It has taken well over 2 years for me to get my Freedom Account to a level where it almost maintains itself. But I believe I'm there!! I looked at the balance and realize that it's been MONTHS since I've struggled with reconciling and worrying about the usual big outlays and little deposits in this account. I'm amazed.
The sub-accounts are still the same: miscellaneous (I call it a cushion), car insurance, car repairs, home warranty premium/home escrow, medical/dental, and travel. I've noticed this year that between that and the cushion I try to keep in my checking account, somehow, almost like an 'awakening' the current balances have created a lot of ease in paying the irregular and unexpected expenses. (A lot less stress.)
Current balances of subaccounts June 09- Cushion 1: $1500
Cushion 2: $400
Car Insurance: $1004
Car Maintenance: $465
Home Escrow/Warranty: $260
Replace Car: $650
Total in account: $5,386
Major expenses are coming up but I'm prepared or still preparing. My regular paycheck deposit is still steady at $110 every pay period.
I've spent the better part of this year trying to convince my brother to begin a Freedom Account. (Started working on him on New Year's.) He has shown some interest in it, but not a lot. He says it's too much math and not worth the effort. Maybe it is. I like it, though. I guess everyone has their own method. He manages his money fairly well, so this isn't the magic key for everyone. I'm just glad I stuck this one out. It's been great for me.
Freedom Account Update - Freedom 09
June 17th, 2009 at 12:02 am