Can someone suggest an affordable external hard drive for use with FCPX and video editing on my Macbook Pro Retina

I have a Macbook Pro Retina from 2012 and I only got the 250GB hard drive.  I'm getting ready to purchase a Panosonic HC-X920 to use with Final Cut Pro X already installed on my laptop.  Since I know the file sizes are going to be so big, can anyone suggest an affordable external drive fast enough to keep up with editing the video?  I'm not a pro and use it for family and personal projects. 
I prefer some thunderbolt options since I haven't had a chance to use the inputs since I got my macbook pro. I just don't know what is necessarily too little or too big and too cheap and too expensive for my needs.  Thank you.  

OWC is a Mac specialist and a very trustworthy vendor.  I have dealt with them and their technical stall on many occasions.  Hence you may look at what they offer and be assured that they will stand behind what they sell:
http://eshop.macsales.com/shop/Thunderbolt/
I suspect that for your needs, a 1 TB drive is going to be the minimum.
Ciao.

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