! 🙏👏💫
Loved this vid - youre the only financial content creator I know who makes content thats helpful for folks TODAY and in real life, not just conceptually or hypothetically. ❤
I'm trying to save $5k for a Scotland trip in March 2025 so 12 months = about $416/month.
oooh! That sounds amazing!
Sounds so nice! How long are you staying for and are you going solo?
@@thirteenwolfies I'm aiming for 14 days and paying to bring my parents along because they've never been out of the U.S. I'm also using points towards the flight and hotels.
Liking and commenting to get the engagement up, because this video is fire!🔥
Thank you for the tips and the visual aide to show the breakdown, much appreciated Aja😊🎉
I just finished paying off my debt, so this vid just dropped in time for me to continue consistently put what was my former monthly debt payment as my now hysa monthly amount. It's going to take me 4 years to fully fund my emergency account of 24k.
CONGRATS!
you lost me at tell me someone with less than 3500 in expenses... I make less than that a month. this video is not for me but I know this is valuable for the right audience 😅
Same, I make 2800 and my expenses are about 2200, so I'm pretty far from the ''extra 1500'' to put in debt and savings 😅. We can still get there though! Just much slower lol
I am also very far away figurewise, but her techniques and methods still help me. I just adjust it to my numbers and capabilities. :)
much slower for me. my mental health makes it hard to keep jobs sometimes...
Thank you so much for this video! It really helped let me know I’m on the right track and not being too realistic vs more hopeful (I guess) with knowing that it may take 1+ years depending on the goal.
Well, i do it differently, but i got your point, i take an annual trip to my country, Honduras, i only get $1,060 a month in my soc sec check, in order for me to go to my church annual event every year, i save $6,000 a year, i save $500 a month, kind of thigh,but it achievable, i always come thru with it, the problem is,that there's is always somebody asking you for financial help, and if you keep on helping out like that, you never going to reach your savings goals, becuase there's always someone asking for help, no wonder a lot of people once they reach here in the U.S, they don't share their phone nombers with anyone, becuase they always asking and begging for help!!
My goal is to save up enough to fly comfortably back home to Hawai'i next summer to celebrate my baby brother's Kahuku high school graduation!
I've been doing this for once a year bills as well, so when i have to pay my home insurance etc it's not a big blow because I put $40/paycheck aside.
Are you really planning to spend 6k for your 40th? I just turned 40 and spent $125 for fine dining (Finland) 😅 that kinda stung me already. 😂
Morning. New subscriber. Enjoyed your video 😊
What account did u use to save for a house? a HYSA? or an investment account?
an investment account
What investment account do you recommend? Do you mind making a video on that ? Thank you for all your help :)
I’m currently trying to save 6k for my emergency fund. It’s going to take me a few years though bc I only make 40k a year before taxes. I owe like 15k in credit card debt though so should I be funneling all my extra money into paying that off or building my emergency fund?
It depends on what works for you. Lots of people suggest a small emergency fund first (like $1,000), and then debt next, and then bigger emergency fund.
But credit cards have very high interest. Might work better for you to put at least more than minimum into the debt, until your $1,000 EF is done, then up it even more.
It all depends on how well you can mentally handle having to increase your debt again if you have an unexpected emergency.
@@KayKayBayForever thank you! That sounds like good advice. I think I will stop at $1000 for my emergency fund for now. Luckily most of my credit cards don’t have interest til next year bc I did balance transfers but I think paying them off should probably be my focus right now, just for my mental health bc I’m stressing about them 24/7. I think I’ll build a bigger emergency fund afterwards.
I don’t understand the second method. Will I be allowed to get the $6k out of my Roth IRA or are you suggesting this money will stay there? If so how do I use it? I’m confused.
in that example, you are saving specifcally for the Roth IRA so you'd be leaving it
If you have a significant other, what or how is the best way to communicate and come up with savings goals together?
What high yield savings account has buckets? Cant find a good solution for this. Help ❤ love this video! Ty
Try searching Ally Bank for HYSA. It has individual buckets that you can create under whatever category you want. I believe they allow up to 20 categories.
Ally
How many months worth of expenses would you recommend in a emergency fund? During this bad economic times that is very uncertain.
Miss your weekly vlogs about your life btw
3-6 months is the norm but after COVID people have been saving up to a year into an EF
@@AjaDang I have not started a IRA yet because I am currently fully focusing all my income into paying off my mortgage ASAP first, then open a IRA at the age of 38-40 years old when I am financially free. Is that too late?
I rather use all my money towards my mortgage because the future right now is very uncertain. I rather focus my efforts into the present rather than the later.
@mrobanyaki7294 IRAs and retirement funds are powerful when they are given time to grow. You'd get a much higher return starting an IRA sooner rather than later.
Is Discover HYSA good?
4.3% is pretty good! I use ally for HYSA and the rate is 4.35% which is on the high end as well
@@AbiTheEngineer Thank you I will look into ally