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General Escrow

January 18th, 2011 at 02:59 pm

We save each month, actually twice per month, for expenses that arrive only once or twice a year. I recently had to adjust the amount we are saving. An increase of $30 per month or $15 per pay period.

We use this general escrow account to pay for auto insurance, auto registration, and my life insurance. The life insurance increased $380 per year, thus the needed increase in monthly savings. The details can be see on my sidebar.

We also save for property taxes and homeowner's insurance once per month. I refer this account as our home escrow account, since it is all home related!

Are you saving for your non montly expenses? If not, you should be! It makes life so much easier to have the money in the account when the bill arrives.

3 Responses to “General Escrow”

  1. North Georgia Gal Says:

    I would love to be able to do this, but it just isn't in my budget right now. I hope to start doing this in the future.

  2. frugaltexan75 Says:

    When I had more income I did something similar to that. Kind of runs along the ideas of Mary Hunt. Smile

  3. scottish girl Says:

    I'm starting to this year.

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