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Freedom Account is now open

September 24th, 2008 at 11:51 pm

I just set up our Freedom Account with ING today (an ING savings account). I think I will keep our Emergency Fund as another subcategory, for the time being at least. I have set up two automatic payments a month to coincide with our paychecks. It will deposit $153 each time to cover the $262/month for auto, clothing, date night/family activities, vacation and gifts as I mentioned in my last entry as well as $44/month to the EF. I know it's not much to the EF right now, but it'll add up and it's a start.

I will also add a $20 Challenge subcategory and add any leftover money from each payperiod (basically, any unused "cushion" that's built into the budget) as well as any "extra" money we get. Adding the $20 Challenge category completes another goal for 2008! Our $20 challenge is officially started! It feels good to have taken some steps in improving our future.

I made an initial deposit of $446. Our health insurance reimbursed us this amount from our FSA, but we haven't paid it out of pocket to the hospital (for baby #2's birth) yet so moving it to this account will ensure we don't touch it until we need it.

3 Responses to “Freedom Account is now open”

  1. creditcardfree Says:

    Congrats on the freedom account. I can't wait to hear how it works out for you. Smile

  2. Myrtle Says:

    Sounds like you are doing a pretty good job!!

  3. dividing the dime Says:

    I'm glad you're getting started. The freedom account saved my finances, because I was unprepared for the unpredictable expenses. The amount you're starting with is a good amount and I hope you can keep it up. Stay committed. It will help you avoid future debt because unpredictable things keep coming UP! Stay committed. Be patient. It takes a long time (it's taken me about 2 years to get to a comfortable level) but in the long run it is SO worth it.

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