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However, Jarvis said there are risks.

\"The thing you have to keep in mind is that when it's not in a bank when it's not in an account and it's literally cash, you can lose that. Some people even hide it to make sure they're not spending it,\" she said. \"It's not necessarily covered by homeowners insurance. So really make sure a.) you know where you're putting it and b.) that you're not putting it in a place that can be taken away if someone in the worst-case scenario invades your home. And finally, keep in mind it's not going to grow.\"

Jarvis added, \"If you put your money into a bank savings account with a small interest rate on it, or you put your money into the stock market, in an IRA, for example, that has the ability to grow. In the cash situation, it's not growing but you are capping your spending.\"

Other great resources

While these videos may be entertaining and useful, Jarvis warned against following advice that requires you to spend more money upfront.

Two apps that are good resources to help you get started include Digit, an automated savings app that analyzes what goes in and out of your checking account. Then, it periodically moves funds from checking to savings in amounts its algorithms believe are safe to save. Another is Qapital, which aims to help users effortlessly save small amounts of money but with a twist. It lets users set up savings rules. For example, you could set up a \"guilty pleasure\" rule so the app stashes money into your savings every time you buy takeout.

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