The #1 Secret to Saving Money

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In this video, you’ll learn the BEST WAY TO SAVE MONEY, whether you’re saving money for a car, saving money for a house, or saving money because you want to become a tax-free millionaire.

This one easy money saving tip can make millions of dollars of difference in your life over time...

If you’re saving money for a car, saving money for a house, saving money for a vacation… or any other big expense…. this money saving tip is going to help you do that much faster.

But the most exciting thing to me about this money saving tip is this...

The American Association of Actuaries & Pension Planners found that the #1 secret to having enough money to retire was SAVINGS RATE.

74% of what made someone have enough money to retire was that they actually saved money and invested it in the first place.

I’m excited about helping you save money so you can INVEST some of it and become financially free!

The #1 Secret to Saving Money is to TRANSFER that money (instead of spending it on something else).

I want you to have a SEPARATE bank account… maybe even a few separate bank accounts that you only use for saving for a specific thing like a saving for a car, saving for a house, or my favorite… saving for investing so you can become financially free.

I call these your “Prosperity Accounts.” Some people call this kind of account a “Sinking Fund.”

HOW TO SAVE MONEY WITH SINKING FUNDS:

You haven’t actually saved money until you’ve TRANSFERRED it out of your regular checking account where it’s just too easy to spend it on something else and INTO another account where it’s actually saved.

What kind of account do you transfer your money to?

If you’re saving for a car, or saving for a house, or any other large purchase, any separate account will work as a sinking fund, but the best place is a high-yield savings account.

A high-yield savings account means that it pays you more interest on your savings than most banks (scroll down for links to the best high yield savings accounts).

If you’re saving money to invest, then you can start out with a high-yield savings account, but you’ll want to make more money than a savings account can give you.

Depending on what you want to invest in, you might want to transfer money to a retirement account, like an IRA or 401k.

A retirement account is a type of account that gives you some special tax breaks for saving and investing for retirement. They have rules, like how much you can put in and when you can take the money out, but it can be worth it for the tax breaks.

My favorite, if you’re in the United States, is a Roth IRA because even though you don’t get a tax break on the money you put in, your money grows tax free, and you can take it out tax free after you’re 59 ½ (as long as it’s been 5 years since you started putting money in the account).

$500 a month growing at 10% can become over a million dollars over 30 years.

If you did that in a Roth IRA, you’d become a tax free millionaire!

BONUS TIP #1

Put yourself on “Prosperity Cruise Control” by setting up automatic transfers to your Prosperity Accounts / sinking funds.

BONUS TIP #2

When you save money on a monthly expense, add the amount you saved to your auto-transfer.

BONUS TIP #3

Make a note to transfer any money you unexpectedly save or decide to save.

Now that you know how to save money, whether you’re saving money for a house, savings money for a car, or saving money to invest so you can become a tax free millionaire, you can reach those goals much more quickly!

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Best High Yield Savings Accounts 2021:

1. Yotta Savings*

*Yotta Savings works on a “game-like” system that pays you a base interest rate of 0.2% FDIC insured through Evolve Bank… along with a weekly lottery ticket for every $25 you save, entering you to win prizes - all the way up to $10 MILLION dollars. Use code “PENELOPEJANE” for 100 extra tickets in next week’s lottery.

2. Patelco Credit Union

3. Alliant Credit Union

4. Vio Bank

5. Comenity Direct

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NOTE: Penelope Jane Smith will receive an affiliate commission or referral bonus from some of the links and other products that appear in this video. Penelope Jane Smith is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.