W+M 021 An Interview with Laura Yamin
Laura Yamin is a podcaster over at the Say Yes Podcast where she delivers bite-sized 10 minute interviews of people sharing their stories of things they have done in their lives that they said "Yes" to. In this episode, Laura shares how she said yes to setting up an automatic savings plan, and how it's so easy, you can set one up for yourself too.
Listen to the show:
What we talk about:
Why she started the Say Yes Podcast
Laura shares her money story: How she totally ignored her money
How Laura has helped her mother change her spending habits
Takeaway: How to Set up a Savings Account That Feels Like a Game You Can Win
- Save a little bit of money in an account that isn't connected to your checking account.
- Set up 3 online savings accounts (Laura's are):
- Emergency Fund
- Travel Fund
- "Say Yes" Fund
- Save $1 to $10 dollars each week in each account
- Then DON'T TOUCH IT! Just let it grow.
- The Accounts
- Laura set up two accounts through a high-yield online savings account. (Do a quick Google search to find the right account and make sure you're getting at least 1% APY in savings.) Laura uses Barclays. (I use Ally Bank.)
- Laura also uses Digit.co - An app that texts her every day telling her the balance and will automatically transfer small amounts from her checking account into her Digit.co savings account.
- Set up your Automation in your bank account (it takes 15 minutes)
"I totally ignored it. I'd earn money and then I'd spend it just as quick as I earned it. And I tended to overspend because I was ignoring my money."
"You can get a credit card so easily. It's borrowed money that you don't even think about because it feels like monopoly money. It doesn't feel real, but it is real money and interest rates do affect you."
"Pay attention to your money. Where it's coming from, how you're earning it, and how it's leaving."
"I wouldn't have left my job if I didn't have my online savings account."
"When you think you're poor or broke, go into your savings account and see that you have money in your savings account. Then you realize you're not really broke, you actually have some savings there, a cushion that's been created and you don't have to even think about it. It's been done automatically."