In this special Mailbag edition, we hear from a listener whose daughter is getting her first summer job. She’s wondering if it’s best to put the money in a high-interest savings account, or a Roth IRA. We also hear from someone who subscribes to the FIRE movement (Financial Independence, Retire Early) and is so focused on saving that she’s not able to keep money in an emergency account for true emergencies.  In our news of the week, some steps you can take if you’ve been waiting weeks (or months) for your tax refund and why eating out may be your biggest budget-killer.  Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! Takeaways: Consider opening a Roth IRA for a teenager with earned income to take advantage of potential higher growth. A homegrown 401k can be a way to provide access to money for immediate needs while still saving for the future. Separate your money into different accounts with barriers to prevent easy access. Set up a separate account for vacations to pre-fund trips and avoid using credit cards. Loosen your grip on your financial goals and allow yourself to enjoy life today. Chapters: 00:00:00 - News of the Week 00:03:08 - Benefits of Opening a Roth IRA for Your Kid 00:11:08 - Advice on Managing a High-Yield Savings Account 00:11:45 - FIRE Movement and Emergency Funds 00:18:12 - Setting Up Separate Savings Accounts for Different Goals 00:21:04 - Balancing Financial Independence with Living for Today 00:25:07 - Final Thoughts The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney. Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com. Learn more about your ad choices. Visit megaphone.fm/adchoices