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Home > The Once in a While Expenses/Bills - Lacking

The Once in a While Expenses/Bills - Lacking

March 15th, 2011 at 06:59 am

So, I went through my once in a while expenses/bills and put them on a piece of paper according to the month they are due in. It looks something like this.

January - Sewer bill

February - Winter property taxes

March - 1/2 Vehicle Insurance

April - Homeowner's Insurance, Oldest son's
birthday, Sewer bill

May - License tabes, BRCC membership, State Park pass

June - 1/2 Vehicle Insurance

July - Sewer bill

August -

September - Summer Property taxes, 1/2 Vehicle

October - Sewer bill

November - 1/2 Vehicle Insurance

December - Christmas, my other two childrens

Putting a price next to all of that above comes to roughly an extra $6000/year; or $500/month. I have been short-changing myself in these categories. I need to make sure that I am depositing $500/month into this savings account so that I have the funds available when these bills come due. And, in order to get caught up for the rest of the year, I need to make sure that I deposit $575.00 and to get a head of the game, $600/month would be great.

So, not only will I be focusing on paying off my debt, I need to get this account moving forward so that I am not caught off guard and using my credit cards. I believe this is the area I am actually lacking in. Mary Hunt calls it the "Freedom Account".

6 Responses to “The Once in a While Expenses/Bills - Lacking”

  1. creditcardfree Says:

    Freedom accounts can be hard to get started, but they are so worth it. We have been using one nearly our entire married life...14 years.

    It also helps me to write down the deposits and expenses and see where there is a month that there would be a shortfall and adjust the deposits upward to make sure that there is never a month where you would be negative. I would start with the current month. If you have a tax refund coming, it can help with a starter balance.

    Good luck!!

  2. Joan.of.the.Arch Says:

    Yeah, this kind of planning is huge! Essential.

  3. Ima saver Says:

    I have had a fund like this for years and years. I put a certain amount of money in it every week and I use it to pay all the car insurances (5), tags, house insurance, property tax, christmas, etc.

  4. LuckyRobin Says:

    I just started doing this last month. I used to have it at one time and then just sort of quit. I call mine my holding tank.

  5. CampFrugal Says:

    I have been doing this, just been a little short until I wrote it all down and realized I needed to up my auto-deposit into this fund every month to stay in control of these issues.

    Sometimes, you think you know what you need to be paying for until you put it on paper and give each expense a money amount, then you can see the real damage. So this account for me really needed to be adjusted.

  6. creditcardfree Says:

    I had to increase what I call my general escrow fund, by about $40 per month recently. I try to check it everytime one of the amounts changes, such as an increase in auto insurance premiums. Glad you made the adjustments necessary!!

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