Warren Buffett, famed investing genius and CEO of Berkshire Hathaway, has shared a lot of financial wisdom over the years, but one quote about saving money has stuck with me more than any other:
“Do not save what is left after spending, but spend what is left after saving.”
It’s simple, yet it completely changed how I think about money. If you’ve ever struggled to save or felt like your paycheck disappears too quickly, this mindset shift could be exactly what you need.
Why this quote hit me hard
I used to save whatever was “left over” after covering my bills, going out, and buying things I didn’t really need. But most months, there was little or nothing to save. I kept telling myself I’d save more next month, but “next month” always looked the same.
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Buffett’s quote made me realize I was doing it all backward. The key to saving is paying yourself first — before bills, before fun, before anything else. It’s a simple habit that can completely transform your finances.
Why a high-yield savings account is a game-changer
Buffett isn’t just about saving — he’s about making your money work for you. That’s why keeping savings in a high-yield savings account (HYSA) is a no-brainer. According to the FDIC, the average savings account rate is 0.41%, but HYSAs currently offer rates above 4.00% — that’s nearly 10 times the national average (or more).
Let me break down how big that difference can be:
- $10,000 in a regular savings account (0.41% APY) — earns $41 per year.
- $10,000 in a HYSA (4.00% APY) — earns $400 per year.
That’s free money. And over time, those extra earnings really add up — the beauty of compounding is that your interest earns interest.
Where to find the best high-yield savings accounts
Not all savings accounts are created equal. To get the best bang for your buck, look for:
- A high interest rate: Aim for around 4.00% APY or more
- No monthly fees: You don’t want fees eating into your savings
- Easy access to your money: For emergencies or big goals
Prioritize your savings today
Warren Buffett’s advice is simple: Make saving your priority, not an afterthought. When you save first, automate the process, and use a high-yield savings account, you set yourself up for financial success without even thinking about it.
I wish I had taken this advice sooner, but the good news is, it’s never too late to start. Try it for just one month and see how much easier saving becomes — you might be surprised at how fast your money starts to grow.