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414 Rehoboth Ave Rehoboth Beach, DE, 19971
Office: 302-227-9477


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Lewes Property Owner’s Safety Net Uses Banking Jujitsu

Posted by Bill Mann on Wednesday, November 7th, 2012 at 12:06pm.

Rare is the Lewes property owner who doesn’t remember at least one budget-busting maintenance emergency. It may have been a roof problem; perhaps a plumbing or electrical mishap…whatever the cause, unforeseen cratering of the household bank account can furrow brows and send blood pressures soaring.

For the very wealthy, it’s a non-issue. For all the rest of us, there is one foolproof method of avoiding the problem: create an emergency fund.

Everyone does his and her best to save for the future – for everything from the great events in life to more modest occasions, like family vacations. But making a clear distinction between those kinds of savings and a special emergency fund is worth the effort. For one thing, you remove the temptation to reach for a credit card – and create months or years of extra payments (plus sky-high interest). Nor will you be forced to dig into a major long-term savings account.

So, what is the secret that other Lewes property owners use to somehow amass such an emergency fund? Where does anyone get the extra money to create it?

The answer is to engage in a form of financial jujitsu – a sort of monetary trick you decide to play…on yourself!  The key is to start putting away cash each month. Subconsciously.

The most common method is to set it and forget it.  Tell the bank to take four or five percent of your paycheck and place it in a savings account automatically. After the first couple of months of slightly painful adjusting, most people barely miss the subtracted money (which is also building interest). You might also choose an online-only bank to house the account. Although they may require a minimum balance to begin, online banks often offer higher interest rates than their brick-and-mortar counterparts. Additionally, when the fund is distinctly separated from day-to-day banking, it just sort of disappears: out of sight, out of mind -- until you need it!

You can also trick yourself with other pain-reducing tactics. Some banks allow customers to round up all their charged purchases to the nearest dollar -- then route the excess change into a savings account.  Or when you finish paying off a car loan, credit card, or some other debt (like that hot tub you bought last year to improve the property), why not re-direct its monthly payment to the emergency fund? You’ve already budgeted for that expense!

Owning Lewes property -- and building equity in it -- can be one of life’s greatest satisfactions. When you plan ahead to insulate the family budget from unexpected financial drains, it adds another positive. When it comes to real estate, I’m here to help my clients move toward their long-term financial goals. Creating one of these emergency funds is a step in that direction.


Bill Mann
Broker Associate / Owner
Mann & Sons, Inc. REALTORS®
302.542.1696 Cell 302.227.9477 Office

1 Response to "Lewes Property Owner’s Safety Net Uses Banking Jujitsu"

Darrell wrote: This is what has totally cuefosnd me on the matter. When the first reports came out, my first thought was that this was similar to the chest surgery photo incident Dom had on Facebook et al. And one of the first reports that came out mentioned that some of the participants had had chest surgery. Later reports touted this as being breast augmentation, and the police were making comments about male genitalia (erm, phalloplasty?). Everything about this story that has been coming out sounds like an incident that happens to transmen when ignorant people object to them, and all clarifications prior to this one have been indicating transwomen, contrary to typical behaviour of women in transition. One clarification seemed to come from the local PD saying that they identified as women (which tempts me to remember when my partner complained about an incitement incident here and the resulting RCMP report said she identified herself as a tranny which was absolutely the last word she would have used).Something has been horribly bollocksed somewhere in the reporting, and it may be coming from the PD.However, that doesn't change the offensiveness of the people commenting, who are clearly basing their comments on the premise that the beachgoers are transfemale.

Posted on Tuesday, November 13th, 2012 at 2:33am.

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