How to use a HYSA to make the most $$$

@tessaxlarson

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Why it worked

The video provides a practical and actionable financial strategy that appeals to viewers looking to optimize their savings and spending. The use of a mind map visual aids in understanding the concept, and the creator's personal experience adds credibility.

Summary

The creator explains how to maximize earnings from a High Yield Savings Account (HYSA) by using a credit card for everyday expenses and paying it off from the HYSA balance. This strategy allows money to earn interest in the HYSA while still enabling the use of credit card rewards.

Structure

1Introduction to HYSA strategy
2Using credit card for everyday expenses
3Paying off credit card from HYSA
4Earning interest and rewards
5Call to action and outro

Product placement

High Yield Savings Account (HYSA) (ACTS - used to store money and earn interest, its interface is operated by the creator's explanation, a visible result is earning interest and growing money; removing it would change the video's topic) Credit Card (ACTS - used for everyday purchases, paying bills, and earning rewards; its interface is operated by the creator's explanation, a visible result is earning cash back and air miles; removing it would change the video's topic) Venture Card (ACTS - a specific credit card used for everyday expenses and earning rewards; removing it would change the video's topic)

Call to action

follow for more personal finance tips

Original caption

How to use a High Yield Savings Account like a pro 😎 #highyieldsavingsaccount #financetok #moneyhabits #PersonalFinance *not financial advice, for educational purposes only

More from @tessaxlarson

On-screen text

How to use a HYSA to make the most $$$

Transcript

It has come to my attention that most of you don't know how to use your HYSA, your high yield savings account, to get the most out of it. So let's fix that. I'm going to show you exactly how I use mine to make the most money and get the most bang out of my buck. All of my money flows in and through my savings account. I get paid, that money directly deposits into my HYSA. This builds interest all month. Extra money while using the credit card for everyday purchases. Pay monthly auto-reoccurring bills directly from here. (Mortgage, car payment, debt, etc.) Only spend what you have in cash (in your HYSA) and pay back the same month. I do that throughout the month, I actually use a credit card for all of my everyday purchases. Groceries, shopping, utilities, subscriptions? Even my utility bills, I put on my credit card. Use my credit card for my everyday expenses. Gas, groceries, shopping, utilities, subscriptions? Get cash back and rewards for your spending anyway. Only spend what you have in cash (in your HYSA) and pay back the same month. I'm keeping money from my paychecks in my high yield savings account. This builds all month with interest, essentially extra money that I make and get paid out from my savings account. While I'm using the credit card for everyday purchases, it's over here making me more money. And at the end or the end of my statement date, I pay off the credit card with my high yield savings account and zero out. I'm getting the cash back from credit card, and my money has to grow in the savings account it in here longer. If you found this helpful, consider hitting that like button for me. It helps me out so much. If you want to stay on the personal finance side of TikTok, make sure you hit that follow button so you can see more content like this.