What Are Sinking Funds and How Do I Create One?
Vložit
- čas přidán 13. 12. 2023
- What are sinking funds? How do I create one? How do I determine how much I need in mine? What's the best way to save for one and add it to your budget?
In today's youtube live, we are going to dive into sinking funds. I'm sharing how to get started, and keep track of your sinking funds for 2024
I determined that I can’t call them “sinking” funds. It makes me think of the Titanic. 🚢 I decided to call them floating funds because the money will float between my checking and savings accounts. I use my floating funds for insurances, taxes, any other non-monthly routine expenses.
A rose by any other name? 🌹
You’re the only one I’ve heard talk about not perfect sinking funds, and it feels way more doable to me! It doesn’t need to be fully funded to be a win. I can start with just one or two envelopes and then work up. So helpful!
Thank you for reviewing. Sinking funds has always been confusing me. ❤
You’re vlogmas is on fire this year!! Thank you so much for all of the teaching you have done this month. I can’t wait for each video to come out this year.
Same here. I am sooo happy I found you as I need help with budgeting. As I am so bad at being organized financially so thank you ❤
Loving your vlogmas content. I'm watching replay from your neck of the woods... Harvey, LA 👍🏽🤗
I am playing catch up and listening to the replays, but I am loving them! The mix up of the lives and the regular videos is nice. Thank you for all of this! 🥰
Yes, very interested on videos how to create a more income via various ways.
Hi, Latreshia from Dayton, Ohio. Also thank you for your teaching us, may God continue to bless you unconditionally amen.
Thank you so much ❤SA
Listen!!! Thank you for this. I listen to a few budgeters and you are the only one I've heard say to have a WORKING BUDGET before starting sinking funds. That's very important. 🎉
Alaina I love these videos and they are so informative.
Hi from Kingsport Tennessee! Love this encouraging information to get ready for next year!
So like the old school Christmas clubs
I love your Vlogmas videos. You explain everything so well. Many blessings.
Thank you 🙏 for this information. This is where I have been having issues .
This was a great lesson. Thank you for offering so much useful information and insight into structural setup of budgeting. My mind is whirling with ideas and how I can personalize your ideas.
Just now finding you! Needed you many years ago. But we start where we are at♥️🙏🏻
Omgosh I need to register for this! Amen thank you thank you!!!
Hi Alaina, I am from Vancouver, BC Canada
I use a PayPal HYSA for sinking funds. You can create different goals in the savings account.
Hi Alaina!! It's so good to see your face 😍
Hi!! :)
Shoukd you still do sinking funds if you have debt? Or would you split the 500 and do 250 for debt and 250 for sinking funds?
Yes. I still believe you should. You can split it but having money set aside for additional things is super helpful so you won’t use a credit card
Thanks for the question and answer! I was wondering the same thing
HI, I'm in Southern California
Hi 👋🏾, from central Texas✌🏾
This is the best explanation of sinking funds and how to get started. Thank you so much 😊
Can I still register for the class tomorrow? I didn't see the link below.
Thank you for putting this together. The screen slides really helped but what is the difference between a sinking fund and a savings goal or are they just used interchangeably?
Michigan
Hi from Georgia
I would love to see how to do a home notebook video
Hello all from Ms.
Would you be able to do a video to help people who need help getting their finances under control? I am the only income for a family of 4 with a 3yo and 2yo. I am only paid once per month and currently don’t have enough to pay all of the bills let alone the needed extras such as food and fuel.😢
First you should go to Local food banks for food.
I've seen videos where Dave Ramsey recommends making sure you cover the four walls: food, housing, utilities and transportation. After that I suggest you figure out the bare minimum you can afford to pay the other bills and send letters to each company by certified mail return receipt informing them of your situation and what you can pay. Then stick to that agreement so they have no legal reason to put you in collections. The letters would show your good faith intent to pay.
I have been wondering what a sinking fund is.! Still dont understand why its called sinking fund?
Emergency Funds - Hurricane