So, I’ve just started working and I wanted to know how people split their paycheck between checking and savings.I already have checking account with chase! Looking for some financial advice here! Thank you!
All in on crypto
Already have invested !! 🤷🏼♂️
Which banks do you suggest?
What do you mean by investment account, xuasted? Can you eloborate more?
Thanks for editing !! I like your strategy
If you are going for savings, get discover savings account....about 1.6% interest.....I know it’s a joke....but something is better than nothing
Put rent + small buffer in checking. Everything else in savings and switch to money market account after 5-10k+, put money in this account till you have a decent emergency fund - aim for like 6 mos of rent or something. Make sure to pay off all your existing debt. If you make like less than ~120k open a Vanguard Roth IRA and put 5.5K in it each year, put it in VTSAX or a retirement target fund. If you make more look up backdoor Roth IRA. If you have a 401k contribute to at least company match. Buy everything on credit card and pay it all off before it's due.
Leave your money in checking. Identify how much you can save each month. Move it to savings religiously. Do something similar for an investment account (IRA if you qualify). Regularity is key. Welcome to your financial future. Cheers.
Does it matter? Use Mint to track all your accounts, credit cards, loans etc and monitor monthly net worth/income/expense trends
Save a total of 1/3 of your gross income. First on a savings account until you have an emergency fund of 3-6 months' worth of expenses. Then all savings go into investments. Since you're young that should be 90% stocks, 10% bonds. Make sure you contribute to your 401(k) at least up to your employer's match. It's free money. Also, max out contributions to a Roth IRA for tax-free growth and withdrawals.
If you don't qualify for a Roth use a Traditional IRA and do a "backdoor" conversion.
Oh and don't try to beat the market with actively managed funds. It's a fool's game. Go with broadly diversified index funds or ETFs.
Open savings with Marcus/Synchrony or Cap One. Nearing 2% interest now
Drop chase
Why do you say that?