Welcome back to the Two Cents Podcast! This week, we're live again from the Capital One Café in Union Square in New York City!
In this episode, Hannah and James, along with special guest Adam Davis, Head of Financial Health at Capital One, discuss the importance of savings.
Key points covered include the startling statistic that a third of Americans cannot handle a $400 unexpected expense, underscoring the need for an emergency fund. They share practical advice on building savings, such as automating transfers, setting clear financial goals, and identifying extraneous expenses.
Adam highlights Capital One's tools, such as recurring transfers and the new autopilot feature, to help with savings. Audience questions raise challenges such as saving on a tight budget, the benefits of high-yield savings accounts, and teaching children about financial literacy.
Want to connect your financial behaviors to your life goals? Check out the Money & Life Program here.
Want to explore Capital One Cafés and redeem a free handcrafted beverage? Use this link!
Chapters:
3:39 Savings can be serious (and fun)
8:39 Tools Capital One offers to help with savings
14:00 What makes a successful saver?
16:22 What is a CD (Certificate of Deposit)?
17:35 What should you look for in a savings account?
18:35 How to set up a savings account for kids?
21:43 How much should you save?
23:10 How to become more of a saver instead of a spender?
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