SINKING FUNDS UPDATE January 2024
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- čas přidán 4. 01. 2024
- In today's video, I share my sinking funds update for January 2024. I can finally start these again, after months of not being able to. It feels like 2024 is going to be a good year! Links below :)
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My sinking funds this year are car, dentist, xmas, birthdays, annual car insurance, clothes, annual home insurance. I estimate how much I'll need over the year then divide it by 12 and put that amount in each on pay day. As you say, even if something comes up before you have the full amount it's helpful to have something to knock off the bill. This is my second year of doing sinking funds this way and I have some money in my car and dentist sinking fund to roll over to this year which is a great feeling. 😊
Sinking funds were a game changer for me I have regular amounts in my budget every month. They give me peace of mind when Murphy Calls and I end up with a bill I wasn’t expecting or when a yearly bill drops through the letter box.
Great to hear that you are able to save into sinking funds again. Mine are a little more general. Health and Fun. Big things. Holidays. Savings. Tax (I'm self employed). Christmas.
Happy saving!
Wonderful video Nicola, I haven’t figured out what my sinking funds are yet
It’s lovely to see you looking and sounding so much brighter. You might not always feel great but you do appear much more like your old self. Keep up the good work. You will be in your new house sooner than you think. I had to put something in the diary for April. It will rock up faster than I’d like.
Thank you ❤️
Glad to see you can fill your sinking funds. The Christmas binder is a great idea. I usually just add food in with my regular groceries. That takes away from my normal monthly grocery budget. I think I will start a sinking fund first Christmas meal. My finances will look better in March. All my extra money has gone to pay for my holiday but it will be wonderful not to have a bill after. I only get paid once a month so I do all my sinking fund at the beginning of the month
Last year I took your suggestion of starting a sinking fund and saved money during the year to give to people at Christmas as tips. (People who help me through the year) It really worked well so that I didn’t need to find the money in December when there are other costs to deal with. I’m doing the same again this year. Xxx
I don't have sinking funds envelopes as I don't want cash indoors - too easy for me to impulse use. Instead my bank allows for multiple savings accounts. I have car (mot and repairs), Christmas, pet, garden, household repairs and unexpected expenditure. I also have a Christmas Food account but this is saved into by my banks Save the Change scheme. This is a system by whatever I spend is rounded up to the next whole number and the difference is put into that account. It's amazing how quickly that adds up and easily paid for our Christmas food in 2023. Good luck in your new home Nicola. I pray that 2024 will be a fantastic year for you and your boys.
Thank you 💜
I have virtual "spaces" and save for basically everything including a new car (a whopping £20 atm) even though that wont be til end 2025/2026. I have no idea how i will fund it otherwise, but i just know that my poor workhorse car wont last eternally! Well done on your start.
I'm just setting all my binders up. Mine is books, haircut, kitchen, birthdays, christmas.
😊❤
Hi my main goal for 2024 is to build up 3-6 months expenses. Just going to put away whatever i can into birthdays, christmas & other catergories, so could be a very boring year for me.
Boring but necessary ☺️
Yes we do sinking fund pots as separate accounts and I transfer on payday. I want to start cash envelopes. Can I ask say you spend from an envelope do you put the change back in or do you put it elsewhere? I managed to save £700 and made £180 from online selling last year!! I also have spare change pots that you can only open with tin opener... eeek! Disney sounds like great fun! ❤ your channel xx
At the moment I just put any change back in the envelope for now ☺️ and you’re doing great! Thank you for watching ❤️
Happy new year ❤
My sinking funds are empty again , and 2024 has not started great with a broken phone , starting again next week, funds are - gifts , hair , medical , car , home and tech
Happy new year 💜
Hi my sinking funds are boiler replacement, dental care, haircuts, Birthdays ,christmas personal care, small breaks away,
Some great ones there ☺️
Hi My Sinking funds for 2024 are Christmas, Birthdays, Holidays and Medical ❤
Sounds good 💜
My sinking funds are Christmas, cat, dentists, glasses, iPad, haircuts. I used to have clothes as a sinking fund too but I tend to buy very little now in terms of clothes so I don’t bother with that one at the moment
"Little minds are tamed and subdued by misfortune; but great minds rise above it." -Washington Irving