My land Taxes are 1,800 a year how do I start to save for them next year?

Question

any good Ideas?

Answer 1

Simple. Put 1/12 away each month and don't spend it. If you have a mortgage then it is included with your payments. You take the tax bill to the bank and they pay it for you.

Answer 2

I pay taxes on two houses, my own and one I sold and seller-financed the mortgage. I collect an escrow account on one of them from the people who bought the house I sold. I put aside enough money to pay the taxes and interest on both houses. I just spend less than I take in and pay the bills when due. Next year I may make automatic bank transfers from my checking account into a money market account for the escrow money I take in.

The best way to spread the cost over the years would be to put 1/12 of the money required each month. If your income is variable, like mine, then you should put away more when you make more.

Answer 3

Gem suggests finding a convenient bank. If you have difficulty saving (I know I do) I would suggest finding abank that is slightly inconvenient to go to. That way, you are not tempted to draw from it so much. Just make sure it is not so inconvenient that you cannot get to it to pay the taxes.

Answer 4

Take Gem's idea one step further. See if your employer will take the money from your check and deposit it directly into a savings account for you. If they offer direct deposit of paychecks, splitting a fixed amount into a separate account should be no problem.

Answer 5

Find a convenient bank, open a savings account. Cash your paycheck at that bank and automatically deposit the following:

If you are paid weekly then put in $37.50
Paid every two weeks? $75.00
Once a month? $150.00