ONE: An Invaluable Resource For Homeowners

Homeownership has been part of the American Dream since its inception and it continues to be an aspiration for many adults. Unfortunately, most people aren’t aware of the financial responsibilities of owning a home. Consequently, buying a house can sometimes result in financial hardship. 

Mortgage payments aren’t a homeowner’s only financial responsibility. Homeowners must also cover the costs of insurance, taxes, utilities, maintenance, and repairs. Beyond household costs, property owners must also maintain their everyday bills and expenses. Keeping up with these obligations is challenging, especially if you lack financial discipline. That’s where having an account with ONE can make a big difference. 

Who Is ONE?

ONE is a bank founded in 2019. Their main objective is to help everyday people simplify their finances for an improved quality of life. ONE offers free checking, high-yield savings, and a variety of other services designed to help customers develop financial disciplines like efficient spending, budgeting, and saving. 

Why is ONE Ideal For Homeowners? 

Banks have been around for centuries. So, what makes ONE beneficial to homeowners? ONE’s comprehensive solutions make handling your financial responsibilities more manageable.

Here are a few ways they make this possible. 

Pockets: Organizing And Applying A Budget

Your income can only take you so far. The trick is to ensure that you have enough money to cover your basic needs. Anything extra should be set aside for savings or invested into opportunities for financial growth. Many people overlook this concept and either buy a house they can’t afford or haphazardly spend their money on luxury items. This can make it challenging to cover basic household expenses. 

Pockets are sub-accounts connected to your ONE free checking account. Accountholders can customize Pockets to create line items for their expenses to correlate with their budgets. You can transfer money from your main account to the designated Pockets to cover your bills and expenses when you receive a paycheck. 

Managing your financial responsibilities as a homeowner is easier when you use Pockets to set aside money for your mortgage, insurance, taxes, utilities, maintenance, and repairs. Your bills are paid on time, and you don’t risk going into debt, ruining your credit, having essential services shut off, or losing your property. 

High-Yield Savings: Handling Unexpected Expenses

As if paying the mortgage, insurance, utilities, and taxes weren’t challenging enough; homeowners must also cover the cost of maintenance and repairs. Unfortunately, these services aren’t cheap. You can spend several hundred or thousands of dollars every year keeping up with your home’s systems and appliances. That’s where having a nest egg is beneficial. 

Setting money aside to cover high homeownership expenses prevents you from going into debt. ONE customers have multiple ways to save money with the Save and Auto-Save Pockets. Customers can earn 1.00% APY on funds deposited into these accounts. 

You can deposit a designated amount into your Save Pocket with automatic or manual transfers from the easy-to-use mobile app. The Auto-Save feature allows you to save the spare change from each transaction. Using both of these products enables you to save more money to keep up with unexpected maintenances and repairs. 

Better Money Management

With ONE’s banking products and services, financial discipline is easier than ever. You can learn how to create and apply budgets, achieve better spending habits, and increase your savings. Buying a home shouldn’t be a financial burden. It should be a significant accomplishment that you can enjoy. However, failing to comprehend the magnitude of homeownership and its financial obligations can lead to stress, debt, and the potential loss of your residence. If keeping up with your responsibilities as a homeowner is challenging, consider using resources like ONE to help you develop the skills necessary to keep your finances under control and your turn your house into a home.