HomeFinance NewsPersonal financeGen Z Hacks: Double Your Savings Overnight with This Genius Tip

Gen Z Hacks: Double Your Savings Overnight with This Genius Tip


I opened two accounts to help grow my savings. Here’s what I learned as a Gen Z personal finance reporter


As a Gen Z adult, I’m setting financial goals to prepare for uncertainties.

I decided to open two types of savings accounts to grow my money over time: 1.

**Roth IRA:** This account lets me invest my after-tax income now and have it grow tax-free in retirement.

I can’t take out the earnings early without paying penalties, but the original contributions are accessible anytime.


**High-yield savings account:** This account earns interest on my savings, which can add up over time.

It’s a good option for both emergency funds and short-term savings goals.

Keep in mind that the interest will be taxed, and it’s not available immediately like actual cash.

  • Overall sentiment: positive
  • Positive

    “One of my goals for this year is to be more intentional with my savings.”

    “Roth IRAs also tend to be great for younger savers because there are income limits on eligibility for single and married filers, he said.”

    “This year, I want to be more intentional with my money.”

    “More from Personal Finance: The best money advice I heard this year as a CNBC reporterOp-ed: Money dates are great — but not on Valentine’s DayBlack Americans face ‘disproportionately steep hurdles’ to homeownership”


    “While I sometimes question if saving for the future is worth it, I realized that it comes down to perception.”

    “About 56% of adult Gen Zers, or ages 18 to 26, did not have enough savings aside to cover three months of expenses, according to Bank of America, which conducted the survey in August.”

    “A lot of uncertainty lies ahead, especially as a Gen Z adult. We often “doom scroll” and read headlines about how the globe is becoming more uninhabitable with every passing day.”

    “Reading these reports sometimes feels like I’m looking into a mirror, or even the renowned line from Taylor Swift’s song “Anti-Hero”: “It’s me, hi. I’m the problem, it’s me.””

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