People always ask me why I have two checking accounts with different banks. This weekend was the best example of why I do this.
Yesterday while I was driving home, I received a text message. It was from my bank saying that my Uber Eats purchase was approved. I didn’t order from Uber Eats. So, was this a spam text message or was this legit? Once home, I signed into my account and found out it was legit. Ugh!
Now on a Sunday afternoon of a holiday weekend, I am on the phone with the fraud department shutting down my debit card and disputing the charges. The debit card was still in my possession, so it wasn’t lost or stolen, but it was compromised. I always tap when using my card, so as not to deal with skimmers.
Now I wait. No debit card until the new one arrives. The money in my account is not available currently while the disputes being are researched. If I only had one checking account, I would be in trouble with minimal access to my money. All will be ok soon.
This isn’t the first time this has happened and I am sure this won’t be the last. In the meantime, I have my second checking account to use. That is why I keep two checking accounts with two different banks.
This is a general rule about spending – 50/30/20 rule. 50 percent of your take home income should go towards your needs (such as food, housing, childcare, minimum debt repayment etc.), 30% towards your wants (dining out, travel, clothing, subscriptions, memberships) and the remaining 20% to your savings / debt repayment (emergency funds, retirement, additional payments towards debt). Nerd Wallet can tell you the amount for each category 
Now that we are past the frost, it’s time to start our garden. I save our cardboard egg containers to use to start my seeds. Buying seeds (our library gives out free seeds) and starting them indoors will create a budget friendly alternative to buying vegetables at the grocery store. Don’t worry if you don’t have a yard, container gardening works just as well. Simply start with growing your own lettuce or herbs. It’s easy and will help your budget. #JillRussoFoster #FinancialLiteracyMonth
There are other types of insurance you need. If you own or lease a car, you need auto insurance. If you own a home / condo, you need homeowner insurance. If you rent an apartment, you need renter’s insurance. With what is going on in the country (floods, wildfires, mudslides etc.) Make a plan to have your needs assessed so that you’re covered for anything that may happen. #JillRussoFoster #FinancialLiteracyMonth
Let’s talk about insurance. Do you have all the insurance coverage you need? Do you have health insurance to cover medical care when needed? Most employers offer this to their employees. If you don’t have it through your job, there are other ways to access health insurance. Every state offers some type of insurance. One major medical incident can ruin a budget without insurance. #JillRussoFoster #FinancialLiteracyMonth