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Chillin on Mother's Day/Escrow?

May 10th, 2009 at 08:54 pm

Happy Mother's day to all mommies out there!

Thank you all for the nice welcome to the blog fam. I am excited to begin sharing some of my financial stats in hopes of getting advice.

Well, today has been a lazy day. I called my mother and aunts wishing them a great mother's day. Now I'm watching the NBA playoffs right now. My name (Sporty Saver) pretty much explains who I am. I am an athletic female who would much rather be outside doing something active than watching a movie. Basketball is my favorite sport!

Quick question to all of those with escrow accounts: When it comes to paying the car insurance, renter's insurance, etc, how did you guys start the ball in saving for those big one time payments? I always pay for car insurance month to month, but was told I could get a big saving if I just pay those off in full. I would love to do that but kind of get discouraged thinking how my savings would dwindle until I saved it back up. Any thoughts are appreciated Smile

On another note, I am trying to figure out how to add all of the cool side stuff. When I do, I'll add more to my page Smile Adios!

Posted in Personal Finance | 4 Comments »

4 Responses to “Chillin on Mother's Day/Escrow?”

  1. creditcardfree Says:
    May 10th, 2009 at 09:09 pm 1241989795
    1241989795

    Once you know how much you know how much you need to save monthly to pay the bills you put in escrow, just start setting it aside. If 6 months of car insurance is only three months away, you will have 3 months saved but would need to pull the extra from your current pay, if possible or pull it from savings. You would only need to do this the first time. By the time the next insurance is due, you will have the six months saved.

    I hope that helps!

  2. L Saver Says:
    May 11th, 2009 at 03:22 am 1242012130
    1242012130

    I had the same questions when I started my escrow account just a couple of months ago. I just started saving the monthly amount (as creditcardfree suggests), and then I took the extra out of my savings when I needed it. Since you are already paying a monthly amount for car insurance, you could just move that amount into a savings account each month. You said that would be more than the one time payment, but that just gives you a little cushion!

    Also, I am a *huge* sports fan myself. The NBA playoffs have been pretty exciting so far this year. Although I;m not sure the Cavs can be beat!

  3. Ima saver Says:
    May 11th, 2009 at 01:42 pm 1242049338
    1242049338

    I have car insurance ( 6 cars) due every 6 months. Property tax, house insurance and tags for the 6 cars are due once a year. I added up the total of all those things and divided it by 52 weeks. It came to $175 a week, so I save that amount every week and keep track of it in my checking account with a post it note, titled taxes and insurance.
    You will probably have to take it out of your savings the first year, but after that, you will be saving it weekly.

  4. Miss Sporty Saver Says:
    May 11th, 2009 at 07:33 pm 1242070432
    1242070432

    Thanks for the answers guys, I'm working on a savings split, in order to get the ball rolling on a separate escrow account.

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