This protects you from over drafting your checking account without dipping into savings set aside for true emergencies like a job loss.
It helps you pay for unexpected expenses like car or household repairs without using credit cards.
It gives you peace of mind so you don’t have to always worry about money.
Let Me Explain
Most people I know have one savings account, but we have two. We keep the first one topped off at $10,000.
That’s the amount we’re comfortable we make our essential bill payments with (mortgage, insurance, etc) for several months if my husband were to lose his job.
Our second account is a savings account we also like to keep at around $10,000, but it’s one we’re allowed to use to fund unexpected things like an air conditioning replacement, car repairs, donations, etc. It allows us to be flexible with our spending and absorb rather large expenses without touching our credit cards.
The best thing about having a second checking account is the flexibility it gives you with your finances. The ONLY time I ever stress out about money is when our secondary savings account starts to get low.
But you know what I do then? I figure out ways to make more money so we can top it off.
Do you have a second savings account? If not, what do you think of my idea?
Continue the journey >>The Second Best Thing You Can Do for Your Finances
Recommended Reading
7 Ways You Can Make an Extra $800 per Month
15 Household Items You Can Sell Right Now for Extra Cash
5 Little Words That Will Save You Thousands of Dollars
The Best Way to Get Everything at a Discount
Author
Recent Posts
Follow me
Lena Gott
I'm a CPA turned SAHM of 3 little ones ages 4, 6, and 9. I'm a mommy by day, blogger by night. Join me as I write about fun kids activities, family finances, and losing 50 lbs after baby #3.
Follow me
Latest posts by Lena Gott (see all)
30 Non-Toy Christmas Gift Ideas for Kids - 10/31/2023
50+ Fun Family Christmas Gift Ideas for Every Budget - 10/31/2023
When I wrote about giving away most of my kids’ toys before Christmas, I bet I made a lot of people wonder if I would be giving them replacement toys for Christmas. Here’s the thing – I never want to get back into that spot where I felt like I needed to throwKeep Reading
50+ Fun Family Christmas Gift Ideas for Every Budget
Every October / November, I find myself scratching my head over whether or not I should buy certain people gifts. I LOVE giving gifts, but sometimes the overwhelming nature of the holiday season gets to me… ….and I kinda panic. I like to get my closest neighbors a small gift of some kind thatKeep Reading
23+ Best Pumpkin Baby Shower Ideas
If you are lucky enough to host a baby shower in the fall, a pumpkin themed baby shower is not only adorable, but easy to put together. Whether the baby will be born during the fall season or if the celebration happens to be during fall, choosing pumpkins as a baby shower theme will giveKeep Reading
19+ Creative Birthday Money Gifts
A cash gift is always an easy way to please a teen family member, college students, or even that one person that is so hard to find the right gift for. I know that every time I gave one of my young nephews a $5 bill and took them to the dollar store theyKeep Reading
Motherhood comes with a whole new set of responsibilities, including now being responsible for someone else's financial wellbeing. Not only has it changed how I spend and invest my money, but it's made me reflect on how my attitude to finance will also inform how my son approaches it down the line.
'” “The best piece of advice my mom ever gave me was to be kind, especially in the face of someone else's anger. She said that kindness creates a ripple effect we often cannot see and that anger is often fear in disguise. The best way to counterbalance it is through kindness.”
Depending on the size of the home, family, pets, and numerous other conditions, a stay-at-home parent may work upwards of 98 hours a week. According to 2019 data from Salary.com, if you are a stay-at-home parent and paid for your services, you would be looking at a median annual salary of $178,201.
To give just a few examples, mothers give their children psychological support and empathy, teach them moral values, and mediate how they interact with their siblings and their fathers.
In California, fathers not married to their child's mother and who are the child's biological or legal parent typically must pay child support until the child turns 18, although some exceptions may exist.
The 'good enough mother' would be one who consistently meets the needs of the infant, but does not do so with absolute perfection. This allows space for the infant to develop a sense of themselves as autonomous and separate from their mother.
Think before you speak to someone; about how your words will make them feel, provide encouragement, or help them to think. Learn how to do something to support yourself while you pursue your musical career. Marry your friend. Passion may come and go, but you'll always remember that you were friends first.
According to a survey from Salary.com, stay-at-home moms should earn upwards of $162,581 per year. All those early mornings and late nights mean mom could be pulling in a pretty nice salary — you know, if she was actually getting paid.
What SAHMs Do. A stay-at-home mom works many jobs throughout the day. They're a nurse, chauffeur, chef, teacher, playmate, housekeeper, laundry attendant, accountant, and babysitter all rolled into one. While there's no such thing as a typical day, this sample schedule gives you an idea of what her day involves.
Filial laws require children to provide for parents' basic needs such as food, housing, and medical care. The extent of filial responsibility varies by state, along with conditions that make it enforceable including the parent's age and the adult child's financial situation.
More than half of all states currently have laws in place making adult children financially responsible for their parents. This includes their long-term care costs and other medical bills. However, the upside is that authorities rarely enforce these laws.
Family members often worry that they may be responsible for repaying these debts, but the good news is that they are not transferrable. This is a common concern, but even if you have financial power of attorney (POA) for a parent, you are not liable for their debts.
Financial stability enables families to access safe housing, healthy foods, and other necessities, to engage fully in their communities, and to plan for the future.
Introduction: My name is Jeremiah Abshire, I am a outstanding, kind, clever, hilarious, curious, hilarious, outstanding person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.