SERIES: Top 5 Things People Lack In Their Financial Plan 5

Over the past two and a half years, this crusade has been able to reach tens of thousands of people.  I was recently reflecting on the top things that I see most commonly lacking in folks’ financial plans.  So here are the top five things I see lacking.

Part Five  Savings Account (with money in it!)

I used to operate with an average bank balance of $4.13 in it (can I get a witness).  I celebrated because it was positive!

But the lack of savings led to numerous negative financial issues.  Every single time that life happened (sick child, refrigerator died, car broke down, etc.), I would have no money.  As a result, I would put the bill on the credit card.  The cycle of debt spiraled out of control.

Every time I had a problem, I had two problems.  I would have a sick child problem and a money problem.  I would have a refrigerator problem and a money problem.  ARGH!

A healthy savings account solved my problem.  Instead of blowing my tax refund in February 2003, I put it into savings.  We never acquired debt from that day forward.  Has life stopped happening?  NOPE!  BUT we have money to fix it!

A savings account with money in it has been the greatest stress-reliever we could ever purchase!

Jenn and I keep our money in on-line savings accounts at three different on-line banks.  They pay  interest that is five to eight times above the national average and are very flexible to use.

You can check out the three banks we have savings account with HERE.

Read the entire series

1 Comment

  1. Travis on April 3, 2009 at 9:24 am

    Why use three different online banks?
    Unless you are over the FDIC protection limits and you need to “spread” your money out.

    But,if that where the case… I’m thinking that the Singl Home Pay-Off Spectacular would be ALL GREEN!

    Or is it? Joe… Are you holding out on us?


    All kidding aside, great post to and great series!


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