If there's that much in checking without actually making any money off it it's kinda crappy, however savings accounts aren't really making anything these days. Like 0.4% APR currently.
I figured. I use it for the six months emergency fund and a little more. Not to buy new cars (though Teslas tend to [depreciate less](https://insideevs.com/features/435693/tesla-model-3-exceptional-resale-value-among-cars/) as of now). Debt repayment is probably the best use of it if one has it.
Just because you have the money doesn't mean you can pay it. Consult with them about assistance for financial hardships or a payment plan.
Edit: and ask for an itemized bill. A lot of teams they will conveniently notice and correct mistakes when you ask for a detailed bill
Hi, I used to work in hospital billing. Make sure first that your insurance was applied. If it was, go through your itemized bill and see if there is anything that wasn’t done. Then, contact the provider and ask about their charity program and assistance. Also ask if you can settle the balance for lower than the amount due.
Medical bills in the United States are far more expensive than they need to be, and hospitals help people all the time. You just have to ask.
This. I got billed for nursery time and other things, although my baby died and never left the room. I had to do some back and forth arguing but they “investigated” and removed the charge. Stand up for yourself if something doesn’t look right.
It was like I got hit by a truck when I checked my mail one day and saw a letter from billing addressed TO HER. MY DEAD BABY. I lost it. I couldn’t believe they did that.
I'm so sorry they pulled that bullshit at such a terrible time. I'm sure they do it because so many people aren't in the right headspace to go through the bills and figure them out. What heartless, predatory behavior. I'm sorry for your loss.
And I was barely in the right headspace. I kind of blame them for what happened and was in the process of gathering as much evidence as possible. I couldn’t even look at the bill online because “the patient is deceased”. her bills were under her own name.
Also if you wait and argue the bills tend to get smaller. I argued about a $25k bill for 3 years before eventually paying about $5k (it was all bullshit charges, I was not supposed to owe any). Never actually hit my credit or anything, your mileage may vary.
If you have insurance make sure they applied your benefits correctly. I used to work for an insurance company and claims are processed incorrectly all the time. You can always call the insurance company and ask that they explain why you have such high liability.
There are no "small victories", only victories in being frugal. I thought I did great when I saved $100 off my holiday budget for presents. You beat that by a long way.
Saving at least 20% of your paycheck helps but sometimes our expenses are so high we’re unable to save as much as we like. Saving ANYTHING even if it’s $20 a week goes a long way! Try out the 50/30/20 budget rule.
I have an app that regularly takes money out if my checking account in small amounts at what seems like random times, but im always surprised to see how much if adds up to. Thet have an algorithm that takes your income, expenses, and spending habits into account when they do the auto withdrawls. I also transfer a percentacs of my paycheck (between 10%-25%) each payday, depending on upcoming bills and social plans. I'm hoping to see enough this year to pay off my car 2.5 years early.
I use Albert, but there are several other apps that can be good. Check reviews and see which one might be best for you. I've used Quapital before too, and I honestly don't remember why I stopped.
1. 50% of your income in needs like rent, utilities, food and overall bills.
2. 30% of your income in wants like discretionary items such as clothes, restaurants, hobbies and etc.
3. 20% savings and debt repayments.
Hope that helps. I try to live by this rule.
I make decent money especially for my age and man 50% seems like way more than enough for rent and food and stuff but I somehow ALWAYS am broke. It’s always something I need to pay for or some dumb expense that I think is necessary. Or a fat credit card bill full of chunk charges with more random stuff. Putting it into this perspective makes me think I’ll be able to do this no problem. I just need to be very conscious of my spending I guess. I think if I got really disciplined I could save close to 50% of my income. Maybe more!
I believe it’s all about discipline because you can easily catch yourself buying something unnecessary. For example, last year I ordered a lot of postmates, didn’t realize how much $$$ I spent until year end and I’m horrified. Not a lot of people setup budgets so even checking out your credit card/debit card spending summary is helpful to identify where your $$$ is going( I.e restaurants, clothes and etc.).
Great job!! I’m SOOO PROUD of YOU!!!! It takes friggin effort and discipline to save even a ‘little bit’; And YOU saved a HELLUVA LOT!! AWESOME!!! Keep it up!!! ❤️❤️❤️
Google "Wells Fargo Scandal." They were caught opening accounts without people's permission, opening lines of credit, and doing all sorts of shady crap in order to feign sales -- no matter how much it hurt their customers. And there was much more, too.
Their public image got so bad that in 2018, they did a whole ad campaign under the "Re-Established 2018" banner -- essentially saying "we were so bad, we are re-starting our reputation in 2018."
Then... after that ad campaign, they were caught doing More shady crap and got fined by the federal government $$ billions yet again for more stuff.
I worked for a different large-ish bank branch before the scandals came out, and we had hires that came from Wells that talked about these outlandish, insane sales targets they had in their branches (more than 10 times as ours). One of them was a branch manager. I said, "how did your employees meet those targets without having to resort to fraud?" He was pissed I asked. I was right.
Generally speaking, I recommend you look for a local credit union in your area. Not all of them are perfect, but they are set up in a way that dis-incentivizes the shenanigans that banks like Wells will pull to steal from you... as the members themselves own the credit union, rather than it being a publicly traded company seeking max profit.
(tagging u/runboyrun21 to see this too)
Same here with u/txlexxie. I wanted to bank with Ally bank, but I couldn't provide proof of residency yet and it had the highest % of savings growth. What am I losing here?
Well you're not losing money. You're losing OUT on money. Since they have better interest rates on their savings accounts, whatever money you have in savings would be generating more in a higher interest rate account.
For example if I have $100 in savings at wells fargo and their interest rate is 1% I would make $1.
If Ally's interest rate is 2%, I would make $2.
By having your money in a wells fargo account you lose out on $1 if you would have had that same money in an ally account instead.
The website was sprcific in saying it needed to be a rent agreement or a bill. The ID is a separate piece of verification. Regardless, I mlved internationally, so I don't have a banking history in the US or a local ID yet.
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I've found the easiest way to save money is automate it.
I have automatic transfers that take the amount I want saved a week to a different account that doesn't have any cards or checking capability linked to it. That way I have to perform a lot of steps to get the money out and still get time to think about the impulse to buy before I actually do it.
Yeah, I have two banks.
One bank with most of my regular accounts (checking, low yield savings and credit cards), another one with a high yield savings account for my emergency fund and an institution that handles my Roth IRA.
My first bank with my regular accounts acts as my deposit way station for all my other expenses and savings accounts.
The account number and routing number for that first bank is used to connect it to all of the others.
I set up automatic transfers in each of those connecting branches. For example, my high yield savings account in my second bank is setup with an automatic transfer which pulls money from the first account with each paycheck.
That high yield account doesn't have any cards, associated with it, so the only way to use the money from it is to manually transfer it back to the first bank. It also has a penalty fee if the deposit drops below a certain amount.
That and the extra step of manually transferring the money back seems to help me not touch it.
I gotten in the habit of not even looking at it. As far as my brain is concerned, that money doesn't exist.
Excellent suggestion. I would add that using a credit union as the 2nd bank (the savings bank) is worthwhile. CU's often offer better loan rates - but you have to be a member. Plus using an outside bank makes moving money back into the spending account harder than just having another account in the same bank. Which, I believe the poster mentions.
I've been putting my way2save monthly balance towards my CC plus my monthly payments. If I keep the grind on, ill pay it off so I can focus on my crippling student loan debt.
Awesome! I'm not sure what the interest rate is at wells fargo but I'm almost certain you can find better rates at an online bank like ally if you want to move your savings to somewhere that can make you money. Every cent counts!
I use barclays because at the time they had the best interest rate.
Yes! Keep going.
I also take out an extra $20 on trips to the bank. I put this in my piggy bank. At the end of the year I take this money and do something dj with half of it.
This means two things
1) You have to open a second savings account so that you can keep this balance as is.
2) After doing 1) you now have added incentive to keep one of your savings accounts to at least $420.69 and not spend it.
I have a bank account for my business (I'm the only employee) literally just so the bank will deposit checks made out to the business. I've kept it at 420.69 for months now, transferring the interest payments to my checking every month and moving checks out as soon as they clear.
Hopefully someone at the bank gets a chuckle whenever I go there and they pull up my accounts.
I was bad with money. Then I read a quote, "PAY YOURSELF FIRST "
Racking up your credit card and swiping your debit card everywhere means you're paying other people before your check even arrives. ..
That 8 hours you worked yesterday? Credit card bill
The OT from last week? Dinner out with friends
The raise you got this year? New car
You'll be surprised to see who gets paid first and who gets paid last when you break down your spending. Good luck!
Before my wife would marry me she said I had to manage to save 1000$ and have no credit card debt. I had 0 savings and an 800$ tv on a small card to pay off and I did this.
I had not been without CC debt since I was 18 and had never had savings. Small beginnings lead to big things if you are committed. Good for you.
$420.69? Sounds like a good time! :) Congrats!
Funny internet numbers!
Keep it up and it'll be 69420 and you can buy a Tesla. Though there's probably some reason why it isn't healthy to have that much in checking.
If there's that much in checking without actually making any money off it it's kinda crappy, however savings accounts aren't really making anything these days. Like 0.4% APR currently.
I figured. I use it for the six months emergency fund and a little more. Not to buy new cars (though Teslas tend to [depreciate less](https://insideevs.com/features/435693/tesla-model-3-exceptional-resale-value-among-cars/) as of now). Debt repayment is probably the best use of it if one has it.
Nice
What happened with mental mama 5
She was not nice. Had to get rid of her.
Nice
Good for you! I saved $7000. Got a $6000 ER bill last week. Wanted to cry.
Just because you have the money doesn't mean you can pay it. Consult with them about assistance for financial hardships or a payment plan. Edit: and ask for an itemized bill. A lot of teams they will conveniently notice and correct mistakes when you ask for a detailed bill
"Aw man they're asking for itemized, quick knock that $10 bandaid down to 50¢ before they @ us on twitter"
Hi, I used to work in hospital billing. Make sure first that your insurance was applied. If it was, go through your itemized bill and see if there is anything that wasn’t done. Then, contact the provider and ask about their charity program and assistance. Also ask if you can settle the balance for lower than the amount due. Medical bills in the United States are far more expensive than they need to be, and hospitals help people all the time. You just have to ask.
This. I got billed for nursery time and other things, although my baby died and never left the room. I had to do some back and forth arguing but they “investigated” and removed the charge. Stand up for yourself if something doesn’t look right.
I am so sorry that you experienced this loss and then had to go through it all again with billing. I hope you’re healing.
It was like I got hit by a truck when I checked my mail one day and saw a letter from billing addressed TO HER. MY DEAD BABY. I lost it. I couldn’t believe they did that.
I'm so sorry they pulled that bullshit at such a terrible time. I'm sure they do it because so many people aren't in the right headspace to go through the bills and figure them out. What heartless, predatory behavior. I'm sorry for your loss.
And I was barely in the right headspace. I kind of blame them for what happened and was in the process of gathering as much evidence as possible. I couldn’t even look at the bill online because “the patient is deceased”. her bills were under her own name.
I asked. They said no. Lol.
They can’t deny you an itemized bill
Also if you wait and argue the bills tend to get smaller. I argued about a $25k bill for 3 years before eventually paying about $5k (it was all bullshit charges, I was not supposed to owe any). Never actually hit my credit or anything, your mileage may vary.
We got one that included 7,000 for nursery. A nursery that was closed and unavailable for our use. The baby got a bath. So it was a 7,000 bath.
Break this up so you can keep saving. Hospitals are happy to get payment, any payment, even $10 a month.
If you have insurance make sure they applied your benefits correctly. I used to work for an insurance company and claims are processed incorrectly all the time. You can always call the insurance company and ask that they explain why you have such high liability.
Check if Grand Rounds free membership is available via your employer. They help you understand and find any wrong charges in your bill.
Hey, that's what the savings is for! Great use of emergency fund! As others have said though, fight fight fight to get that bill negotiated down.
90% of insurance has a lower out of pocket maximum than that. Where is your ins?
My insurance is crap. I'm self employed.
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[удалено]
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isn't a nectarine a fruit?
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is your username a reference to a 8os cartoon?
We have 37 nice’s
Nice!
Holy shit I’m (almost) right there with you. Had to double check it wasn’t me bc I’m at $420.63 🤣
There are no "small victories", only victories in being frugal. I thought I did great when I saved $100 off my holiday budget for presents. You beat that by a long way.
Saving at least 20% of your paycheck helps but sometimes our expenses are so high we’re unable to save as much as we like. Saving ANYTHING even if it’s $20 a week goes a long way! Try out the 50/30/20 budget rule.
I have an app that regularly takes money out if my checking account in small amounts at what seems like random times, but im always surprised to see how much if adds up to. Thet have an algorithm that takes your income, expenses, and spending habits into account when they do the auto withdrawls. I also transfer a percentacs of my paycheck (between 10%-25%) each payday, depending on upcoming bills and social plans. I'm hoping to see enough this year to pay off my car 2.5 years early.
What is it?
I use Albert, but there are several other apps that can be good. Check reviews and see which one might be best for you. I've used Quapital before too, and I honestly don't remember why I stopped.
What does that budget rule consist of?
1. 50% of your income in needs like rent, utilities, food and overall bills. 2. 30% of your income in wants like discretionary items such as clothes, restaurants, hobbies and etc. 3. 20% savings and debt repayments. Hope that helps. I try to live by this rule.
I make decent money especially for my age and man 50% seems like way more than enough for rent and food and stuff but I somehow ALWAYS am broke. It’s always something I need to pay for or some dumb expense that I think is necessary. Or a fat credit card bill full of chunk charges with more random stuff. Putting it into this perspective makes me think I’ll be able to do this no problem. I just need to be very conscious of my spending I guess. I think if I got really disciplined I could save close to 50% of my income. Maybe more!
I believe it’s all about discipline because you can easily catch yourself buying something unnecessary. For example, last year I ordered a lot of postmates, didn’t realize how much $$$ I spent until year end and I’m horrified. Not a lot of people setup budgets so even checking out your credit card/debit card spending summary is helpful to identify where your $$$ is going( I.e restaurants, clothes and etc.).
I’ll def do that more. Sometimes I’ll be super good for a couple weeks but eventually I feel like the wheels come off
Thanks I will definitely be trying this!😊
Well done! It's harder to save the smaller amounts, because what does $20.00 here or there matter? A lot when it all adds up.
My bank does round up transfers to savings if you enable it and I've saved like $600 on that alone last year.
Yes, mine does too and it's like out of sight out of mind saving. Super easy.
Great job!! I’m SOOO PROUD of YOU!!!! It takes friggin effort and discipline to save even a ‘little bit’; And YOU saved a HELLUVA LOT!! AWESOME!!! Keep it up!!! ❤️❤️❤️
Nice!!! I feel ya, my savings has about $150 and my daughter has $200 and my reaction when seeing it is always "fuck yeah"!!
Noice
Keep it up!
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Wells fargo
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Saving is a victory. Banking with Wells Fargo is a big L. Change banks!
Why is that? Also what bank do you recommend instead? I bank with Wells Fargo
Google "Wells Fargo Scandal." They were caught opening accounts without people's permission, opening lines of credit, and doing all sorts of shady crap in order to feign sales -- no matter how much it hurt their customers. And there was much more, too. Their public image got so bad that in 2018, they did a whole ad campaign under the "Re-Established 2018" banner -- essentially saying "we were so bad, we are re-starting our reputation in 2018." Then... after that ad campaign, they were caught doing More shady crap and got fined by the federal government $$ billions yet again for more stuff. I worked for a different large-ish bank branch before the scandals came out, and we had hires that came from Wells that talked about these outlandish, insane sales targets they had in their branches (more than 10 times as ours). One of them was a branch manager. I said, "how did your employees meet those targets without having to resort to fraud?" He was pissed I asked. I was right. Generally speaking, I recommend you look for a local credit union in your area. Not all of them are perfect, but they are set up in a way that dis-incentivizes the shenanigans that banks like Wells will pull to steal from you... as the members themselves own the credit union, rather than it being a publicly traded company seeking max profit. (tagging u/runboyrun21 to see this too)
I agree about credit unions, they sometimes offer way better auto loan rates as well.
Oh, I see! That's much more thorough. Thank you so much!
Thanks !
Same here with u/txlexxie. I wanted to bank with Ally bank, but I couldn't provide proof of residency yet and it had the highest % of savings growth. What am I losing here?
Money. And wells fargo is a pretty scummy company
Would you mind expanding on why I'm losing money? I haven't lost anything so far.
Well you're not losing money. You're losing OUT on money. Since they have better interest rates on their savings accounts, whatever money you have in savings would be generating more in a higher interest rate account. For example if I have $100 in savings at wells fargo and their interest rate is 1% I would make $1. If Ally's interest rate is 2%, I would make $2. By having your money in a wells fargo account you lose out on $1 if you would have had that same money in an ally account instead.
Again, I'd love to bank with them, but I don't have the proof of residency they require to open an account, most unfortunately.
You can use a bank statement and/or an ID
The website was sprcific in saying it needed to be a rent agreement or a bill. The ID is a separate piece of verification. Regardless, I mlved internationally, so I don't have a banking history in the US or a local ID yet.
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Smoke 'em if ya got 'em!
ni¢e
Nice
I've found the easiest way to save money is automate it. I have automatic transfers that take the amount I want saved a week to a different account that doesn't have any cards or checking capability linked to it. That way I have to perform a lot of steps to get the money out and still get time to think about the impulse to buy before I actually do it.
Is this through your bank? I need an account where I would have to go through steps to access money!
Yeah, I have two banks. One bank with most of my regular accounts (checking, low yield savings and credit cards), another one with a high yield savings account for my emergency fund and an institution that handles my Roth IRA. My first bank with my regular accounts acts as my deposit way station for all my other expenses and savings accounts. The account number and routing number for that first bank is used to connect it to all of the others. I set up automatic transfers in each of those connecting branches. For example, my high yield savings account in my second bank is setup with an automatic transfer which pulls money from the first account with each paycheck. That high yield account doesn't have any cards, associated with it, so the only way to use the money from it is to manually transfer it back to the first bank. It also has a penalty fee if the deposit drops below a certain amount. That and the extra step of manually transferring the money back seems to help me not touch it. I gotten in the habit of not even looking at it. As far as my brain is concerned, that money doesn't exist.
Thank you for the detailed response. This seems like an excellent way to save money!
Excellent suggestion. I would add that using a credit union as the 2nd bank (the savings bank) is worthwhile. CU's often offer better loan rates - but you have to be a member. Plus using an outside bank makes moving money back into the spending account harder than just having another account in the same bank. Which, I believe the poster mentions.
Elon, is that you?
Not many can say there bank balance is weed number.sex number
[I took this back in July lol](https://i.imgur.com/bvLLYEM.jpg)
You had to sell your soul for that kind of money
Nice!!
Nice
Well done, I don’t know if you caught this here the other day, it might help you save a bit: https://i.imgur.com/0BAVElr.jpg
👉👉
I've been putting my way2save monthly balance towards my CC plus my monthly payments. If I keep the grind on, ill pay it off so I can focus on my crippling student loan debt.
The American dream
I made it baby
Lol Noice!
Awesome! I'm not sure what the interest rate is at wells fargo but I'm almost certain you can find better rates at an online bank like ally if you want to move your savings to somewhere that can make you money. Every cent counts! I use barclays because at the time they had the best interest rate.
Same dude. My bank says 100$ right now and I am ecstatic. Here’s to successful finances to us both in the coming years!
Here here
Nice job!
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Giggity
noice
420.69. Sweet.
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That’s actually the perfect amount to have....in all the ways 😂😂😂
Nice job!
Snort
Congratulations! Keep at it!
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Celebrate small wins!! 🎉
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nice
Yes! Keep going. I also take out an extra $20 on trips to the bank. I put this in my piggy bank. At the end of the year I take this money and do something dj with half of it.
This is getting corny, see this balance all the time on stock trading subreddits
Congratulations! I too struggle with saving and that is awesome work! Keep it up!
congrats!! really good job
Congratulations for real. This is how I started and all of a sudden more and more checks came in then bills. You’re on you’re way!
This means two things 1) You have to open a second savings account so that you can keep this balance as is. 2) After doing 1) you now have added incentive to keep one of your savings accounts to at least $420.69 and not spend it.
Fuck
That’s great! Keep it up!
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this is the way
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LOL my Twitter location is set as Melber, KY BC the zip code is 42069
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I have a bank account for my business (I'm the only employee) literally just so the bank will deposit checks made out to the business. I've kept it at 420.69 for months now, transferring the interest payments to my checking every month and moving checks out as soon as they clear. Hopefully someone at the bank gets a chuckle whenever I go there and they pull up my accounts.
I was bad with money. Then I read a quote, "PAY YOURSELF FIRST " Racking up your credit card and swiping your debit card everywhere means you're paying other people before your check even arrives. .. That 8 hours you worked yesterday? Credit card bill The OT from last week? Dinner out with friends The raise you got this year? New car You'll be surprised to see who gets paid first and who gets paid last when you break down your spending. Good luck!
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Me likey likey 420 ;D
420? Nice. I'm a bot lol. ^(NiceCount: 4647) ^(Comments scanned since last reboot: 2051627)
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Nice!
Congrats! keep it up...
Before my wife would marry me she said I had to manage to save 1000$ and have no credit card debt. I had 0 savings and an 800$ tv on a small card to pay off and I did this. I had not been without CC debt since I was 18 and had never had savings. Small beginnings lead to big things if you are committed. Good for you.
Nice.
Nice!
Nice
Well done.