Saving money isn’t always an easy thing to do, especially if you’re working with a small budget. We’ve had many ups and downs financially, and we’ve had more of the “downs” over the last few years. The recession hit many just as hard as it hit us, so I know many people have been in the same boat.
My husband will admit he has a problem spending what is in his pocket, and that’s a very bad thing when you’re dealing with multiple layoffs over a 3 year period. He doesn’t purposely overspend, but he has a habit of picking up “extras” when he stops for gas, etc. We tried the envelope method, putting bill money, grocery money, gas money, and savings into envelopes, but that just didn’t work for us. We needed a way to keep that money out of reach and unavailable on a whim.
We came to the conclusion a savings account would be the perfect solution. I took advantage of a promotion through Capital One 360 much like the Black Friday deals Capital One 360 is offering this weekend, and I opened a savings account. I liked the fact that Capital One 360 savings accounts are fee free and earn interest plus I can access my account 24-7 online or through my smartphone. Setting up that account turned out to be one of the best moves I’ve ever made financially. Each week when the paychecks arrive I automatically send a set amount of money to our Capital One 360 savings account. I started with $15 every time I received payment for a freelance job knowing we wouldn’t miss such a small amount. That’s less one dinner out for our family.
When Ben found a new job I began depositing a set amount each week from his check. We saved a little over $2000 in our emergency fund over 2 years, enough to provide us with an umbrella if he was laid off again or something else came up.
Little did we know how important that emergency fund really was until both of our vehicles broke down in the same week this Summer. Ben couldn’t get to work without a vehicle, so we had to do something quickly. Our emergency fund was what we needed to buy a new motor for my Blazer and get a vehicle working again.
This holiday season Capital One wants to help you stay on track with your finances by offering some great deals that include referral bonuses, account bonuses, and closing cost credits. New members can take advantage of great offers such as $100 bonuses for new Checking and Savings accounts. That’s definitely a bonus that can help provide your own family with financial peace of mind this holiday season! Current members can earn $40 per referral, too, but hurry because the Capital One 360 Black Friday deals are only available Nov 28-Dec 1!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.