You are viewing a single comment's thread from:
RE: Most People Make This Big Mistake! - Financial Freedom Episode #4
Great post - I finally implemented saving for yearly costs this year by setting up a savings account as essentially an escrow for myself.
If my yearly costs were say $1200, then I would transfer $100/month to this account so I am able to handle the yearly costs once they are due.
Examples of these costs are credit card annual fees, Amazon Prime, car insurance etc.
Thanks @jdh7190 great to hear you do this :) If you want to be more advanced in savings and investing you can also time your investments according to these yearly payments, and contact the companies to arrange all payments to be in the same month so you don't have to loose out on potential interest gains ;)