HYSA or something else to help save for my time during Master's program?
Hi y'all. I'm currently on track to (hopefully) enter into a Master's of Social Work program in Fall of 2027. The program requires around 20 hrs/week of unpaid practicum placement, on top of in-class coursework, and I'm trying to avoid having to work…
Hi y'all. I'm currently on track to (hopefully) enter into a Master's of Social Work program in Fall of 2027. The program requires around 20 hrs/week of unpaid practicum placement, on top of in-class coursework, and I'm trying to avoid having to work full-time on top of that to pay my bills and fill my fridge. Fortunately, I have a great freelance job at the moment, and I've been able to save a fair amount and will continue to be able to save over the course of the next year. I'm looking into a HYSA to maximize my short-term savings, but am wondering if this is the most effective plan for the greatest return within such a short period of time. Would like to understand any other potential options to securely stash away a chunk of change I can use to live off of for the next two years or so.
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Risk and reward go together. Money you can't afford to lose should be in hysa or short treasuries or bank cd
HYSA or a MMF (i.e., SPAXX) is the appropriate place.
Yes, a HYSA is what's recommended for short term savings.
A Treasury ETF. The interest is tax protected from state & city taxes. The only downside is you can't access the money on weekends, so you will need a credit card or wait until the work week. Popular Treasury ETFs are: SGOV with 3.57% interest currently. VBIL with 3.59% interest currently.
A HYSA is basically the right call here, though you could ladder T-bills to mature around each semester for a little more yield and no state tax on the interest.