Have you heard of a Capital One 360 Account? A 360 account allows you to save money easily. It’s a free online checking account that allows you to set up multiple savings accounts in one account.
Why would you need that?
Saving for things that normally happen reduces stress and helps you to not blow your budget. Setting up multiple accounts lets you save for individual things and keep track of them separately.
A Capital One 360 account if free, offers interest and has no minimums!
Save Money Easily With A Capital One 360 Account
Sinking Funds
It’ll change how you save up for sinking funds.
Sinking funds are things that you save up for that happen annually. For example, we have sinking funds for:
- Car Replacement
- Vehicle Registration
- Vehicle Repairs & Tires
- Birthdays
- Christmas
- New Phones
- Vacation
- Pets
- House Repairs
- Clothing
Saving up for these throughout the year is a game-changer. Instead of having an expense come up unexpectedly, you’re prepared.
How it works is you figure out what you spend in a category and then divide it by 12. That number is what you need to save each month.
So if you spend $300 a year on birthdays, you’ll save $25 a month.
Want to get your finances in order once and for all?
Saving Automatically
Instead of manually transferring that money or pulling it out of your account to save it, Capital One 360 account allows you to automatically withdrawal that money from your regular checking account into you Capital One 360 account!
Saving for your sinking funds becomes an automatic thing so you don’t have to even think about saving.
You can set up multiple accounts in a 360 account. When you pull up the app you can see all of your sinking funds in one place and get a general overview of all of your accounts.
I love this feature.
We have it set up so that money comes out every pay period. So back to the birthday example. Let’s say you save $25 a month and get paid every other week. That’s $12.50 a pay period automatically going from your checking account into your 360 accounts.
Keeping Track Of Individual Accounts
So let’s say that you need to withdrawal from your birthday account. You can easily transfer the money you need back into your main checking account.
When you click on the individual account, you can see every transaction. You’ll know exactly how much you deposit and withdraw. Using that information you can make adjustments to your budget as necessary.
If you find that $300 a year just isn’t enough for birthdays then you can change your budget and adjust the deposit amounts.
Transform Your Savings
Using Capital One 360 accounts has changed the way we save and has honestly been one of the best things we’ve done for our budget.
Having it automatically come out of your account allows you to save without having to give it much thought.
Creating a detailed budget and having sinking funds is one of the best ways to meet your financial goals and save you money in the long run.
(Check out this post on how to pay off debt fast!)
Check out the Capital One 360 online here!
Do you have any tips that help you save money?
