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My family quit exchanging Christmas gifts 30 years ago. We do buy something for children to open on Christmas morning, but by the time they are 16 the best they can expect is a contribution toward their college expenses, and they are absolutely forbidden to waste their money buying gifts for any adult. Neither my wife or I have any interest in Christmas presents.
I usually do my taxes in Feb and by late Feb or early march, my tax return is back, and whatever $$ is returned (if any) is invested immediately. and with most of money invested immediately before i even see the money in my bank account, there's little left over in my bank.
Then April comes around, and all of a sudden, i have a couple of thousands in car taxes due, as well as a few thousand for the property/home taxes, and a grand for home insurance, and another grand or so for car insurance....all due within the last week of April, first week of may, and i always seem to scramble to gather $$ because i didn't plan accordingly throughout the year.
How do you all deal with situations like this? do you just put money aside each month in a separate account in preparation for large bills that you know are due at the same time each year?
You already know what you need to do. So do it.
Hey, we're not perfect, but we do look over our finances in November or early December to make sure we aren't going to get banged by the IRS.
How do you all deal with situations like this? do you just put money aside each month in a separate account in preparation for large bills that you know are due at the same time each year?
Yes. Credit unions allow for several subsavings accounts. I know you can habe up to at least 9. Maybe more. You can also have auto-deduct amounts out of direct deposit paychecks or other direct deposits into these sub accounts.
I have 3 sub savings accounts, as well as a primary savings and checking. Then we each have our own savings accounts that I deposit regularly into. So 7 total accounts at our credit union. Each account is earmarked for the major bills, and our individual accounts, which get matching amounts deposited always is our vacation account (s).
Try it, you'll breathe easier come next April.
Just plan ahead , divide by 12 your expected o utgo, and habe it either automatically directed to, or manually transfer to those sub accounts and you'll have itvwhen you need it.
Good luck planning for next year!!!
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