By having major gaps in my financial literacy, I missed out on earning well over $3,000 in the last five years by not having my sinking funds invested in a high yield savings account.

When we bought our current house 5 years ago we almost immediately started saving for the downpayment on our "forever" home. Fast forward 5 years with a fully funded downpayment, that savings has been sitting in a traditional bank savings account earning .03% interest. 😭

Thankfully during the early part of 2020 we discovered the fire movement and immediately began our deep dive into educating ourselves on all things personal finance, savings, budgeting and tax efficient accounts.

We immediately opened an @allyfinancial.bk savings account earning over 2% interest and transferred our savings. Even though they've since lowered rates to .6% that's still way better than the .03% we were earning! This was a hard lesson to learn but we're happy to get things on a better track than they were!