Saving money and investing it properly is tough. It is hard to know where to take your money to make the most of it. Fortunately, FIERCE is here with another chat with a money queen to make sure that you get the most of your money.

Jully-Alma Taveras is here to help you reach your money-saving goals.

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Saving money is tough. How much should you set aside? Where do you keep it to make sure it is safe? When should you start? Taveras started Investing Latina two years ago to help people figure out the best way to start their savings journey. There are a lot of things to save for from retirement to big purchases to emergencies. Here is some of what Taveras had to say when our very own Sam sat down with her.

Sam: “Let’s talk about savings. What would you recommend people do to start saving today?”

Jully-Alma Taveras: “Savings is kind of the beginning of it all, right? It’s kind of where we start laying down the bricks and foundation to our financial house. When I say laying down bricks, that’s really what I mean. I mean that they are small and heavy but they build up. That’s exactly how you have to think about how you start saving. It really starts small. Nobody starts with $10,000 in their savings account. Nobody. Everybody starts putting in $25 per week. Fifty dollars per month. Whatever it is that you can do. You have to be able to just kind of put it aside.

“I always recommend using a savings account first. Your core savings account at a bank that you can easily access if you needed to access your savings and then having a bulb of savings to a high-yield saving account so that you can also use the technology that exists right now with high-yield savings accounts. You can have little envelopes so you are saving for designated things. You can save for specific goals.

“I think that when it comes to savings, you really do have to set a big goal for yourself, and then you kind of start working backward. Then you’re like, ‘Okay. My goal is to save $10,000 in 2021. That’s what I want to get to. I want to be able to have my 1,000 immediate little emergency need savings account with just $1,000 and then I want to have the rest into a high-yield savings account where I can really start building my money confidence. That’s what happens when we start saving money.”

S: “One of the things I know that we started chatting about was high-yield savings accounts. Can you go into some more details about what exactly that is for everyone?”

JAT: “When we talk about a high-yield savings account, it really is a way for you to put savings into a bank or institution, or nowadays it’s really just an app sometimes. You put it in a place,  secure place that’s FDIC-insured place, where you can get a higher interest rate than what typical savings accounts offer. When you open up a checking account, you’re automatically, or usually going to get the option of opening a savings account with our bank. The retail banks that we typically use, the ones that we can walk into, that we can have ATM cards you can easily access and have teller access are usually positioning themselves where they offer retail services.

“What happens with that is that they don’t give you a lot for holding onto your money. They’ll offer something like a free checking account or a free savings account. They won’t charge you for it depending on what category you’re in, especially teens or if you are in school. You can definitely get a free checking account. But, they won’t give a higher interest rate than likely .02 percent. What a high-yield savings account offers is a higher interest rate. These are usually with banks that you don’t normally see as you walk down Main Street in your neighborhood. We aren’t talking about the Chases the TD Banks the Citi Banks, right? These banks that we know and are familiar with because we see them on Main Street. We see them in our neighborhoods. They’re not typically going to have a high-yield savings account. They want you to just use their services, their savings accounts, and their checking accounts. That’s it and they’re just going to be happy holding on to your money while you transact and do what you have to do with your money.

“With high-yield savings accounts, those are typically going to be with banks that don’t have retail stores. Some examples are Marcus by Goldman Sachs. SoFi, which is one of my favorites because of the tech that they’ve implemented in their app and their website. Ally Bank. These are banks that we typically won’t see actual physical banks of but they do exist online.

“What they do, mechanically, just so you kind of understand what happens when you put money into a high-yield savings account, is truly, they’re actually, putting all of our money together and they’re kind of investing our money behind the scenes. That’s what happens. You have the security of your digitized dollars and you will never lose it because it’s not an investment account.

“That’s basically what’s happening. Just so you know. You can feel safe that your money is there. It’s FDIC insured or it is completely insured up to the $250,000. That’s typically what we get insurance on. Then you also make a little extra so you make a couple of dollars every month.”

Taveras has so much more to say about saving and investing. Watch the full video below!

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READ: In The First Episode Of FIERCE’s ‘Money Moves,’ We Explore The All-Important Budget

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Sure, we’re still in quarantine but that doesn’t mean all female bonding goes out the window! Cuddling up with your friends and staying in for a good movie is still totally possible thanks to Zoom and wine. And while our options of views might seem to be dwindling thanks to a lack of content on streamers…

Fortunately, Latinas are coming together to share the best movies to watch.

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Check them out below!
“Practical Magic” –jessica_546

“Birds of Prey.”- brainsbeastbeauty

“Bridesmaids.” –

“Mean Girls” –dominiricanmarie

“13 going on 30!” –_mariaaceves

“Twilight.” –vivaloscupcakes

“Moulin Rouge.” –ninasandra

“Practical Magic. “ isabel__maria__

“Selena.” –momma_bear_of4

“Bridesmaids & Mean Girls.” –glamit_gabby

“Romy & Michelle, Legally Blonde, Devil Wears Prada, How to Lose A Guy In 10 Days, the Wedding Planner, Sex & the City.”- mixtapemcgee

“Aquamarine.” –itz_me_otra_vez

“Hustlers.” –mellowagrelo

“Legally blonde!! HELLO!! My big fat Greek wedding, anything hallmark.” –luvgabz

“Coyote ugly.” –sugarandstorytime

“Now & Then.” –l.a.momma

“Riding in Cars with boys.” –mrs.ssg415

Notice any needed corrections? Please email us at corrections@wearemitu.com