Looking for Advice

[izrafeli]

New O-1 here who recently got interested in finances and I am looking for any advice or critiques.

Here are my current standings:

Making basic 0-1 pay. I have approximately 4-5 months' pay in savings. I have zero debt and my car is paid off.

I am putting approximately 20% base pay into my savings account each month.

Putting 15% of base pay into the TSP, C Fund.

The next step I am considering is using a Vanguard Roth IRA brokerage account and investing about 15% of my pay into that.

Is there anything else I can do to set myself up for the future? Thank you in advance.

Edit: also interesting in putting some or all of my savings into a HYSA. Is it recommended to put all savings into a HYSA or only a portion?

 

[kenzixett]

@izrafeli Where is the 4-5 months pay in savings in? It should be in a HYSA. Once you build your emergency fund which is 3-6 months of monthly expenses you should stop saving. Unless you have a goal of saving for a down payment on a house or saving for a car. But otherwise max out your TSP and open up a Roth IRA and max that out too. There’s not many reasons to just continue to save an astronomical amount with no goal in mind.

 

[izrafeli]

@kenzixett My savings is in a regular savings account earning next to nothing, which I only recently realized is pretty stupid. My vehicle has a lot of life left in it and I am not currently saving for a down payment since I plan on renting at my first duty station. Thanks for the advice!

 

[mustbebornagain]

@izrafeli Amex HYSA, baby! 4.25% right meow. There are likely better options, but that’s just my preference now since I already had accounts with them.

 

[izrafeli]

@mustbebornagain Was actually just looking into this since I already have accounts with them as well. Too bad the link it leads me to is down right now.