I guess I was unintentionally doing this and now I know what to call it! I do property taxes, car maintenance, summer camps for kids, Christmas gifts, house maintenance, new house savings(it has 300 in its category boooo!), propane and wood pellets, student loan repayment. I do need to put accountant fees into it. I will likely run $300 this year so I should add that. But basically everything extra goes in there(a savings account) that we don't use on a month to month basis. That way when things come up(and they always do!) we have a little cushion.
So I was rereading Stacy's post and it sounds like they just have the money for their month's expenses already cushioned into their account, so come the first of the month they can pay all the bills, take out money for groceries, gas, etc.
My insurance is paid monthly, direct debit from my account (a discount for doing so), so that one's not an issue for me...what is, instead, is the annual inspection for the cars, especially since it's so hard to predict what work - if any - will need done
I guess I was unintentionally doing this and now I know what to call it! I do property taxes, car maintenance, summer camps for kids, Christmas gifts, house maintenance, new house savings(it has 300 in its category boooo!), propane and wood pellets, student loan repayment. I do need to put accountant fees into it. I will likely run $300 this year so I should add that. But basically everything extra goes in there(a savings account) that we don't use on a month to month basis. That way when things come up(and they always do!) we have a little cushion.
Great post!
Funny, I was just getting ready to ask the SAME question. LOL!
Norma
"Patience is the best remedy for every trouble"- Plautus
Thanks a ton for that explanation Stacy.
So I was rereading Stacy's post and it sounds like they just have the money for their month's expenses already cushioned into their account, so come the first of the month they can pay all the bills, take out money for groceries, gas, etc.
My question to you is this:
This is what Mary Hunt calls the "Freedom Account".
Becky
CL of 4th, 5th & 6th grade Scoliosis
~Jackie, BookCrossing Member
~Jackie, BookCrossing Member & Warming Families Volunteer
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