Latest / Silver FM 100.6 / Savings strategies that actually work

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Savings strategies that actually work · Silver FM 100.6

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  Speaker 2: It's always fun to get a little philosophical when you
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  Speaker 2: talk about budgeting, because it is like at the heart
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  Speaker 2: of all money questions.
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  Speaker 3: I think, I agree.
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  Speaker 4: I feel we concentrate too much onto dollars and we
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  Speaker 4: forget there's a human being with feelings behind it.
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  Speaker 3: You're listening to life Kit.
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  Speaker 2: I'm Mary el Sagara and that was certified financial planner
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  Speaker 2: Tanya P.
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  Speaker 3: Brown.
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  Speaker 2: When Tanya gives financial advice, she often comes back to
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  Speaker 2: an acronym swan swan meaning sleep well at night, because
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  Speaker 2: she says, the best money choice isn't necessarily the one
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  Speaker 2: that optimizes your savings or your future earning potential. It's
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  Speaker 2: the decision that makes you feel safe, and it's the
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  Speaker 2: one that's aligned with your values. Keep that in mind
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  Speaker 2: as we have this conversation about savings buckets, The idea
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  Speaker 2: with savings buckets is that you separate your savings into
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  Speaker 2: distinct categories, prioritize between them, and set up rules to
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  Speaker 2: decide when you tap into each one. Doing this can
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  Speaker 2: help you stay motivated and stay on track with your
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  Speaker 2: money goals. By the way, Tanya is also a job
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  Speaker 2: exit strategist.
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  Speaker 4: I literally say my job is to help people quit theirs,
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  Speaker 4: so helping people create a financial exit strategy to quit
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  Speaker 4: corporate and go.
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  Speaker 2: Solo, and savings buckets are a big part of that. Now,
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  Speaker 2: when I talk about savings, I don't just mean the
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  Speaker 2: money you put into a traditional bank account. Investment accounts
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  Speaker 2: are a form of savings too, so are healthcare spending accounts,
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  Speaker 2: and it can be hard to know how to prioritize
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  Speaker 2: between those.
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  Speaker 3: A quick tip on.
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  Speaker 4: That, I would actually say, prioritize things that are likely
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  Speaker 4: to happen. Those to me are the priority because those
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  Speaker 4: are what busts everybody's budgets, and those are the things
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  Speaker 4: that are going to happen.
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  Speaker 2: That bucket is what a lot of financial experts call
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  Speaker 2: a sinking fund. It's meant for upcoming expenses that you're expecting,
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  Speaker 2: and it's different from your emergency savings fund because an
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  Speaker 2: emergency you generally can't anticipate.
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  Speaker 5: You have to fly out because of family is ill.
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  Speaker 4: You have an over and above average incident that happens,
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  Speaker 4: and that's where the emergency comes in. So I oftentimes
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  Speaker 4: say emergencies are the things you pray never happen.
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  Speaker 2: We'll have more on sinking funds, emergency funds, and other
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  Speaker 2: types of savings after the break.
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  Speaker 2: Tanya, I wonder why have a sinking fund at all? Right, Like,
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  Speaker 2: can't you just try to cover whatever short term expenses
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  Speaker 2: come up with your paycheck.
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  Speaker 4: With the short term savings of let's just say you
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  Speaker 4: want to say for Christmas, Yes, you can just wait
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  Speaker 4: till Christmas and spend the money, But then you always
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  Speaker 4: are finding yourself in a panic spinning the whole thousand,
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  Speaker 4: whereas if you just set aside one hundred every month,
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  Speaker 4: it's smooth. So think of short term savings as smoothing
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  Speaker 4: what feels like an emergency or a panic moment. So
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  Speaker 4: if you know this comes up regularly, you can simply
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  Speaker 4: have online an item in your budget. One hundred of
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  Speaker 4: that thousand dollars may go towards a Christmas budget. One
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  Speaker 4: hundred that line item may go towards a future repair
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  Speaker 4: or future dental if you don't have that already covered
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  Speaker 4: inside of a flexible spending account or a healthcare savings account.
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  Speaker 4: So the goal of short term is to turn the
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  Speaker 4: panic into something that is automated and something smooth.
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  Speaker 2: Do you recommend that people put their sinking fund and
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  Speaker 2: their emergency fund into separate bank accounts.
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  Speaker 4: Some people like the separation because mentally they're like, okay,
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  Speaker 4: for a known future car repair, it's in short term savings.
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  Speaker 4: For if I lose my job, it's in emergencies, and
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  Speaker 4: mentally they need the separation. For others, for their sanity,
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  Speaker 4: they rather just drop everything in one bucket. But now
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  Speaker 4: there are accounts where you can put money into one
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  Speaker 4: bucket and then you can assign if you will job.
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  Speaker 5: So I don't know.
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  Speaker 4: If you have five thousand dollars in the account, you
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  Speaker 4: know three thousand is your marked for your growing savings.
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  Speaker 4: A thousand is earmarked for home repairs, A thousand is
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  Speaker 4: earmarked for car repairs or whatever, those short term expenses
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  Speaker 4: that are likely to happen. You just don't know when
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  Speaker 4: and not always know the exact amount.
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  Speaker 2: And I guess there's something psychologically about if you have
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  Speaker 2: it earmarked for that thing, you're less likely to dip
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  Speaker 2: into it for something else.
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  Speaker 4: Absolutely, if you think in advance, what's the amount you
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  Speaker 4: want to have in there, you know if you have
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  Speaker 4: any mini windfalls, like a higher than expected tax return,
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  Speaker 4: you get a bonus. You save for something and you
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  Speaker 4: find out you got it for less than what's expected,
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  Speaker 4: you know exactly where that excess money is going to go.
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  Speaker 5: So it also trains you so you are.
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  Speaker 4: Doing it without thinking, because if you give yourself a
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  Speaker 4: chance to think, you may talk yourself into not putting
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  Speaker 4: money anywhere.
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  Speaker 2: And in both cases, this money should go in a
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  Speaker 2: traditional savings account, right, not into an investment account.
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  Speaker 4: Yes, and I tell people, well, think of savings as insurance,
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  Speaker 4: not as an investment. This is money that you need now,
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  Speaker 4: and if you put it into investments, either it's going
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  Speaker 4: to work or it's going to be less than what
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  Speaker 4: you need at the time. You needed, not a chance
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  Speaker 4: you want to take if you need something, especially very
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  Speaker 4: short term.
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  Speaker 2: Take away one when it comes to savings accounts, Tanya
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  Speaker 2: recommends that you prioritize your sinking fund. That's the pool
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  Speaker 2: of money you can dip into for expenses you can anticipate.
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  Speaker 2: For instance, if you know you need new tires this year,
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  Speaker 2: or you have an expensive medical procedure coming up, or
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  Speaker 2: you're planning a big anniversary celebration. She suggests that you
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  Speaker 2: think of your sinking fund as separate from your emergency fund.
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  Speaker 2: Your emergency fund is for the stuff you can't predict
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  Speaker 2: but you know might happen in your lifetime job loss, illness,
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  Speaker 2: a termite infestation, that kind of thing. How much money
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  Speaker 2: do you recommend people keep in their sinking fund?
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  Speaker 4: The short term is a lot more predictable because this
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  Speaker 4: is typically money you've spent every year. So, for instance,
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  Speaker 4: if you own a vehicle, it doesn't take a lot
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  Speaker 4: to look at what's the life of the parts of
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  Speaker 4: your vehicles to get an estimate as to how much
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  Speaker 4: it would cost to repair. So if you know you
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  Speaker 4: need a new radiator or a new transmission, you can
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  Speaker 4: check and know exactly how much you need to save.
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  Speaker 4: Also in the short term, it's vacations. If you look
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  Speaker 4: at what you've spent last year on vacations. Nowadays, between apps,
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  Speaker 4: between banks that have pretty sophisticated ways of tracking or spending,
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  Speaker 4: you can come up with a really good guestimate and
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  Speaker 4: use that to factor into how much you want to
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  Speaker 4: save for vacations. So with the short terms, you actually
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  Speaker 4: have numbers to work off of or to get estimates,
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  Speaker 4: because remember these are expenses that are coming up throughout
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  Speaker 4: the year. The typical things you spend money on outside
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  Speaker 4: of auto.
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  Speaker 3: Pay, okay, and what about the emergency fund.
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  Speaker 4: If you have a spouse that can take care of
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  Speaker 4: the expenses, If you're living with your parents and you
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  Speaker 4: have someone that can cover your living expenses so you're
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  Speaker 4: not homeless, we could be talking three months on that end.
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  Speaker 4: If you are by yourself and your job is relatively steady,
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  Speaker 4: I would say three months maybe on a light in
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  Speaker 4: six months is more probable. If you have a job
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  Speaker 4: where the market is very unsteady, we're talking six If
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  Speaker 4: you are the breadwinner of your family and you lose
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  Speaker 4: your job and there's no additional income, we're talking more
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  Speaker 4: six months to one year. If you are self employed,
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  Speaker 4: your income is going up and down like a roller coaster.
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  Speaker 4: We're now in that six months to one year. That
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  Speaker 4: gap is what I call swan and that is the
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  Speaker 4: number that helps you sleep well at night. So the
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  Speaker 4: first part of the buckets based on your situation. The
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  Speaker 4: second part to me, that's when your personality comes in.
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  Speaker 4: I will talk to some people and they tell me
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  Speaker 4: I'm just not coming unless I have a year savings,
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  Speaker 4: not like them have a year of savings. I Am
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  Speaker 4: not going to argue what someone needs to comfortably sleep
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  Speaker 4: well at night.
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  Speaker 2: Take away too, figure out how much to put in
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  Speaker 2: your sinking fund by estimating your upcoming costs. We can
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  Speaker 2: start with the next few months. To get a quick
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  Speaker 2: snapshot for your emergency fund. Consider your current living situation
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  Speaker 2: and whether you're supporting a family. Also, what amount makes
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  Speaker 2: you feel secure. You might end up with three months
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  Speaker 2: of expenses in the bank or a year. Also, make
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  Speaker 2: sure to put your sinking fund savings and your emergency
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  Speaker 2: savings into an FDIC or NCUA insured bank account. Don't
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  Speaker 2: invest that money in the markets. After the break, we'll
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  Speaker 2: talk about how to prioritize between these funds. Your retirement
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  Speaker 2: savings and a brokerage account.
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  Speaker 9: On the streets of Denver, nineteen, disabled protesters black buses
• 10:53
  Speaker 9: to demand accessible transportation.
• 10:56
  Speaker 6: The right to be in the world.
• 10:58
  Speaker 5: That's what the movement was about.
• 11:00
  Speaker 9: On the Sunday Story, how an often forgotten group of
• 11:03
  Speaker 9: activists in nineteen seventy eight helped spark the modern day
• 11:06
  Speaker 9: disability rights movement. Listen now to the Sunday Story from
• 11:10
  Speaker 9: the Up First podcast on the MPR app.
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  Speaker 2: Another savings bucket that you need to consider is your
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  Speaker 2: retirement fund. At Lifekit, we often give the advice to
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  Speaker 2: prioritize this, especially if your company offers an employer match.
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  Speaker 2: Otherwise you're leaving money on the table. Tanya says, if
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  Speaker 2: you can do it all, contribute to your sinking fund,
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  Speaker 2: put away money for emergencies, and contribute to the retirement fund,
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  Speaker 2: that's great.
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  Speaker 3: But if you're absolutely down to the.
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  Speaker 2: Wire and you have to make a choice, she says,
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  Speaker 2: prioritize your short term savings because.
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  Speaker 4: This is money you're going to spend. Would have to
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  Speaker 4: come as a priority, because this is not money that
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  Speaker 4: you are thinking of spending. This is money you are
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  Speaker 4: going to spend if you don't plan for it.
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  Speaker 5: You're going to be in.
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  Speaker 4: Debt, so I would say the things you know that
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  Speaker 4: are upcoming.
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  Speaker 5: That's got to be a priority.
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  Speaker 4: Beyond that, I would say, at least making sure you
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  Speaker 4: have the match as the bare minimum. I find for
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  Speaker 4: most people, if you do it, you're surprised because it's
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  Speaker 4: typically for a lot of people POINTAXT, so it doesn't
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  Speaker 4: come out as much as what people think it.
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  Speaker 5: Probably have money left over.
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  Speaker 2: Let's say you've met your short term needs and your
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  Speaker 2: emergency savings needs, and you're getting your base level employer
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  Speaker 2: match from your retirement account. Now you have some options
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  Speaker 2: and you could put more money into a retirement plan.
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  Speaker 2: You could put money into a brokerage account. Some people
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  Speaker 2: just put more money in a hild savings account. How
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  Speaker 2: would you kind of order these?
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  Speaker 4: The first way I will order it is personality. I've
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  Speaker 4: actually been in this industry or for well over twenty years,
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  Speaker 4: and what I've found is if putting it in the
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  Speaker 4: retirement account creates the level of automation to make it consistent,
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  Speaker 4: I would rather go above the match, because for some
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  Speaker 4: people that extra friction of having to also do a
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  Speaker 4: brokerage account may be enough for someone not to do it,
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  Speaker 4: so I find one what will be the most consistent
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  Speaker 4: automated way for a person to save, and that is
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  Speaker 4: the route we go. I would prioritize it by what
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  Speaker 4: are you the most likely to use. I would assess
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  Speaker 4: how much money did you spend less year on healthcare
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  Speaker 4: and if you've spent quite a bit of money, had
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  Speaker 4: quite a bit of visits, and even if someone is
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  Speaker 4: physically healthy, if you spend a lot of money on
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  Speaker 4: eye care or have I problems or dental problems, then
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  Speaker 4: it would definitely be putting money in the FSA and HSA,
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  Speaker 4: because again, this is money you are going to use anyway,
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  Speaker 4: so it's better that you just prioritize that.
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  Speaker 2: Well, it's also tax advantaged. That's the benefit. Like with
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  Speaker 2: hsas and FSS and retirement plans. You are saving on
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  Speaker 2: taxes in one way or another through those, whereas you're
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  Speaker 2: not with a brokerage account exactly. Take away three short
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  Speaker 2: term savings is your top priority. Otherwise when an unexpected
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  Speaker 2: expense pops up, you'll go into debt and that is
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  Speaker 2: very expensive. But don't discount the long term. If you
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  Speaker 2: can do it, contribute enough to your retirement plan to
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  Speaker 2: collect any employer match you're offered. Beyond that, she says,
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  Speaker 2: where you put your savings comes down partly to personality
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  Speaker 2: and values. If you're more likely to invest money through
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  Speaker 2: a retirement plan because it comes out of your paycheck
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  Speaker 2: and it's automated, do that, although I will note here
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  Speaker 2: there are ways to automate your brokerage account investments, but
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  Speaker 2: it's often a little bit more complicated. Also, if you
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  Speaker 2: have a lot of medical expenses, definitely take advantage of
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  Speaker 2: a flexible spending account or a health savings account if
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  Speaker 2: you can. You'll never have to pay taxes on the
• 14:46
  Speaker 2: money you put in there if you spend it on
• 14:47
  Speaker 2: medical expenses.
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  Speaker 3: Tanya and I also.
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  Speaker 2: Talked about what it means to save for a version
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  Speaker 2: of yourself that doesn't exist yet.
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  Speaker 4: I always say, you want to make sure you safeguard
• 14:57
  Speaker 4: future you.
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  Speaker 2: Yeah, this is a that I think about a lot,
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  Speaker 2: like how do you safeguard future you? But also understand
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  Speaker 2: that nothing is promised and we need to live today
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  Speaker 2: and enjoy our lives today, and that comes into play
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  Speaker 2: when you're making decisions like how much of my money
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  Speaker 2: am I going to put into a retirement plan that
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  Speaker 2: I can't access until I'm in my fifties without penalty
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  Speaker 2: versus how much would I put in a brokerage account
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  Speaker 2: versus a savings account. It's sometimes a tough call because
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  Speaker 2: sometimes we can't really picture ourselves at fifty something, you know,
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  Speaker 2: when we're twenty, and it's like, well, I need this
• 15:42
  Speaker 2: money now, or I want I want this money now.
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  Speaker 3: Also, if you've ever had a health.
• 15:47
  Speaker 2: Scare or lost someone who you know who's who's died
• 15:51
  Speaker 2: quite young, it's like I might not make it to fifty.
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  Speaker 2: You know, it gets very philosophical.
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  Speaker 4: Here is what I find comes a balancing act. I
• 16:02
  Speaker 4: do not think you should sacrifice your present for your future.
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  Speaker 5: I think it should be both.
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  Speaker 4: And when I look at my peers, I can tell
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  Speaker 4: you I am so glad I started saving you because
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  Speaker 4: I have choices and options that a lot of my
• 16:17
  Speaker 4: peers do not. So the first thing I think is
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  Speaker 4: I want to safeguard future me. And I think what
• 16:25
  Speaker 4: helped me personally was when I took a look at
• 16:28
  Speaker 4: a lot of people that were forced to work, that
• 16:31
  Speaker 4: didn't really have a choice in the matter. I knew
• 16:34
  Speaker 4: I wanted freedom, and freedom met prioritizing choices, but I
• 16:38
  Speaker 4: still went on vacations, and it comes down to prioritizing
• 16:43
  Speaker 4: what's important and ruthlessly eliminating everything else.
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  Speaker 2: I love the idea of creating freedom for yourself financial security,
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  Speaker 2: but also freedom and options. It's like, you don't have
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  Speaker 2: to retire, you know, and stop working completely, but you
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  Speaker 2: also don't have to stay at a job that you hate.
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  Speaker 2: And it is important I think for folks to remember
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  Speaker 2: that the earlier you start investing, the larger your gains
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  Speaker 2: are gonna be. Like time is the biggest factor here.
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  Speaker 2: So when you start in your early twenties, you're gonna
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  Speaker 2: have a lot more money than if you started at thirty.
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  Speaker 2: But even if you start at thirty, you're gonna have
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  Speaker 2: a lot more money than if you started at forty
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  Speaker 2: because of the compounding gains.
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  Speaker 4: Yes, after a while, you start to see how it
• 17:32
  Speaker 4: begins to compound, how it begins to grow. So the
• 17:36
  Speaker 4: earlier you start one hundred percent the better.
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  Speaker 2: If I am investing for retirement, but I also have
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  Speaker 2: some medium term goals. You know, I don't need the
• 17:49
  Speaker 2: money immediately. It's not for my emergency, it's not for
• 17:52
  Speaker 2: my short term needs, but it's not for retirement, Like
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  Speaker 2: I want to be able to access it before retirement.
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  Speaker 2: It feels like that's the good spot for a brokerage account.
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  Speaker 5: Yes, it is great for a medium goal.
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  Speaker 4: Back in the day when I first started, as my
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  Speaker 4: children say, in the late nineteen hundreds, which is so painful,
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  Speaker 4: the rule of thumb back then used to be money
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  Speaker 4: that you needed in five years or more went to
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  Speaker 4: a brokerage account, and money that you needed in five
• 18:21
  Speaker 4: years or less was recommended for savings.
• 18:24
  Speaker 5: So historically it used to.
• 18:27
  Speaker 4: Be we hit a recession every five to ten years,
• 18:30
  Speaker 4: so the thought process was you did if you threw
• 18:33
  Speaker 4: it into a brokerage account. You did not know which
• 18:38
  Speaker 4: end of the economy you were going to land on
• 18:41
  Speaker 4: by the time you needed the money. So that was
• 18:44
  Speaker 4: really conservative back then. I will still say you were
• 18:47
  Speaker 4: on a conservative side. It's a decent rule of thumb
• 18:50
  Speaker 4: to stick to. Some people have lowered that to if
• 18:53
  Speaker 4: you don't need the money for two to three years.
• 18:55
  Speaker 2: Yeah, sometimes you're saving money for the medium term, but
• 18:59
  Speaker 2: you don't know exactly what it's for yet, And I
• 19:02
  Speaker 2: think that can be a little bit of a confusing place.
• 19:04
  Speaker 2: You're like, well, where should I put this?
• 19:07
  Speaker 3: You know, I don't know Is this for a house?
• 19:08
  Speaker 2: Is this for like when I have a kid, I
• 19:10
  Speaker 2: just know I'm going to need money, But before I'm
• 19:13
  Speaker 2: in my fifties, you know, it still seems like a
• 19:16
  Speaker 2: if you don't know what it's for yet, that a
• 19:18
  Speaker 2: brokerage is a good place to put it.
• 19:21
  Speaker 4: Absolutely, I had account for I literally called it future Me,
• 19:26
  Speaker 4: that's literally the name, and I was putting money in there.
• 19:30
  Speaker 4: I had no idea what it was for and when
• 19:34
  Speaker 4: this is quite a while ago, and because I just
• 19:37
  Speaker 4: had that money, I was able to support myself until
• 19:42
  Speaker 4: I was able to make a decent living in financial services.
• 19:45
  Speaker 4: So I think it's totally okay not to know what
• 19:48
  Speaker 4: it's to use for, but you want to give future
• 19:52
  Speaker 4: you a future of options.
• 19:56
  Speaker 2: Take away for brokerage accounts are a great place to
• 19:59
  Speaker 2: park your medium and long term savings, above and beyond
• 20:03
  Speaker 2: your sinking fund and your emergency fund. Over time, you'll
• 20:06
  Speaker 2: earn much higher returns in a brokerage account than you
• 20:08
  Speaker 2: would in a federally insured bank account. One rule of
• 20:12
  Speaker 2: thumb don't put money in there that you know you'll
• 20:15
  Speaker 2: need in the next five years, because you want to
• 20:18
  Speaker 2: be able to sell your investments strategically at a time
• 20:21
  Speaker 2: when they'll earn you more of a return, and you
• 20:23
  Speaker 2: don't want to be forced to sell at an inopportune
• 20:25
  Speaker 2: time just because you need the money. Tanya says the
• 20:28
  Speaker 2: five year rule is a bit on the conservative side.
• 20:31
  Speaker 2: You could also say two or three years. When you
• 20:35
  Speaker 2: do have these different funds set up, how can you
• 20:38
  Speaker 2: decide when you're okay with dipping into a particular one.
• 20:43
  Speaker 5: That is a great question.
• 20:44
  Speaker 4: And when I work with clients, I would have them
• 20:47
  Speaker 4: set up rules of thumb. So for emergencies, we would
• 20:51
  Speaker 4: literally set up here are rules of thumb. For instance,
• 20:55
  Speaker 4: an emergency is not to be used for an expense
• 20:58
  Speaker 4: that's reoccurring every year. Again, a car repair is reoccurring
• 21:02
  Speaker 4: every year. Travel is reoccurring every year. Medical is reoccurring
• 21:06
  Speaker 4: every year. This is for over and beyond, like a
• 21:10
  Speaker 4: four thousand dollars repair, a major medical. So that way
• 21:14
  Speaker 4: you set the rules for the short term. For travel,
• 21:17
  Speaker 4: this is meant for travel and nothing other than travel,
• 21:21
  Speaker 4: or do you decide that something else became more important.
• 21:25
  Speaker 4: You can include flexibility in there. For car repairs, it
• 21:29
  Speaker 4: could be this is strictly for the repair of a
• 21:32
  Speaker 4: car up to a certain amount. I don't know, a thousand,
• 21:34
  Speaker 4: whatever you choose, and beyond that you can then include emergencies.
• 21:37
  Speaker 4: So giving yourself mental rules of THEMB is important, and
• 21:42
  Speaker 4: also giving yourself rules of them as to how much
• 21:47
  Speaker 4: what's the limit in there? Like do you want to
• 21:49
  Speaker 4: have ten thousand dollars a year for vacation, two thousand
• 21:52
  Speaker 4: dollars a year, five hundred dollars for an emergency medical Again,
• 21:57
  Speaker 4: if you don't have an FSA or HSA. So I
• 22:00
  Speaker 4: would say, in addition to setting rules for spending, maybe
• 22:03
  Speaker 4: set how much you want to have in there, and
• 22:05
  Speaker 4: then at what point do you stop and focus on replenishment.
• 22:10
  Speaker 3: Tanya, thank you so much for this pushure.
• 22:12
  Speaker 5: This isn't my pleasure. Oh you were great to talk
• 22:13
  Speaker 5: to all right.
• 22:15
  Speaker 3: Time for a recap take away one.
• 22:17
  Speaker 2: When it comes to savings accounts time you recommends that
• 22:19
  Speaker 2: you prioritize your sinking fund. For instance, if you know
• 22:22
  Speaker 2: you need new tires, or you have an expensive medical
• 22:24
  Speaker 2: procedure coming up, or you're planning a vacation. This is
• 22:27
  Speaker 2: separate from your emergency savings. Take Away two, figure out
• 22:32
  Speaker 2: how much to put in your sinking fund by estimating
• 22:34
  Speaker 2: your upcoming costs for your emergency fund, consider your current
• 22:38
  Speaker 2: living situation and whether you're supporting a family. Also, what
• 22:42
  Speaker 2: amount makes you feel secure. Put both funds into a
• 22:45
  Speaker 2: federally insured bank.
• 22:46
  Speaker 3: Take Away three.
• 22:48
  Speaker 2: Short term savings is your top priority. Otherwise, when an
• 22:51
  Speaker 2: unexpected expense pops up, you'll go into debt and that
• 22:55
  Speaker 2: is very expensive. But don't discount the long term if
• 22:58
  Speaker 2: you can do it. Contribute to your retirement plan, especially
• 23:01
  Speaker 2: when you're offered an employer match. Remember retirement plans or
• 23:05
  Speaker 2: tax advantaged. Beyond that, if you have a lot of
• 23:07
  Speaker 2: medical expenses, take advantage of a flexible spending account or
• 23:10
  Speaker 2: a health savings account.
• 23:12
  Speaker 3: Take Away four.
• 23:13
  Speaker 2: Brokerage accounts are a great place to put your medium
• 23:15
  Speaker 2: and long term savings. One rule of thumb, though, don't
• 23:19
  Speaker 2: put money in there that you know you'll need in the.
• 23:21
  Speaker 3: Next couple of years. Oh and once you have all
• 23:24
  Speaker 3: your different funds set.
• 23:25
  Speaker 2: Up, make rules for when you're allowed to tap into
• 23:28
  Speaker 2: each one. Those will help you stay on track.
• 23:31
  Speaker 3: That's our show.
• 23:33
  Speaker 5: Before we go, what.
• 23:34
  Speaker 2: Do you think? Would you rate and review Life Kit
• 23:36
  Speaker 2: in your podcast app? Here's one review from user OBPW
• 23:40
  Speaker 2: one two three. Such an informative and interesting podcast. Even
• 23:44
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• 23:50
  Speaker 2: the things I've learned on Lifekit when I was twelve.
• 23:53
  Speaker 2: Go ahead, let us know what you appreciate about Lifekit
• 23:56
  Speaker 2: with a review in your podcast app. This episode of
• 23:59
  Speaker 2: Life Kit was produce used by Claire Marie Schneider. Our
• 24:01
  Speaker 2: digital editor is Malica garib and our visuals editor is
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  Speaker 2: c J.
• 24:05
  Speaker 3: Rieklon.
• 24:06
  Speaker 2: Megan Kane is our senior supervising editor, and Lauren Gonzalez
• 24:09
  Speaker 2: is our executive producer. Our production team also includes Andy Tagle,
• 24:13
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• 24:17
  Speaker 2: Lfredo and Jimmy Keeley. I'm Mariel Sagara. Thanks for listening.
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