'One of the biggest financial mistakes I made, for close to 10 years of my life, was keeping my savings in an account that generated less than .02% interest every year'
, I was losing out on valuable interest that could have translated into thousands of dollars every year — money that I could have used for so many important things . But instead, I was earning a couple hundred dollars that I used for a month of groceries or a winter coat. It wasn't until I decided to unveil my finances to my now-financé, then-boyfriend of a year, that I realized I was even making this mistake.
, as opposed to my old bank that compounded monthly, meaning I'd make a bit more this way. That was five years ago.I decided that I'd take that earned interest every year and put it aside to use for something big. After getting engaged, my fiancé and I decided to use the interest we were earning on our savings to pay for part of our wedding.high-yield savings accounts
It was important to me that if we planned a wedding, we wouldn't go into debt for it. We are paying for this wedding ourselves and I didn't want to open up new credit cards or max out my current ones to pay for vendors. We set a budget around what we could afford, tapping into that saved interest we've accumulated over the years, paying vendors post-wedding with cash gifts from guests, and budgeting a part of our paychecks every month to pay for the rest.
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