Here at In Her Wallet we talk about investing a lot. But what about the money you aren't ready to invest? Like money you're setting aside for your vacation in Europe next summer? If you've been keeping it in cash or simply letting it accumulate in your chequing account, thinking there's no other option to let it grow but invest - listen up!
In this episode, Sofiia explains what is considered money for short-term goals, and the three types of accounts to best keep it.
Watch this episode in video format on YouTube
Key takeaways:
00:00 Where I'm recording from today
01:52 Short-term vs long-term money
03:36 Where to keep your emergency fund
04:09 All about HISAs
06:02 How much HISA pays now
06:20 What are Money Market Funds?
07:18 How much MMF pays now
08:54 All about GICs
09:43 How much GIC pays now
10:32 What I use for short-term savings
If you enjoyed this episode, please rate the show and leave us a review on Apple Podcasts and Spotify! It helps us grow and reach new audiences.