HOW TO DO SINKING FUNDS || CASH ENVELOPE STUFFING || HIGH INTEREST SAVINGS ACCOUNT & BUCKET SYSTEM
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- Опубліковано 5 лип 2024
- I started to do sinking funds and I am addicted! In this video I share how I set up my sinking funds and savings budget. I hope this can be inspirational to you and encourage you to set up a savings system too!
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That's really cool how the bank allocates money to the different buckets. That's a great savings strategy! Thanks for sharing your goals!
I really like that too, it makes me feel like I have a better sense of what I am saving for! Thanks so much!!
The new explanation video on how I use the mentioned Excel spreadsheet to deposit into my sinking funds is now up! Check out my channel for the video!
If anyone would like to see a tutorial on how I use Excel to calculate math for budgeting, please let me know!
Yes! That would be awesome! I for one would appreciate it! Thanks!
@@ritzzemog Sounds good! I will make one this week when I deposit my next amount into my sinking funds account! I did reply to your original comment as well if that helped at all lol, it was tricky to type the explanation 😂 I will post a better explanation within the next 2 weeks!
@@ritzzemog I just posted the explanation video on how I use the Excel spreadsheet to deposit my sinking funds! Thank you so much for encouraging me to post this!
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At about the 10:46 mark when you begin to discuss your calculations and you have the spreadsheet, that went a bit too fast for me. Could you please expound on those calculations a bit more and you came up with them? Thanks.
Hi! Yes, for sure! So for each "share" of the total deposited amount, it will be worth 1.81%. For example, My 'Home' category is ranked as a 10 which means it will receive 10 "shares" or 18.1% of the 100% of money deposited and my 'family' category is ranked as a 1 so it gets 1 "share" or 1.81% of the 100% of money deposited. So, for the spreadsheet, I wanted to make a reference guide that will help me know how much each "share" represents in dollars depending on the amount of money deposited that time. So across at the top is values $100-$600 representing the amount deposited and vertically on the left is the percentage amount ranked 1-10. I utilized Excels math processing abilities to find what each percentage is of each value. Example: If you pause at 11:06 and reference cell D11, that box would let me know that if i deposit $300 into my account, then $54.30 would belong to my Home bucket which is ranked 10 or most amount of shares. Does that make sense? I hope I relayed that well.
@@resellmaven Hey, thanks! Yes I think I understand. The only thing that I'm confused on is why the items that are ranked the lowest (like #10) gets the most "shares"? I would've thought the higher ranking items would get the most.
@@ritzzemog I knew it was going to be a bit confusing why I ranked the most important item #10 and least important #1. I did that so that the number it is ranked represents to amount of shares that category gets. I will definitely explain this more on the video! I will make it all make sense! It seems a little weird but I honestly feel like it's a good method as of now. Look forward to helping clarify this more asap! 😊