What financial goals are you currently pursuing? Over the past three years of marriage my husband and I have been able to accomplish many financial goals thanks to Dave Ramsey’s book Total Money Makeover and from other financial blogs. I had never made a financial goal before we went over the topic of money during pre-marital counseling. To name a few, here are some of the financial goals we have checked off our list:
- Pay off $30,000 of students loans (Read how we paid it off in 9 months!)
- Save up a 6-month emergency fund
- Increase our investing to 15% of our income
- Increase our tithe to 15% of our income
- Save for a second car/current car replacement
- Save for a down payment on a home
How to organize financial goals
We do track our monthly spending in our homemade excel budget sheet but we wanted an easy way to check in on our savings and keep them organized. We found that opening a Capital One 360 account helped us to do this (our account was formerly known as an ING Direct Orange Savings Account before Capital One bought ING).
How does Capital One 360 work?
The Capital One 360 account lets you manage multiple mini savings accounts within one account. It’s easier to explain these multiple “accounts” as separate files within one folder. For example, the folder (our savings account) has three documents in it. One document is called “Home Sweet Home,” one called “new-ish car,” and one called “Emergency Fund.” When we log into Capital One 360 we’d see all three accounts and can view each account separately with statements, transaction history, etc. You can make up to 25 mini accounts if you have that many goals! I know some folks like to make one for Christmas savings and we’ve considered adding another one for our vacation fund. Each month, we transfer a lump sum of money from our main checking account to the appropriate Capital One 360 account with ease.
These accounts offer a 0.75% interest rate which isn’t anything to plan your retirement on but it is at least better than the 0.01% or whatever your savings account through your bank is giving you. We don’t account for this interest earned, but it’s nice to know you earn a few extra dollars each month compared to pennies. The main reason we have it is because it organizes our savings goals and we can transfer money back to our main checking account quickly if needed (big perk for an emergency fund!).
Have you ever thought about what financial goals you have? If you want to gain better control of your finances, start with a budget. They aren’t sexy or the most thrilling thing to work on but you can quickly get on the right path to financial freedom. Don’t be like the majority of our country who is controlled by money instead of having the control themselves.
Get the app
How much easier can it get? You can download the free Capital One 360 app and track your savings at a touch of a button! If you don’t like the idea of using excel to manage your budget, you can even get the free app from Mint.com and track it through your phone! You can read more about Mint here.
Learn more about the Capital One 360 savings account here. <– If you sign up through my link I get a referral bonus at no cost to you.
Side note: I was not asked by Capital One to write this nor was I endorsed in any fashion. The article contains my own opinions from personal experience.
What financial goals are you working on?