How much goes to your Freedom Acct?

iVillage Member
Registered: 04-30-2003
How much goes to your Freedom Acct?
7
Thu, 09-16-2004 - 5:44pm

I was curious. I was looking at my budget, and scared by the amount of money going into my Freedom Account every month.


So, w/o doing a poll, I was curious, about how much do you put into your freedom account? If you're not comfy saying, that's fine.


Me, I noticed that about $450 goes into my account. And that's after I break it down into 12 months, instead of my "shortenend" budget.


Sometimes I wonder, wouldn't it be best spend on CC's? Especially certain ones?


BTW, missed another yearly debt. Dog license. lol. I hate when those things sneak up on you. lol.

~Cher




my pet!

iVillage Member
Registered: 08-13-2004
Thu, 09-16-2004 - 8:38pm
Right now I'm just putting in a straight 10% of our net income.
iVillage Member
Registered: 03-28-2003
Thu, 09-16-2004 - 9:02pm
Our freedom accounts amount to a fairly good portion of our income. I look at the freedom accounts as insurance against future debt. I'm stuck with the debt from the past but I am in complete control to prepare and avoid future debt. The things you need to be saving for will have to be paid for whether you have savings or not. If you don't save will you cancel Christmas, or not get the oil changed, or not replace the bad tires. If you don't have savings you will have to stress and scramble for the cash, or take the "easy" way and charge it, or let another bill slide and then your have to play catch up. Freedom accounts have totally changed our financial life for the better.

Julie

iVillage Member
Registered: 05-30-2003
Thu, 09-16-2004 - 9:54pm
You mean if I don't save for Christmas I can cancel it?? ROFL!!! What a heckva deal!


Just kidding-I totally agree with you. We don't have Freedom Accounts, but we're headed that way. I'm just too darn impatient to get the majority of the debt outta here!

I figure if push came to shove, well-we can break into the emergency fund or stop the snowball for that month.

Lisa

iVillage Member
Registered: 05-02-2003
Fri, 09-17-2004 - 6:18am

$275/month. But I just wiped out the whole thing flying home to visit my parents, then going on vacation a month later. But that's what it's for right? Unfortunately I actually spent more than I had estimated so I am paying off that debt now and cannot pool more money into my FA for the next couple months at least. Oh well. At least that's better than being in debt for the whole shubang right?


As for paying off debt, I do it at the same time. I send $300/month to the CC company, $300 to the student loan ppl, $275 goes into the FA (but I don't do additional savings since I already have my contingency fund sitting in CDs), and the rest goes to living expenses.

iVillage Member
Registered: 04-30-2003
Fri, 09-17-2004 - 2:30pm

Thanks everyone.


I guess I just think about things differently.




my pet!

iVillage Member
Registered: 05-30-2003
Fri, 09-17-2004 - 6:22pm
How about this: Instead of a Freedom Fund, get together a small, say $500 emergency fund (call it whatever you want). Then-just ignore the fact that the money is there-that way when things come due, there's no stress. Then, refill it as soon as you can.

Something else, too-just because you've always been poor doesn't mean you're always going to be! That's part of what this board is for-to give hope when it seems like hope was on a clearance sale and you didn't get to buy any, lol. That's what I've learned in life-it's all a big cycle. Somedays I'm at the top, and somedays I'm dragging through the bottom muck. Either way, it's all good, because it will change soon enough.

I don't know what to tell you about your BF-sounds like you learned an important thing about him, though. Good luck with that-

Hang tough-you're gonna make it.

Lisa

iVillage Member
Registered: 04-30-2003
Mon, 09-20-2004 - 12:43pm

Thanks LIsa.


And you're right. I do have to rethink things. Also, I think I was in a pissy mood cuz of my bf. I mean, I gave him all of my Freedom Acct money that was supposed to go in that week. And I'm left with like $60 for the next two weeks. I was just so angry at him.


I guess that's why I said, Freedom Account. Ugh! I'm trying, but it doesn't help when bf demands money when it's not allocated for until the next two paychecks. So that threw me WAY off. And I needed that money for things PRIOR to my two pay periods. Ugh. Ah well.


I got some good news, so I think I"ll survive the next two weeks.





my pet!