Thanks for watching another video :) I like to keep as much of my cash on hand as possible in my high yield savings account (I use Wealthfront and it doubles as a checking account itself so withdrawals are very flexible). So when I get paid in my normal checking account (which I could honestly get rid of), I transfer all but $500 to my HYSA. I spend everything I can on my credit cards using whichever one will give me the most cash back at the moment and also looking out for hidden credit card fees! Since I spend across multiple cards now, I use YNABs available categories to let me know what I can afford and don’t really pay attention to my credit card balances themselves. I pay off my cards by the due date with money from my HYSA (and also use this account to transfer money to my roommate for rent and transfer money to my investment account). Hopefully this answers your questions.
I made a video ( th-cam.com/video/j1Ytv6vd1Ls/w-d-xo.html ) on how I track my taxes in YNAB and I listed all the tools I use for predicting my taxes owed in the description. If you are interested only in calculating Federal withholding, the IRS has a tool here: apps.irs.gov/app/tax-withholding-estimator If you want a more holistic prediction, you can check out the ADP tool for paycheck planning ( www.adp.com/resources/tools/calculators/salary-paycheck-calculator.aspx ) and SmartAsset's calculator for yearly planning ( smartasset.com/taxes/income-taxes#rwVnL4zFBZ ). Hope these help and thanks for watching!
Ah that’s something I really should consider more! I think I first need to get a good idea of what I’m going to owe in interest and dividend income so I can see how much I need to increase my withholding. I like doing things a bit more manually now because sometimes changes you make in our payroll system take a month to reflect. Thanks for the great idea :)
@@sinnamonstory definitely! Depending on how much you’re comfortable in potentially getting as a refund, you could take the amt you made last year and just divide out the tax by 12 and start there which hopefully could fully cover or mostly cover anything you earn this year. I love manual stuff too so I totally feel this haha. Good luck!
Good morning ❤ Great video! Have a wonderful day 🤗
Aww thank you! I hope your day is going well too :)
Hi thank you for replying to my previous question on the last vid.
How do you spend while also monitoring the cashbacks and high yield bank interest?
Thanks for watching another video :)
I like to keep as much of my cash on hand as possible in my high yield savings account (I use Wealthfront and it doubles as a checking account itself so withdrawals are very flexible). So when I get paid in my normal checking account (which I could honestly get rid of), I transfer all but $500 to my HYSA.
I spend everything I can on my credit cards using whichever one will give me the most cash back at the moment and also looking out for hidden credit card fees!
Since I spend across multiple cards now, I use YNABs available categories to let me know what I can afford and don’t really pay attention to my credit card balances themselves.
I pay off my cards by the due date with money from my HYSA (and also use this account to transfer money to my roommate for rent and transfer money to my investment account).
Hopefully this answers your questions.
Good Morning, interesting taxes.
Haha too interesting. I miss the days of only having one form 🥲
How do you get more accurate estimate on how much Federal withholding should be for each pay period?
I made a video ( th-cam.com/video/j1Ytv6vd1Ls/w-d-xo.html ) on how I track my taxes in YNAB and I listed all the tools I use for predicting my taxes owed in the description. If you are interested only in calculating Federal withholding, the IRS has a tool here: apps.irs.gov/app/tax-withholding-estimator
If you want a more holistic prediction, you can check out the ADP tool for paycheck planning ( www.adp.com/resources/tools/calculators/salary-paycheck-calculator.aspx ) and SmartAsset's calculator for yearly planning ( smartasset.com/taxes/income-taxes#rwVnL4zFBZ ).
Hope these help and thanks for watching!
Would you consider increasing your withholding on your full time income to cover for dividend and interest income instead?
Ah that’s something I really should consider more! I think I first need to get a good idea of what I’m going to owe in interest and dividend income so I can see how much I need to increase my withholding. I like doing things a bit more manually now because sometimes changes you make in our payroll system take a month to reflect. Thanks for the great idea :)
@@sinnamonstory definitely! Depending on how much you’re comfortable in potentially getting as a refund, you could take the amt you made last year and just divide out the tax by 12 and start there which hopefully could fully cover or mostly cover anything you earn this year. I love manual stuff too so I totally feel this haha. Good luck!