SINKING FUNDS EXPLAINED | Basics of Budgeting
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- čas přidán 28. 08. 2018
- Hello friends! Today I am posting a long awaited video dedicated solely to Sinking Funds! Please don't hesitate to ask if you have any other questions about sinking funds or setting up a budget in general. Budgeting is VERY personal and it is totally OK to do things differently than how I do them in order to suit your family and your situation, but I'll answer your questions as best as I can! Thank you so much for watching ❤️
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CHECK OUT MY OTHER VIDEOS!
My Top Money Saving Tips: • My TOP MONEY SAVING TI...
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I'm 18 and you're helping me start budgeting and I'm also helping my mum who has never budgeted before! Haha
I love it! 😂 So happy you both find my videos helpful.
Vas same I told my mom about what I been doing and she ask me to help her out 💙
Thank you so much!!! I honestly wish that I would have done this early in my life. So much adversities. I'm 56 years old now and starting over. So much money has went through my hands but a I'm blessed. I'm learning now. Its not to late. Thank you again!!
This video was so clear like yiu were sitting down with me one on one. I never had anyone to push or help me finance money and now that I've been push out after a separation with no money I'm forced to be more responsible. Thanks again.
Oh man! Doing a Christmas budget would be a fun video. I like to start early so I can shop all year and look for sale stuff and then keep track of what I bought for who.
The sinking funds concept was the best things I learned when learning how to budget!
love your videos! they're inspiring me to get way more organised financially!
I'm so glad they're helping you and inspiring you!
I work at a credit union and you can have as many savings account or checking accounts for free and free membership! I'd recommend it over a bank any day!
Oxsanna Beltran wow!!!!
I'm trying to get into these things now and your videos really help me, I'm a very low budget and your break down is very helpful and clear, thank you!
I’ve been following you for months and have been getting really into budgeting and actually so excited about it! But the difference between sinking funds and the debt snowball always confused me a bit and I have no idea how I missed this video, but I’m so glad I found it!! This was SO incredibly clear and helpful, thank you so much Alyssa!
Loving your channel and I’m so happy with how quickly you’re growing! Congrats and keep up the good work!
Thank you so much!!
Thanks for your video! I used to be very into budgeting starting about 3 years ago and I was still trying to figure out my sinking funds. However life happened and I was without health insurance for 1 month and could not avoid going to the ER for an emergency. once I started figuring out my medical budget during that time, it totally threw me off and I quit. But it’s been 1 year since I stopped and the beginning of the new month so I can try to start clean again. This video is super informative and makes me feel in better control of my debt.
This was such a great explanation. Thank you so much. I’ve watched so many budget and snowball and sinking fund videos. Yours has been the most helpful. Ty!
Yay!! I needed this video so bad, keep up the great videos ❤️☺️
You've helped me so much!! I love getting inspired and organized and serious about my money and budgeting!
You really inspired me to take charge of my finances!! You explain everything so well and make me wanna be better at life 😂 thank you!!!! ❤️❤️❤️❤️
I can't tell you how happy it makes me to hear that! ❤️
Holy smokes this was so helpful! I can't wait to sit down and make myself a budget and stay on track!
So informative and easy to follow! I have been working on trying to get out of debt but I have never set up dedicated funds in my budget to go towards certain expenses. Your video just made it click why it is so important and why I have been struggling!
I'm so glad you find it helpful!
I love your videos! Such great material. I’ve been looking for info on sinking funds and struggling to find it so thank you for this video!
Great video! Super helpful😊 really hope you get to 20k soon!
Best video I have seen explaining sinking funds! Truly very helpful. Thank you!
I'm so glad! You're very welcome!
This is the best sinking fun video ever!! Thank you!💗💗
Love!!! I always come back to this as a reference
Your videos has inspired me to budget as a struggling Master's student! Congrats on 20k!
AMAZINGLY HELPFUL!!! Watching your videos motivated me to start my own budget for my household. Im in the number crunching phase of trying to put everything together. You are so amazing and I love how detailed you are in describing the steps. Thank you 😊
I'm so glad! I always wonder if I'm doing an ok job explaining things so I'm so happy to hear that it helps you! ❤️
Alyssa Nicole you always do a great job at explaining things. I know you mentioned in a video about you maybe doing a video about grocery shopping on budget and I would absolutely love to see that. You are awesome!
I’m hella older than you but you inspire me. Happy I found your channel.
I'm happy to hear that! 😂 Thank you for watching!
Thank you for posting these videos! You definitely inspired me to start paying more attention to detail when it comes to my money! Btw, what pen are you using ??
How can anyone dislike your videos! Lol, you’re awesome !
Ive been thinking about getting a PNC account when my sinking funds get larger because they have this virtual wallet thing and you can actually put stuff into different reserve accounts and it wont let you spend that money unless you transfer it to your spending account. Seems like a virtual envelope system haha
yes i have an account with Simple to do that
Late to the party, but i have this account and i absolutely love it! I have 3 accounts, long term saving, reserve and spend. Into reserve i put my next months bills, each bill has its own category, then i do short term sinking funds each with their own category.
Then in long term savings i put my emergency fund/saving for a new car for when mine eventually dies(its an 06, better safe than sorry)/saving for a home, things like that! It helped me set up a bit of a budget before i even knew what a budget was!
THANK YOU! I took money out today and plan on making envelopes tonight. Thanks for the inspiration....
Thank you so much for guiding us on the right direction on how to get out of debt
Can you make a debt snowball video?
I'm obsessed with your videos!!! #notificationsquad
You're so awesome! Thank you!!
Love your videos so much ❤️
This was everything I needed thank you so much!!!
Great job explaining! Thank you!
You have insipired me to budget, pay off debt and save even more. Paid off my first clothing credit account and closed it! Always look forward to your videos! debt is such a stress contributor and I want mine all gone just like anyone else!
Kaamilah 12 good job on paying off one of your debts! 🎉
Just a quick suggestion, it’s best to just cut up your cards rather than closing the account because that may impact your score negatively.
I’ve let a lot of cards close on their own over the years due to inactivity with little to no negative impact.
@@flippinmarilyn thank you💕this will help
You’re so welcome! Good luck on your journey! 💕✨
flippinmarilyn I closed a Walmart card just because I really don’t trust Walmart or their security to keep a line in my name safe.
Check out YNAB.com for the videos. Lots of great info on cc, budgeting, debt snowball and saving for long term goals. I have not brought the app but thinking of gifting to myself for my birthday.
Definitely taking notes while watching this 📝
This was such a helpful video. Thank you
Best explination i went threw lots of videos thank you so much. Finally i get it ur awesome..new subbie here
Thank you, this was very helpful!!
This really help I’m so happy I don’t have a lot to worry about at the moment But I am trying to save for college next year so I don’t have students loans but I don’t know how much to save to even start school with. What would be your advice?
I read the title and I am immediately in the comments saying THANK YOU!
Awww haha yay!! Please let me know if you have any additional questions after watching 😊
You’re so inspirational
When you say ' irregular ', any form of insurance isn't irregular. They need to be part of your basic Budget. For those unexpected items, car most definitely, you should have an energy fund. A better example for a Sinking Fund would be for items like Christmas Shopping OR if there is a high end item you wish to HAVE, you can start a sinking fund for that. Yes, it's a fancy term for saying Savings Plan.
Instead of working the debt snowball after paying bills and sinking funds, does the same principle go towards working to save your $1,000 emergency fund?
love your channel❤️
Tfs. Im looking into setting up my first sinking fund. TD bank had a promo where I can get an extra $150 so Im considering them.
When will you have the envelope on sale again?
For sinking funds in cash. Qhats a best way to store if its not in a bank? A safe? Im new to this
Thanks for this helpful video!!
Thank you for watching!
Very helpful thx so much
Your Videos Definitely Do Inspire Me To Keep On Budgeting & Also Start My Own Sinking Funds
Great video
Glad you explained it. Very helpful I am just starting on my debt free journey and learning how to budget
Check out the videos on YNAB.com
I don't have the app but it has tons of great information on budgeting, cc usage Checkout the YNAB.com videos. Tons of great information. debt, savings, and debt snowball.
Is having bills on autopay help with budgeting ?
What do you recommend for someoen young? I don’t have bills exactly but I do pay my car insurance, I get paid biweekly, and I save money in my savings and then I’m in the process of paying someone back. So would I just divide it all into 3 like my check
Yes, you are ahead of the game. By setting up sinking funds, you won't need to borrow money from others. Keep watching CZcams videos and check out YNAB.com videos for more information. I watched the videos on YNAB but haven't brought the app. Maybe I will buy it as my birthday gift to myself or not. I watch videos to gain more knowledge.
Do you kee your envelopes in a safe
Very helpful
Random question, but what kind of pen are you using? 😹
I would usually call what you say “sinking funds” as my emergency funds. What would you classify you to use your emergency fund?
loveejaee92 I know you asked her but I’m offering my two cents. I use my sinking funds similar to here. I have about 8 (car, Christmas, vacation, etc). For me an emergency fund is something that’s completely unexpected out of left field. Like getting laid off and having no income for a couple months. I would go onto an emergency fund for that. Otherwise if it’s something I can plan for, it goes in a sinking fund.
IM HERE
Very informative video and helped me a lot! Anyone know why it’s called a “sinking” fund?
I’m definitely looking into the Capital One 360 accounts!
Just my guess - it helps you from "sinking" and keeps you "afloat!" :) Saving it in small increments (monthly) ahead of time in small increments make it less painful vs fronting it all at once.
Besides Capital One 360,, a lot of online banks also give the option of opening multiple checking and savings accounts with no minimum balance AND higher interst rates. 🤗
Please make more cash envelopes for the US 💕 I live in Hawaii to be specific. We don’t have cute scrapbook paper and I don’t wanna order online because it’s like $20 for a pack
have you started to sell the cash envelopes yet?
I don't know if this is available in the US or not, but I keep my sinking funds in separate prepaid debit cards that are not linked to any account. They are 4$ a year and I have 4 of them.
Great idea if it's only $4 a year.
WHAT PEN IS THAT I'M OBSESSED. :O
You have to pay for bank transfers in the US? - From the Uk :)
Not usually.
I was wondering when it comes to paying bills why don’t you leave the money in your bank account instead of putting it in an envelope? You could just not bring your card with you in your wallet so you can never spend the money instead of having to redeposit it! Thanks for a great video 👍🏻
She has said it's because if she knows she has it, she will spend it. This is the system that works best for her. 😊
I don't know if you saw but she's opened up a separate account now and she transfers that money into that account instead of withdrawing the cash.
Be careful swiping your card. Research has shown that we tend to spend/buy more when we swipe our cards.
excellent
💗
Quick question how would you budget if you get paid weekly?
crystalflores90 i break all my bills into four it help a lot
You can pay budget for a few things in wk1, then in wk2,etc..
Maybe this video can help czcams.com/video/jypPTarJ51A/video.html.
I will be launching a how to series next week. Hope to see you on my channel
Check out the videos on YNAB.com
I don't have the app but it has tons of great information on budgeting, cc usage Checkout the YNAB.com videos. Tons of great information. debt, savings, and debt snowball.
What pen did you use in the video?
$300 for car registration in California? Wow!
Nevada goes based off of how new your car is. I bought a new 2016 sonata and my registration that year was $560!
This was soooooooo helpful thank you. I think I seeing my way now
My Friend told me about Capital One 360 as well so I’m definitely getting that!
I think I'll look into it too!
Do they charge to keep your money in there?
You'll have to look on the website but from the brief time I spent looking it up it said zero fees! Definitely going to look into it as a more secure way to do my sinking funds.
Alyssa Nicole 🙌🏽
How do you save money in all that?
With the Dave Ramsey baby steps (that I am following) once you save your $1000 emergency fund, you don't put anything else into savings until you're done knocking out your debt as fast as possible with the debt snowball.
When you take all your money out from your paycheck do you have money left over in your account or it’s at 0.00 until you have to go to the bank to deposit ? Help
Anything that is on auto payment stays in the bank. You dknt want to go back n forth to the bank to put money in. So when you make your budget typically your FIXED expenses are electronically paid so you'll leave that total amount in the bank, only take out the cash you need to put in your sinking funds. For ex. My first paycheck goes towards fixed bills EXCEPT rent ($123/paycheck) groceries ($170/paycheck) & spending ($170/paycheck) so I'll total those 3 envelopes & only take out that much cash. Because everything else is going to a bill or my savings EF. Hope this helps :)
Zero balanced Budget...
Check out the videos on YNAB.com
I don't have the app but it has tons of great information on budgeting, cc usage Checkout the YNAB.com videos. Tons of great information. debt, savings, and debt snowball.
I just opened a 360 account and it is super easy to transfer from one account to the other
I need to get on that! It seems so cool! Do you get a debit card if you wanted to buy something with the money from one of your accounts?
Alyssa Nicole yes you get a debit card and you can also get checks
Or you could transfer it into your checking account. I prefer not to have a debt card... too easy to access.
What is the book that explains the envelope system??
Total Money Makeover by Dave Ramsey or Financial Peace University by Dave Ramsey
Or search envelope system
Do you have a savings account or envelope or do you spend everything?
I'm on Dave Ramsey's baby step two, meaning I've already saved up $1000 for my starter emergency fund, and now I need to get out of debt, So every single extra dollar I make goes to paying off my debt. You pause savings at this step, but resume it on baby step 3.
@@alyssamakesamigurumi savings is not really pause in Baby Step 2. No savings is going directly into a cash money account. The savings is the interest you won't have to pay by eliminating the debt.
california is outrageous my car registration is only 65.... thats crazy
swizzlemonster my jaw dropped. Ours is like $150 in NY but it’s good for 2 years.
swizzlemonster mine just came in for October & it says I owe $332 for registration (I’m also in California).
Mine is like $260 in SC
swizzlemonster It also depends on the year of your car. For a 99 Corolla in Kentucky, my registration was 30 dollars
@@charitygrace8050 mins been the same for 8 years but I live in Ohio so idk
Super weird question but what type of pen are you using?? Lol looks like it writes nice😂
I know right, I've tried to figure it out but can't
I don't have so much money to safe after bills so only having 100 euro to save and multiple need sinking funds is taking a long time to archieve the goals..
Focus on what you can do with what you have
I wish I could get one Starbucks coffee for only $6. Here they cost around $7 and up.
Oh dang, that must be quite the coffee!
You should make your own.
Have you started selling envelopes yet?
Set speed to 1.5 if you have shit to do