💸 Money Cheat Sheet: Where You Should Save Your $$

This week’s money mood: stashing our cash

A few weeks ago, we shared some advice on how much money you should keep in cash — especially right now, with inflation what it is and the investing markets ... what they are.

This week, we’ve got the follow up advice — aka where should you save that cash? Is a savings account the only option for short-term goals?

Good Q’s. We weigh all the pros and cons with the article below.

Rooting for you,

Deedi Brown, she/her
Senior Editor

Collage: a circular photo of $1 bills, a climbing line graph over a circle, a plain circle, an upward arrow, balanced scales, and a pie graph.

Are you saving for short-term goals?

We’ve got the word on where to stash those quicker-turnaround dollars, be it future-vacation money or “not going broke antiquing this weekend” money.

FIND OUT>

Split screen. Left, a hand putting a coin into a piggy bank. Right, a hand holding a wrapped gift. Illustration.

One big way to make savings progress

Finding the wiggle room to save more is easier said than done — but the trick to making tough trade-offs is using your core values. Here’s how to do that.

PUT IT INTO PRACTICE >

short-term ∙ goal

Money you’re going to need sometime in the next two years — as of right now, let’s say the end of 2024. (Long-term goals are 2+ years out.)

This week’s events @ Ellevest



•	About Membership at Ellevest: What’s in it for you? (Your Ellevest membership, that is.) Get the most out of your monthly subscription with this quick membership tour. 🎫 TODAY 5 PM ET: Sign up for free
•	Planning for Your Dream Retirement: Retirement’s not as far off as you think. We’ll go over visioning, planning, and budgeting for the retirement of your dreams. 🌴 TUESDAY 7 PM ET: Sign up
•	How to Pay Off Debt: Ready to unload all your debt? It’s not just possible — there are two great ways to do it. We’ll talk through both of them in this workshop. 💸 NEXT THURSDAY 5 PM ET: Sign up
•	Ellevest Explains: Building First-Gen Wealth: What is first-generation wealth, and how do you build it? Victoria Sado, CFP®, will give you the tips and answer Q’s in this 30-minute event. 💰 NEXT FRIDAY 2 PM ET: Sign up

Busy next week? Check out our calendar to find upcoming workshop dates and times.

$$ win of the week

“I am finally out of debt — AND — out of a marriage where our inability to agree on or effectively manage our finances was a major issue. He bought me out of the home, and my first order of business was to pay off all my credit card debt and double my auto loan payments (to pay it off faster). Step 2: Create an emergency fund. Step 3: Save, save, save.”

— Anne, an Elle Raiser from Reston, VA

Buh-bye, debt (and more)! 👋 Have some financial good news or a recent accomplishment? Please do tell.

A pie chart on a computer screen. Illustration.

Every future looks different

Be like Serena: Build a retirement plan that fits what you want. Learn how at our next workshop.

Clear eyes, open tabs, can’t lose


•	Turns out the pay gap starts ’em young — like, fresh-out-of-college young.
•	The Broadsheet did a great Q&A with Cecilia Rouse, the (first Black woman) chair of the White House’s Council for Economic Advisers, on the state of the economy right now.
•	Inflation was (a little) lower in July, and average mortgage rates dropped back down below 5% for the first time since April? Nobody make any sudden movements.
•	If you applied for a loan this spring, heads up — thanks to an Equifax “coding error,” millions of incorrect scores were sent to potential borrowers. That landed many with higher interest rates or even rejections. Cue the class-action suit.
•	We asked our community on IG for their best negotiation tips. Check out those comments.

Become an Ellevest member (and check it off the list).

LEARN MORE

This week’s newsletter was brought to you while choosing our own futures. Forward it to your friends who question what the word “retirement” really means.

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DISCLOSURES

All opinions and views expressed by Ellevest are current as of the date of this writing, for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.

The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice.

The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.

Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

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💸 Money Cheat Sheet: Where You Should Save Your $$

This week’s money mood: stashing our cash

Are you saving for short-term goals?

One big way to make savings progress

short-term ∙ goal

This week’s events @ Ellevest

$$ win of the week

Every future looks different

Clear eyes, open tabs, can’t lose

Become an Ellevest member (and check it off the list).

This week’s newsletter was brought to you while choosing our own futures. Forward it to your friends who question what the word “retirement” really means.

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