I’m an Airman Basic who’s been on this subreddit for little bit now, I’m trying to follow the pinned posts on how to budget, what kind of investments to make, and how to set myself up for financial success.
I’ve opened up a Navy Fed account where I aim to keep my spending money, but I’ve seen a lot of recommendation to open an HYSA for savings/emergency fund. I am struggling to understand and compare the different terms that come with HYSA’s and the pros and cons of the banks that offer HYSA’s.
I am hoping y’all would be able to give me a dumbed down, broad view/summary of the main HYSA’s broke airmen like myself would benefit most from. And any additional guidance on HYSA’s or just finance in general would be awesome and much appreciated too!
Posted by Peanut-buy
1 Comment
Use a service like fidelity to set up recurring monthly transfers/investments of manageable amounts of money to a roth ira, taxable stock account, and emergency savings. It could be $50 or $100 a month in each but just start somewhere and work your way up as you gain more knowledge and pay bumps. Put 5% in the tsp at a minimum. I use fidelity SPAXX as my hysa.