When I was single I always had a savings for this and a savings for that, but I didn't really think long term because my expenses were limited. I didn't have a car payment b/c my car was old. I'm talking cassette player old. I never minded because while my friends were complaining about car payments, I was enjoying my old clunker and not worrying about payment deadlines. I had a cell phone bill, car insurance, minimal rent to my mom [yes, I lived at home], and clothing/food expenses. It wasn't until I was married, a home owner and a parent that financial planning became more important.
Now that we own a home there are repairs that need to be done, fairly frequently. On top of that there's the mortgage and home owner's insurance. My husband and I found that the only way we could have peace of mind was to save up an emergency fund. We took a particular course on financial peace, and the FIRST step in this program was an emergency fund. Most financial planners will suggest you have AT LEAST 3 months worth of expenses saved up, but they encourage you to have more. Having an emergency fund gives you a sense of security and peace. Instead of thinking the world is coming to an end when you need a roof that costs X dollars, you can respond with "thankfully I have enough to cover it in my emergency fund, so I can still put food on the table this month." It gives you a completely different attitude when "emergencies" happen, and they will happen.
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I am always looking for places that help me make the most of my money AND my time. When looking for banks I search for places that either don't charge me ridiculous fees, or charge minimal fees. Capital One 360 Checking and 360 Savings are fee-free and earn interest. Win win, right? I also look for a place that allows me to do my banking from home. Anyone who has kids knows it can be such a hassle to get them bundled up, put in the car seats, taken out of the car seats and into a store or bank, so convenience is very important. Capital One 360 products are designed to save consumers time and money. From online to our mobile app, Capital One 360 is with customers 24/7. Love it!
Planning for emergencies in the new year and not just finances. I live in earthquake country and have nice weather now while the rest of the country it seems is snowed under, but we will have the BIG ONE one of these days and need to be prepared.
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