Wednesday, September 12, 2007

Freedom Account to the rescue!

Well, I just heard back from the mechanic about our car repairs, and the work is quoted at $689, so we're almost perfectly on-track (with next week's payday contribution, we'll have $625 saved up, so we're essentially over-budget by $64). My new "mini-goal" for September is to make up this $64 without dipping into the Emergency Fund, but we'll see how that goes.

Next to gift purchases (Christmas and birthdays combined), vehicle service is the single biggest category in my Freedom Account savings plan, so it is very encouraging to have had this "cycle" of saving and spending go so well, and to come out so close to budget. It remains to be seen how the gift-giving will pan out this Christmas, but I can see that my basic approach is working, and I am really stoked to keep working toward my goals.

Did I mention that I'm a fan of the Freedom Account? Just checking...

3 comments:

paidtwice said...

Glad the car and the freedom account worked out!

bah on huge repairs though :(

SavingDiva said...

I'm working on creating a type of Freedom account for myself...it's not going well, but I'll try to get it working.

Brian Dorion said...

Actually, after some of the car repair disasters I've had, $700 isn't bad at all. Transmissions, engines, head gaskets, seen them all.

Being able to pay for the repairs out of the money you've budgeted and saved is way huge though!

Congratulations! Now to get to work on making this work for me.