Our savings ladder is a fairly simple concept. Instead of simply saving as much as possible, we set a goal amount that we want to achieve; when we get there, we get a reward.
While some people view the rising number in their bank account as a reward in and of itself, not all of us are that lucky. That's why small, regular, and compounding rewards can be so valuable to increasing your savings over the long-term.Instead of saving up $400 to spend $400, we double the amount that we need to save in order to "earn" the opportunity to receive our reward.
Once we set the initial amount we want to save, we record the starting "target" amount in our primary savings account. If we have $500 in savings before we begin, that means we're aiming for $1,700 in savings to reach our goal.
HYSA don't have much of a return these days. You're better off keeping the HYSA with a low balance for emergencies, and putting the rest in an investment account.
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