savings account Archives • Bitches Get Riches

Cheat on Your Bank—It’s Not Your Girlfriend

February 21, 2023February 21, 2023 Jess Fickett ("Piggy") 16 Comments

Did you know you can have more than one bank?

It’s true! And in fact, it could actually be good for you and your financial situation. You can spread your money out among as many banks, credit unions, and investment firms as you like. Fidelity (the act of being faithful, not, y’know, the giant international banking corporation of the same name) counts for very little in the world of money management.

This topic was inspired by some of our wee baby bitchlings agonizing over the idea of spreading their money around to two or—gasp!—even more banks. These aspiring rich bitches came to us, all cute and nervous because they were worried about being disloyal, or even risking punishment by starting a savings or investment account outside of their primary bank.

“Am I allowed to put my money in multiple banks?” they asked. To which we replied: “Cheat away!” As Camilla Parker Bowles-Windsor is my witness, side ~~chicks~~ banks are totally allowed.

It’s one of those things no one really tells you when you’re first getting your adult finances together. Because of course you can use more than one bank!

And in fact, it may even be in your best interest. Here’s why.

You’re Saving Too Much Money in Your Emergency Fund… And You Might Not Need It at All

October 13, 2022October 21, 2022 Lauren Torres ("Kitty") 18 Comments

We, the Bitches, have said many times that emergency funds are absolutely foundational to financial stability—which makes it wild that today, I’m here to completely contradict myself and say you might not need an emergency fund at all!

When we first started this blog, our frame of reference was regular folks. We gathered experiences from friends and coworkers who were mostly young and broke, with neither interest nor experience in managing money. Overwhelmingly, those people needed emergency funds and often didn’t have them.

Now we have a healthy readership of self-identified personal finance nerds… and we’re seeing the opposite problem! These people took the “build an emergency fund” step and ran with it. But like, past the goal post, straight out of the stadium, and deep into Parking Lot B. They’re sitting on shockingly large piles of cash, afraid to spend or invest, chasing ever-higher amounts for “safety.”

So today I want to talk about why you might not need an emergency fund. Or at least, why you might not need a classic emergency fund (i.e., the giant pile of X months’ expenses in cash). In some cases, it’s a smart, strategic decision to have a smaller or less traditional emergency fund. Especially if there may be better uses for your cash right now.

It doesn’t apply to everyone—but if you’re reading this blog, odds are good it applies to you!

Ask Not How Much You Should Save, Ask How Much You Should Spend

August 24, 2021August 24, 2021 Jess Fickett ("Piggy") 21 Comments

“How much of my income should I save?” How much indeed! The darling citizens of Bitch Nation ask us this question all the damn time. And we love it when you guys ask, because it means we get to give you our favorite answer: “It depends!”

A day may come when we stop harping on about how personal finance is personal. But it is not this day. When we stop giving vague, rambling answers to straightforward questions and instead cut straight through the nuance to the heart of the matter.

This day we ~~FIGHT~~ continue to drive home the point that an individual’s journey toward financial solvency is a complex and ever-evolving process! For while some people thrive under hard-and-fast money management rules, others decidedly do not. And today we want to reach those who prefer flexible guidelines to rules set in stone.

So instead of answering the question of how much you should save, let’s better define the question. Because I really don’t think you should be asking how much you should save. In fact, I think that’s entirely the wrong question.

What’s the Difference Between Savings and Checking Accounts, and How Should I Be Using Them?

May 19, 2020January 8, 2022 Lauren Torres ("Kitty") 6 Comments

What Piggy said last week is very true: sometimes we’re so eager to lunge ahead and answer the most complex, interesting questions that we forget to cover the absolute beginner basics. So this week I’m going to take you to church (or, I guess, school) on the difference between savings and checking accounts.

These are the two most common kinds of bank accounts in America. So if you’re new to banking, the first account you get will likely be one of these.

The features of these accounts were very consistent for several decades. But the past few years have changed the dynamics of how we use savings and checking accounts. And as a result, we’re changing our advice on how and what they should be used for. And even those of you who are rock-solid on this topic are going to want to hear that! (We think.)

So let’s get into it!

From HYSAs to CDs, Here’s How to Level Up Your Financial Savings

April 6, 2020January 8, 2022 Jess Fickett ("Piggy") 9 Comments

In light of certain global pandemics, financial experts are telling us to prioritize savings over investing at this time. But what does that truly mean? Pulling your money out of the bank and stuffing it in your mattress? Probably not.

We’ve already lectured you on keeping up with inflation and the expense of depreciation—complete with examples from Harry Potter! So our beloved readers know that keeping fat stacks of literal cash in a drawer is a bad idea.

But what can you do to cautiously save your money in a way that will both keep up with inflation and stay safe from the risk of stock market volatility?

Take my hand, children, and I will lead you up a ladder of ever increasing financial savings savviness with the following four savings methods.