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Cash flowing X-MAS gifts, B-day, Prop Tax due December

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    #16
    "We tried to set aside $200 a month but it hasn't work very well for us."

    tripod, there is no getting out of paying municipal property tax. If you haven't set aside the sum due in December you'll need to dip into savings.

    Obviously the holiday season is very important to yourselves, extended family and colleagues. If it's any comfort, the research says families will be spending about the same amount as last year.

    The facts tell you if you're to spend $ 500. for DD's birthday, buy an iPad, gifts for 6 children and 24 adults, share cost of celebratory Reno trip for parents, joint family trip including your share of house rental, food, entertainment, transportation and more, you'll be dipping into savings in a major way. In your shoes I'd be stashing a total of $ 400. per month as Christmas Fund 2016.

    You didn't mention how much you pay in property tax but you need that set aside as well. Our city has a very convenient no cost plan that allows homeowners to have a set sum automatically transfer to City coffers each of 11 months. In December whatever balance owing is taken, less than the others. The downside is if there is ever insufficient sums, the entire remaining sum is due immediately plus a major fee.

    You could set up a Property Tax savings account at the best e-bank or CU you can find and automatically transfer 1/12th of your tax bill, adjusted when you get your annual tax notice.
    Last edited by snafu; 10-18-2015, 11:56 AM.

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      #17
      Originally posted by snafu View Post
      "We tried to set aside $200 a month but it hasn't work very well for us."

      tripod, there is no getting out of paying municipal property tax. If you haven't set aside the sum due in December you'll need to dip into savings.

      bviously the holiday season is very important to yourselves, extended family and colleagues. If it's any comfort, the research says families will be spending about the same amount as last year.

      The facts tell you if you're to spend $ 500. for DD's birthday, buy an iPad, gifts for 6 children and 24 adults, share cost of celebratory Reno trip for parents, joint family trip including your share of house rental, food, entertainment, transportation and more, you'll be dipping into savings in a major way. In your shoes I'd be stashing a total of $ 400. per month as Christmas Fund 2016.

      You didn't mention how much you pay in property tax but you need that set aside as well. Our city has a very convenient no cost plan that allows homeowners to have a set sum automatically transfer to City coffers each of 11 months. In December whatever balance owing is taken, less than the others. The downside is if there is ever insufficient sums, the entire remaining sum is due immediately plus a major fee.

      You could set up a Property Tax savings account at the best e-bank or CU you can find and automatically transfer 1/12th of your tax bill, adjusted when you get your annual tax notice.

      As mentioned before $1500 is the property tax due in December. We have the money in our savings to pay for all the expenses including the property for December. However, our goal is not tap into the savings instead ONLY use our regular paychecks.

      We make enough income every month to pay for all the expenses; xmas, b-day and property tax outside our recurring monthly bills food, utilities, gas.

      As mentioned we have no debt, so we keep more of our paychecks per month and save it after retirement/medical deductions pretax. I hope i'm clear.


      Update: My wife and I decided not to buy the iPad this christmas. She rather replace our old iMac next summer (maybe sell our old iMac for $500 on CL).
      Last edited by tripods68; 10-18-2015, 10:01 AM.
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