Call it financial self-defence, or a more blatant “F*ck-off Fund”, but every woman should have some money squirrelled away in case of emergencies.
Gone are the days where females relied on males to be the breadwinners of the family. More and more of us gals are realising, the only people we can rely on and trust – is ourselves!
It could be to leave an unsatisfying job, to recover after a long-term significant other packs up and goes or to be the one to leave if you find yourself in an abusive or toxic relationship. Too often, women can become trapped in dangerous situations because they have no financial means of supporting themselves if they were to leave.
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This is where the F*ck Off Fund comes in.
Why Start a F*ck Off Fund?
With living expenses so high, it can be hard to scoop a bit off the top for a rainy day, but saving just $5 a week will mean a six-inch sub that can fill your belly. When you save that $5 up for a few years, you will have enough to vacate and pay a few weeks of rent in a new suburb or even state if you really need to get away. Essentially, what you are doing is empowering yourself to walk away from shitty situations with confidence.
Domestic violence or just shitty situations can happen to anyone. If you want to protect yourself and your children, having a stash of cash in case of a rainy day is imperative and important.
How To Start Your Own F*ck Off Fund
1. Open a Secret Email Account.
This is where you can have your e-statements and any correspondence sent. You can do that with the following:
Do this from your mobile phone or if you have a desktop – ensure you clear the history afterwards.
2. Set Up Regular Debits Straight into Your F*ck Off Fund
You could ask your employer to make a regular debit into your F*ck Off Fund a.k.a. Rainy Day Fund, so it never appears in your main account to begin with. When setting the account up, be sure to arrange for statements to be emailed to a private personal email address or posted to work.
3. Make small deposits into a high-interest savings account.
Financial expert David Koch’s article on How to Keep a Secret Bank Account suggests making small deposits into a high-interest savings account is the best place for a secret stash because the money will accrue at a decent rate of interest and deposits can be made in person at the bank to avoid leaving a trail on personal statements.
4. Set up direct debits under an unsuspecting title.
Also, a good strategy is to set up direct debits under an unsuspecting title, such as ‘magazine subscription’.
5. Turn internet browsers on to ‘private’ or ‘incognito’ browsing mode.
Mr. Koch said if you want to be really secretive, turn internet browsers on to ‘private’ or ‘incognito’ browsing mode so that any online banking visits don’t show up in the internet history.
6. How to Get Cash
Here are common ways to keep the money accruing secretly.
- Overdrawing cash for groceries
- Arranging for bonuses to be paid in cash or a separate account
- Overpaying credit card bills
7. Skim Your Bank Accounting Using a Skimming’ App like Acorns.
There is a nifty app by Acorns Australia, which you can download and it helps you in three ways; by investing change from your daily purchases by rounding up to the nearest dollar, taking recurring daily, weekly or monthly investment amounts to set aside, or investing a lump sum. It doesn’t just take the money, it also gives you handy tips to learn how to grow the amount to maximise your savings.
8. Set up a Secret Post Office Box.
Or have a relative receive any correspondence if you have to provide a home address.
9. Safety deposit boxes are a thing
Save enough for six months of living expenses at the bare minimum. Safety Deposit boxes are also a great place to stash other assets that may not be missed. Not all banks have them – and there are a variety of companies that offer a ‘Private Vault’ for a fee.
10. DO NOT touch the money in the account.
When you start getting up into the hundreds and thousands of dollars, you might be tempted to drain that fund and splurge on a holiday. Don’t spend it unless it is an emergency.
Isn’t this considered lying to my spouse?
It isn’t so much as lying, as it is ‘protecting your own ass’. Having that money there ‘just in case’ is a safety blanket not just for yourself, but for your kids too (if you are in an abusive relationship!). It’s much easier to leave a spouse if you have the means to do so, rather than staying because you can’t leave.
Call it female empowerment – it is now essential in this day and age for women of all ages to have one.
But remember, a week of paradise is nothing compared to the ability to start afresh if things go sour with the boyfriend or you just want to tell your boss to get knotted.
Real Stories of Using F*ck Off Funds:
My F*ck Off Fund Allows Me to Carve My Own Path
“At 14, my mother sat me down. She told me that it was my responsibility to educate myself and work hard to land myself a good paying job. Not only would my career reward me but it would give me financial freedom. If I needed to, I could leave someone and take my hypothetical children and continue a comfortable lifestyle for myself and them. She pushed this throughout the rest of my high school, throughout university and my post-graduate programs.
I’m so glad she did. I don’t have children but this drive that she fostered in me has allowed me to say “fuck no” to so much garbage that has been dropped on my lap throughout my adulthood.
Ladies, carve your own path. It’s one of the absolute most rewarding things you can do for yourself. If you have daughters, ignite the fire in them too. I’m sure it’s rewarded my mother ten fold to watch me become successful and happy.”
My Grandmother Said to Always Have my Own Money
“My grandfather left my grandmother for his secretary. My mother put her first husband through law school; he ended up leaving around the time he graduated. My mother drilled it into my head to ALWAYS have my own money. At age 9 she helped me open my own savings account, which I still have and contribute to 20 years later. And I’m thankful that stuck with me…I dipped into it in order to leave an abusive relationship last year.
Edited to add: she taught the same thing to my brother…it’s good advice for anyone. He doesn’t take it as seriously as I do but that’s his business.”