Everything You Need to Know About Savings

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.

The Financial Diet site:

[jettgalindo]

With the rampant growth of finance YouTube channels that seem to heavily target the male demographic (Graham Stephan, Andrei Jikh, etc), your channel is always a breath of fresh air! And your approach feels more realistic & relatable

[Kunailover]

I started a small emergency fund, which ended up saving me during the pandemic. I was surprised how the advice you guys suggested help me save up so much so quickly despite being in financial trouble. I now have everything under control for now, with a little hiccup that will be resolved in a few weeks, but I've been able to handle everything much better than I could before. I'm really grateful for paying attention to you guys and can't wait to listen to more of the advice you have.

[Ergmermerg]

We finally saved about $10k and just this afternoon got the news that my husband needs $7k worth of uninsured dental work done. Thank goodness for payment plans and emergency funds!

[hakim]

Also savings in the beginning are a very short term thing. You're saving for emergencies for trips for your first car. Don't let nerds discourage you with inflation talk and say that it should always be invested rather than just saved.

[amandabromell]

I really needed this channel 10 years ago. Better late than never

[DemetriPanici]

Chelsea this breakdown was absolutely amazing! I think more people need to start saving early just because of the way that money works!

[angieinthecity]

The base of my savings is from what was left over from my financial aid 🙂
I started my emergency fund because of you guys and saved about 6 months worth and qlsp have paid off 4 credit cards(don't judge 😂)
Also throwing my money at high-yield savings and starting to invest ❤
Thanks for another great video!
Edit: also added a retirement fund

[karinerente]

Chelsea is the best, so relatable. I am doing my Master's and thinking on being au pair next year. My financial habits changed during my bachelors when I found The financial diet. I am so thankful for this channel.

[catarinaaraujo]

Because of covid we being saving more ....don't need shopping, no work transportation, no Tim, no take I cook at home and we eat leftover....I also use everything at home until last drop.... and if I need anything I always by second hand....Saves me a lot....Love it.

[InvestWithQueenie]

Thanks for sharing these tips Chelsea! I put all of my short term savings in my offset account so that the interest on my mortgage repayments is lower. Great video, the earlier we start saving and investing the better is very true 😊

[ofircohen]

Its driving me crazy to think how many people just don't save money at least for a rainy day... That why our goal - as a finance YouTube channels- is to get to more audience! Thank you for spreading the world with this great information!

[JordanneWells]

The habit of saving(the transformation) is so much more important that the specific amount saved (the destination) for sure. And the best part is, your spending will adjust to your savings. So if you increase your saving rate, you eventually get used to it and dont even notice the drop in available funds because your spending adjusts.

[tinytarakeet]

can' t tell you how many times i rewatched the tiny sparkle effect on "Special Tax Advantages"

[carolapina]

I’ve been having a problem of feeling guilty every time I take money out of my emergency fund. I’m glad I have it and it’s saved me multiple times. For example, when my washer and dryer broke last month. But I keep feeling bad seeing that number go down and having to clime back up.

[emmagiles]

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!!

[NatashaA]

I'm loving this series!! WFH has helped me pay off my student loans faster - I also find myself paying bigger amounts as I get closer to my goal :)

[leekawu]

Was going to sleep (its 4am where i live) but then i saw the notification and i just had to watch the vid before going to bed 😅😅😅

[inapatel]

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

[mai_world]

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.

[Katiedora]

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.