HOW TO SAVE | emergency fund, sinking funds, hit your savings goals!
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- čas přidán 11. 04. 2024
- Hi Friends!
✨ Today's video is a dedicated how-to save video. I wanted to dive into all things savings and give some perspective on how I've successfully saved for big purchases with sinking funds. Thank you again for 1k subscribers. I am still so excited by this milestone!
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Emergency fund is a MUST these days!!!!!!! 😊
Agreed!! So important!!
Great video Gabby!! As usual
THANKS BUDDY 🙏🏽 appreciate it
I have fairly similar saving sinking funds - no dog insurance either. Additionally I have started a few sinking funds for my teenage son.
One for a security deposit for his first apartment in a few years, one for language school for a later gap year and one for summer or annual week-long school trips. Those are 4 to 5 hundred a pop nowadays.
I’m also planning to to a Masters degree in 4-5 years, so after filling up my sinking funds until the end of 2024 - I will aggressively save for that to not work or just two days a week to still have health insurance.
Very cool!! That’s a great idea! Smart you’re thinking ahead. Dang I had no idea school trips were that much!
Wow congrats on you going back to school! Another great use of a sinking fund. Wishing you the best with all of your savings goals!
Petition to call the Botox account the Flow-tox account. Cashflow for the Bo!
Haha I see what you did there 😂 #cashflowforthebo
Hey gabby new subbie!!❤❤
Hello!! Thank you for subscribing 💕 much love!
Speaking of saving: When you're already at a point where your home is fully paid and your fixed expenses are 60% of your monthly income from investments (passive income), will you continue investing and saving from the 40% left over monthly or use all that as fun money? 🌸Have a great week ahead, Gabby🌸
Thats a great question! and one I havent thought about too much. I think it depends on how comfortable I am with my investment totals. But I think I would likely take a portion of that 40% and save and invest a bit and then the rest would be fun money!
He Gabby a little bummed, I just bought your spreadsheet the other day. Sorry I missed the sale. 😢 Question, I am on the savings and sinking Fund Setup but the one in your video has different columns such as Account/Goal/Amount/ Remainder/Paydays/ Paydays Cont. Do you have an update available. I literally bought you track a day ago. Also can you please do a tutorial on how you track your sinking funds and transfer your sinking funds? Thank you
Hey Carol!! I’m so sorry to hear that! I have an exclusive discount for my CZcams fam for 50% off. I’m not sure if I can refund a portion on Etsy but I can look into it.
Yes, the savings table in the video was a quick edit just for the video. But it’s giving me ideas to improve the savings tracker. I will include a sinking fund update in the next budgeting video, likely my April mid month check in!
Thank you Gabby, very much appreciated. Keep up the amazing work!!!!❤
Great video once again. Do you have a different account for each sinking fund? I’m with TD and they don’t do companion/sub accounts unfortunately. I don’t wanna stick everything in 1 account but also don’t want to open 6 accounts lol I’m clearly the problem 😂
Thank you Melissa!! ❤️ I have all of my sinking funds in my high interest savings account right now with Wealthsimple! And I keep track of how much is in each account with my budget tracker. But in the past when interest rates were lower I used the regular savings accounts with Wealthsimple! You can set up as many as you want and can auto deposit to them from your chequing!
Great thanks! I just created a wealth simple account this week.
I use sofi which has "vaults" in their hysa and it's great! It's overall just one savings account but with lil buckets for diff things.
@@delias1215I’m in Canada so we don’t have sofi as an option but a few Canadian banks do this as well. It’s a great feature! Wish my bank offered this!
So do y'all have actual diffrent bank accounts for each thing? Can someone explain. How do you save for various things when you have 1 bank account
Hello! I can explain! You can find a banking platform where they will let you set up several savings accounts for free, and then you can transfer your money to those accounts as you save. Or you can use one single high interest savings account and combine savings and track them using a spreadsheet or some other method. I use one single high interest savings account that has 5% interest, and I use my budget spreadsheet to track the amounts in each savings goal. Hope that helps 💕
Stop wasting money on Botox. It’s a crime against humanity to mess with perfection
Haha just a personal choice!!
🌸🌸🌸Awwwwwww.....🌸🌸🌸